PYMNTS-MonitorEdge-May-2024

LoginID, NFT PRO, Join Forces on NFT Security

NFT

Authentication provider LoginID has formed a partnership with NFT PRO, a company that makes tools to create, manage and distribute non-fungible tokens (NFTs).

“The partnership will include the integration of LoginID’s SDKs for developers, the simplest tool for integration of the FIDO2 strong authentication standard,” the companies said in a news release Thursday (Nov. 18).

“FIDO2 biometric authentication can be used on over 4 billion devices today, and is aligned with regulatory frameworks such as PSD2, Open Banking and GDPR.”

FIDO2 strong authentication will eliminate the need for passwords, assist with account recovery and provide “Transaction Confirmation” for NFT transactions, the digital signature and receipt that binds a customer’s biometrics to the transaction.

The companies note that the market for NFTs has ballooned over the past two years, from $141 million in 2019 to more than $1.2 billion in the first half of this year, with projections showing the market topping $2 billion before the end of 2021.

Learn more: NFT Roundup: Demand for Digital Image Assets Moves Deeper Into Mainstream

This year has seen NFTs grow more mainstream, as PYMNTS noted last month. Coinbase announced plans to debut an NFT marketplace. Visa and TikTok began working with creators on NFT-focused projects. And Bank of America released a report saying crypto and NFTs are “too large to ignore.” Some observers estimated that so far in 2021, sales of NFTs have added up to between $7 billion and $13.2 billion.

With this growth will come more pressure on players in the NFT market to boost security to fend off hackers who may want to engage in phishing or outright stealing the tokens. LoginID’s FIDO2 strong authentication can defend against these attacks, the company said in its news release.

Read more: LoginID Gets Research Grant From Algorand Foundation

“Our enterprise clients demand extensive security AND seamless user experience when it comes to their customers buying NFTs,” said Christian Ferri, CEO of NFT PRO. “LoginID gives our clients the best of both, whether they are selling from their website or the metaverse. This partnership is a natural fit for our white label platform.”

PYMNTS-MonitorEdge-May-2024