Singapore– William Entriken, the main author of the ERC-721 non-fungible token (“NFT”) standard and other digital projects, will be joining the BLMP team as an advisor. BLMP’s innovative efforts to streamline the virtual goods industry will benefit from Entriken’s skill and experience.
BLMP uses blockchain technology to solve problems in the virtual goods market, an industry that is already experiencing explosive growth from video game skins selling for over $50K USD and has even greater potential, but also faces serious obstacles to growth. BLMP’s platform, Air, uses blockchain technology to create unique items and to track the use of licensed virtual goods to ensure they’re bought and sold with proper permissions. It is a full blockchain based solutions also consisting of a proprietary wallet, self-enforcing smart contracts, and a secure token for payments, allowing everyone who produces, owns, and distributes virtual goods to form authenticated profitable licensing agreements.
Entriken is the leading author behind the development of the ERC-721 token standard, which allows you to create and manage in-game or in-app unique assets (collectibles). This token standard is a standard part of Ethereum, the world’s second largest cryptocurrency. With this token standard, users can purchase, trade, and sell unique items on the blockchain. ERC-721 was first made famous by the distributed application, CryptoKitties, and is technology that is used in many popular blockchain projects and is projected to have enormous impact regarding property ownership. Entriken’s extensive experience in software development and a range of other blockchain initiatives, combined with his experience in auditing complex software architecture, make him an excellent fit for the BLMP team as they design a secure platform for everyone involved in the branded virtual goods market.
BLMP’s Blockchain Solution
BLMP utilizes blockchain technology to solve the most complex problems of the virtual goods market, including:
- Licensing Issues – Brands, content creators, and publishers have trouble forming viable licensing agreements concerning branded virtual goods they want to create. BLMP creates self-enforcing smart contracts by storing instructions in the blockchain, making it easier for all participants to form such agreements.
- Questions of Authenticity – Both the brands that own virtual goods and the consumers that buy them need to know these items are authentic. Through blockchain tracking methods, BLMP makes sure virtual goods are only ever used with their brands’ permission, guaranteeing their authenticity.
- Royalty Tracking – With each sale of a virtual good, the brand, the publisher, and the content creator must each get a cut of the revenues. BLMP makes sure these revenues are distributed promptly and equitably.
Despite the obstacles it currently faces, even without considering the profits generated from virtual skins, the virtual goods market is worth $50 billion, not counting virtual avatar skins, and that number continues to grow rapidly. With BLMP’s innovations, the industry can expand even further, generating both wealth and creative expression all over the world.
Will Entriken has the experience and skill necessary to help BLMP design complicated smart contracts and other tools. Entriken has a long history of organizing complex systems, including when he worked on rail schedules for SEPTA, the main transit system for the Delaware Valley. He also has direct experience with blockchain technology and cryptocurrencies, having served as the lead author of the open source standard for ERC-721 and ERC-165. These qualifications make him a great fit for BLMP as the team tackles the issues currently facing the branded virtual goods market.