IMTE To Develop NFT Trading Market For Better Interactive Experience

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Integrated Media Technology (IMTE), announced the signing of an Assignment and Assumption Agreement to develop a Blockchain business focusing on digital asset market platform mainly focusing on NFT trading market.

IMTE will pay a deferred payment based on future earnings of Ace Corporation Limited (“Ace”) and a bonus payment if Ace is listed on a recognised exchange in the next five years.

Under the Cooperation Agreement, IMTE now may invest up to $1 million for 60 per cent equity interests in Ace to develop, establish, and operate a trading platform called “Ouction”. The development, marketing and operating team will receive the 40 per cent of the equity interest in Ace. The core technology will be developed by Eric Zhang and his team.  Ouction platform will be an interactive experiencing solution designed with dynamic image cryptographic verification technology which will serve as a bridge for O2O (Online to Offline) transaction.

This will enable the “Ouction” platform to not only verify virtual asset transactions, but also provide encryption and Blockchain notariSed digital certificates of physical assets for a fairer and more credible platform trading experience to eCommerce companies and their users.

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The Ouction platform will build its own side-chain on the existing mainstream large-scale Blockchains to save calculating cost and analysis on the computational load calculated by distributed ledgers, and reduce the barrier for users to becoming a node. We intend to also develop mobile device applications to enable mobile device users to browse data for proof of traceability and to transact using Blockchain without computing load.

Zhang said, ” We are assembling a team of skilled and experienced software engineers who have experience in multiple Blockchain projects, including the development of the first batch of Blockchain cultural platforms, crypto quantitative trading system, and financial Blockchain platform for supply chain. Ouction is expected to adopt decentralised technologies in the fields of games, fintech, film & TV, culture, and eCommerce, and to develop cross-industrial synergy, so to develop economic value from the new NFT marketplace they create.”

“We are excited to work with Eric Zhang, who was the leader in developing Blockchain technology in supply-chain finance and the former CTO in an internet TV operator. Eric’s team will bring expertise in Blockchain, cyber security and other technologies to assist us in developing our NFT trading platform and business operations” said Xiaodong Zhang, CEO, MTE.