Big-data service provider CyberVein just released its first decentralized non-fungible token issuance (NFT) platform, dubbed CROSS. The launch sees a strategic partnership of CyberVein and DAVE to more effectively leverage data assets and technology. For operational efficiency improvement, DAVE plans to incorporate other technologies like big data, Internet-of-Things (IoT), Artificial Intelligence (AI), 5G, and cloud computing.
CyberVein’s Global Ambassador, Jack Ge commented,
“While DAVE combines our existing technologies – directed acyclic graph (DAG), cloud Computing Power GPU, Federated Learning, and PISR Database, we are also keen to collaborate with other technology companies...We look forward to achieving even greater things at scale in 2021. Together with our partners, we can make data truly valuable.”
Why it matters: The DeFi boom has created support for new ideas, much in the same way that the Bitcoin bull market of 2017 created loads of new tokens. NFTs are an interesting innovation that are likely being underutilized. As a unique token, an NFT can represent one-off real world goods, or digital items that are totally unique. NFTs may also have a role to play in record keeping, or ensuring that unique events are recorded in a way that can be transferred within a digital economy. As with any new technology, uses for NFTs will be developed as the industry matures, and the costs associated with issuing them falls.