IoTeX has been working together to get the best on cryptography and has raised the level over the past few years. A subset of the Institute of Electrical and Electronics Engineers (IEEE) that helps create connections for the internet, the working group is focused on creating a universal substandard for the use of blockchain in the Internet of Things (IoT).
“The future of NFTs will involve using facts about the real world to mint digital assets,” said Raullen Chai, CEO of IoTeX. The complacency factor in NFTs has risen, and it procures the need for trusted data from trusted devices to facilitate if-then logic via smart contacts across the real world to mitigate the chance of adverse synopsis.
IoTeX, which is a renowned IoT device security conglomerate, and is entering into NFTs to bolster the sales that have been slowing down over the past year. While some pinpointed the slump to an overhauling decline in growth, some predicted it to be a natural pullback due to the inflated markets. The world of NFTs is changing, as claimed by Jeff Dorman, chief investment officer at Arca, a cryptocurrency investment firm. He also said that it because of the expansion beyond the current use scenarios such as collectibles, art, and gaming into more traditional use cases.