LoginID is getting into the NFT game through a new partnership with NFT PRO. As the name would suggest, NFT PRO is an NFT specialist that provides other parties with the tools they need to mint and distribute their own tokens and run their own NFT campaigns.
LoginID, on the other hand, is a passwordless authentication specialist, and will be working with NFT PRO to ensure that NFT transactions remain secure. To that end, NFT PRO will integrate the LoginID SDKs into its own platform to enable biometric authentication for those participating in NFT transactions. NFT PRO customers will be able to use biometrics to access and recover their accounts, and will also receive a ‘Transaction Confirmation’ whenever they complete a sale. That Confirmation essentially serves as a digital signature that links someone’s biometrics to a transaction and indicates that the authorized individuals were present for the interaction.
The LoginID solution offers FIDO2 certification, and is compliant with international data protection regulations like GDPR and the PSD2 strong customer authentication standard. In that regard, LoginID takes advantage of the cameras and the biometric scanners that are now built into many smartphones and other IoT devices.
According to LoginID, the added security will help prevent phishing, account takeovers, and NFT theft, which has become a growing concern in light of the industry’s rapid expansion. The NFT market was valued at $141 million in 2019, and passed $1.2 billion in the first half of 2021. It is now expected to climb beyond $2 billion before the end of the year.
“NFTs and their owners are becoming the latest target for hackers,” said LoginID CRO and Co-Founder Jim Brown. “The market is starting to experience more and more of these attacks, and in many cases, the attacks start with vulnerabilities created by the use of weak authentication.”
“Our enterprise clients demand extensive security AND seamless user experience when it comes to their customers buying NFTs,” added NFT PRO CEO Christian Ferri. “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.”
LoginID is currently optimizing its SDKs for use with the Algorand blockchain platform after receiving a grant from the Algorand Foundation. Visa has also made an undisclosed investment in the company.