What Is NFTY Network (NFTY)?

NFTY Network (NFTY) is a decentralized NFT ecosystem created with the goal to enable various innovations in the NFT space. According to the whitepaper, this network is a user management system that leverages public key signing to enable decentralized access control to data, servers, and applications. The network seeks to find the solution for the current Web 2.0 user management problems as the usability and security are insufficient. Challenges such as PII (Personal-Identifying Information) and data breaches, user incentivization, and unique authentication exist. The NFTY network seeks to solve these issues by providing new authentication methods that use the energy and strength of blockchain technology in one user-friendly solution. The network also aims to incentivize users to continuously engage with companies through NFT ownership and offer a better user experience without compromising security or personal information.

NFTY is the utility token of the NFTY network. The NFTY token is an ERC-20 standard token that allows the users and creators to take precise actions throughout the NFTY ecosystem of products and help network governance for the continual growth of the platform. The total supply of the NFTY token is 1,456,240,353 NFTY. Out of the total token supply, 45.5% of the total tokens were allocated for the foundation DAO, 18.2% to the team, and 13.7% towards the ecosystem. Further, 8.2% of the total supply was distributed to the public and 6.7% to a private population. The remaining 3% of the tokens were distributed to the advisors and 1.4% to the initial DEX.

History of NFTY Network (NFTY)

James Lawrence is the CEO, and Ty Blackard is the COO of the NFTY network. As per the website, the NFTY network claims to have achieved several milestones. In quarter 4 of 2021, the network launched the mobile application of the platform for iOS and Android. Further, in quarter 1 of 2022, the platform added multiple language features to the application.