Digital asset custodian Hex Trust has expanded its institutional-grade custody services for NFTs (non-fungible tokens) to include assets created on the Algorand blockchain using Algorand Standard Assets (ASAs). The move marks the latest milestone in Hex Trust’s commitment to remain at the forefront of digital asset custody innovation, enabling organizations of all stripes to participate in the decentralized economy.
In March 2021, Hex Trust was the first licensed digital asset custodian to support NFTs through its proprietary bank-grade platform Hex Safe. While the floor prices for many collections have seen dramatic downturns, use cases and demand for NFTs has only increased as the broader set of organizations participate in the decentralized economy - with a particular interest in metaverse and GameFi applications.
Algorand positions itself as an environment-friendly blockchain that allows for the simple creation and launch of NFTs, aiming to provide a frictionless and accessible NFT experience for both creators and consumers. There are several ways that highly configurable NFT applications can be built, using a combination of Atomic Transfers, ASAs, Stateful and Smart Contracts.
As such, the Algorand ecosystem has seen an explosion of creativity with dedicated NFT marketplaces, GameFi projects, non-fungible domain name services, fractional fine art investing, music royalty rights, and more. Prominent NFT projects include Cosmic Champs, Al Goanna, Octorand, Alchemon, and a collaboration with FIFA ahead of the World Cup competition in Qatar coming November 2022.