Expects to Regulate the Industry Ecology Through Technical Supervision
Provides Endorsement and Support for Quality NFT Projects
HONG KONG SAR – Media OutReach – 24 June 2022 – NextGen Tech (“NGT” or the “Company”), a leading blockchain technology entity and one-stop Non-fungible Token (“NFT”) project launcher in Hong Kong, is pleased to announce that the first NFT qualification audit and attest framework in Hong Kong developed by its core technical team will be officially launched. All NFT products that have been audited by NGT and determined to comply with the specifications will be awarded NGT Certificate. The company strives to provide authoritative endorsements for all compliant and premium NFT projects from a third-party perspective, helping rectify the industry ecology, assisting audiences in discerning and screening, and protecting the legitimate rights and interests of prospective investors and token collectors. Each NGT Certificate itself is also an NFT. NGT intends to provide authoritative endorsement for scrutinized compliant NFT projects and products using their technical characteristics of “cannot be faked and cannot be tampered with”.
The NFT market has developed rapidly, with chaos also occurring frequently. In April, Taiwanese pop singer Jay Chou announced on his personal social platform that a phishing website stole the Bored Ape Yacht Club NFT he held. The incident had already changed hands several times in the following two days, and the transaction price exceeded US$500,000. Another fake NFT project called CryptoSis, initiated by porn star Lana Rhoades, defrauded US$1.8 million in funds through carefully crafted official websites and marketing gimmicks.
Mr. Francis Leung, CEO of NextGen Tech, analyzed, “Reviewing some previous NFT-related scams, most scammers will first utilize the thriving prospects to attract audiences, then mislead some investors who are aggressive or lack basic knowledge of virtual assets to go to their NFT trading website forged by themselves. Then bluff them to recharge the in-set wallet on the platform or ask them to provide their Seed Phrase to bind personal Ethereum wallet to buy those fake NFTs controlled by their backend. When the amount accumulates to a certain level, those scammers will shut down and eradicate the website, steal all the funds or cryptocurrencies in a breeze, rug pull, and disappear to evaporation.”
The audit logic of NGT Certificate covers the two professional fields of technology and finance. The team will start with the fundamentals of each NFT, especially auditing the blockchain data as the base: scrutinizing its running code, and once a phishing website or dangerous intrusion is detected, it will issue a warning notification and assist in repairing. In addition, due diligence will also be carried out on the audited NFT platform, mainly to verify the operation specifications of other NFT projects and platforms that relevant institutions and personnel have ever participated in. The NGT team aims to leverage its leading blockchain expertise to capture and repair potential designing loopholes or transaction risks of all the audited NFT items, check and remedy the flaws and imperfections, and ensure the investment security of related NFT products. The Company guarantees that any NFT product that has passed its NGT Certificate audit and attestation framework can apply any commonly-used Smart Contract without a hitch and meets the examination standards of all the world-class smart contract auditing companies.
Mr. Francis Leung added, “The operation and creation of NFTs all occur at the blockchain level. Even the holders of NFTs have minimal cognition of the underlying logic of its operation. Many audiences can’t tell the difference between NFT scams or sheer hype NFT marketing tactics. The virtual currency market has been volatile recently, and many people encountered severe setbacks. However, we still firmly believe that the technical basis of NFT is undoubtedly the future trend of the times and the next big thing. If switching to the virtual world from the physical world, the first step for everyone is to get a pass card or ID, which could only be in the form of NFT. This is a superior advantage given by the technological attributes and operation logic of NFT, which conforms to the operation rules of the Metaverse. The cryptocurrencies’ price fluctuations cannot fully reflect the potential prosperity of the NFT. NFT is still linked to the value of BTC and ETH at this stage. Still, when the technology matures in line with the set market, all personal items or assets can be converted to NFT, and all valuation basis will eventually return to the actual value of the project behind it.”
In addition to the official launch of this audit and attestation service, NGT also issued 100 international limited editions of “NGT Genesis Pass”, and promised never to issue additional batches, which are suitable for out-of-print commemorative collections use. Collectors who hold this NGT Genesis Pass are equivalent to obtaining a permanent membership released by NGT and can enjoy the highest privilege and preferential treatment in the NGT ecosystem composed of all NFT projects under NGT. Besides that, a complimentary NFT specifically created by NGT which pertains to the “NGT Genesis Collection” will be gifted, the holder will be entitled priority to enter the NGT ecosystem and enjoy technical support and publicity assistance provided by NGT officials. The Company will further disclose more relevant details to the public in the near future.