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Chinese Neo presents hybrid device to revolutionize NFT engagement

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Neo, a Chinese blockchain that is building what it describes as a smart economy and was once a strong competitor to Ethereum, has unveiled OneBand, a Phygital NFT device.

Neo unveils OneBand

In a post on Medium on April 22, Niu said the OneBand is a physical loop cryptographically linked to a non-fungible token (NFT).

Neo explains that the physical ring and the NFT are intrinsically linked since the ring is embedded with a Near Field Communication (NFC) chip and a controlled BIP32 master key.

The BIP32 master key standard has been widely adopted. It will allow NFT and OneBand holders to quickly authenticate their assets across all market segments. NFC is the same technology used by debit and credit card providers such as Mastercard and Visa.

OneBand was created in partnership with COZ and AxLabs. They will demonstrate how the ring works at Consensus 2023 in Austin, Texas.

OneBand is an innovation that Niu says can expand NFT use cases and accelerate the secure connection between the digital and physical worlds.

The excerpt reads:

“There are so many things you can do in the realms of POAP, brand activation, game interactions, verifications, financial transactions, and more. The ability to securely embed an NFT asset within a physical asset and have it interact with the real world is an emerging frontier.”

Neo also mentioned that each episode will be bundled with a developer kit. This way, interested developers, including artists, can create projects that take advantage of their technology. By piloting their system, developers will also have the opportunity to explore Neo’s ecosystem and features, including a monoblock end and multilingual smart contract support.

N3 rollout and integration at BSN China

While Neo aims to spur NFT activity on the mainnet, the blockchain lags behind competitors, especially Ethereum.

It is despite the full launch of N3, an enhanced version of the new mainnet, and integration into China’s Blockchain-based Service Network (BSN) in early 2022.

As part of BSN, users in China can access Neo’s NFT marketplace. NFTs minted on Neo and across the BSN ecosystem have been renamed Decentralized Digital Certificates (DDCs) to distinguish themselves from NFTs minted in other jurisdictions, including Europe and the United States. DDCs comply with the rules and regulations set by the Chinese authorities.

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