August 07, 2021

SINGAPORE, July 25, 2021 /PRNewswire/ -- WEIFENG TECHNOLOGY, a Singapore-based technology company, believes that the true power of NFT is in e-commerce and international trade because it empowers to all supply-chain participants.

Traditional assets such as money are "fungible". For instance, if you lend someone one hundred dollars, you don't need the borrower to return that exact one-hundred dollar bill. On the other hand, if you lend a unique piece of collector's oil painting to someone, then you expect the same exact oil painting to be returned, and in such a case, that oil painting is described as "non-fungible".

NFT, which stands for "Non-Fungible Token", is a breakthrough class of non-fungible digital assets. NFT allows holders to prove the authenticity and ownership of the digitalized assets. NFT unlocks boundless opportunities for innovation, although most NFT marketplaces currently focus on digital art, games, and music, fashion, and sports collectibles.

WEIFENG TECHNOLOGY plans to launch JERITEX in August 2021, which will be integrated with partner e-commerce platforms through NFT gateways. A number of e-commerce platforms specializing in fashion, comestic, smartphone, sports goods and other luxury goods have expressed interest to partner with WEIFENG TECHNOLOGY so they may offer wider choice of payment gateways to their users beyond the current options such as: VISA®, Mastercard®, PayPal®, AliPay®, VNPay®, etc.

WEIFENG's NFT technology enables e-commerce users to seamlessly exchange for goods and merchandize in USDR, which is a stablecoin pegged to the US dollar and can trade on E-comercial site . The list of partner e-commerce platforms of WEIFENG TECHNOLOGY will be unveiled in Quarter 3 this year.

JERITEX, which debuts in August, is one of the solutions in the WEIFENG TECHNOLOGY ecosystem. JERITEX operates on the Binance Smart Chain ("BSC") protocol, in addition, it is developing NFT ("non-fungible token") payment gateways and payment applications through stable coins, with the aim to revolutionalize e-commerce. JERITEX aspires to become one of the top 5 trading exchanges within the next two years.