#Japan #Sendai #NFT technology #OrdinalX #Yen Point

Unveiling OrdinalX: The New Standard in NFT Integration

Yen Point Inc., based in Sendai, Japan, has announced the launch of its latest API service, OrdinalX, aimed at streamlining the integration of NFT features into games and applications. This innovative service significantly reduces the complexities and costs typically associated with NFT implementation while enabling the storage of large-scale data directly on the blockchain. By supporting a variety of content types—including images, music, videos, and e-books—OrdinalX opens the door for a broader application of NFTs across multiple industries.

Overcoming NFT Implementation Challenges

When NFTs burst onto the scene around 2020, there was immense excitement about the new expressions and economic potentials they brought through digital technology. However, significant challenges have hindered widespread adoption. Technical barriers associated with blockchain—such as complexity in issuing and trading NFTs, high transaction fees, and limitations on handling large data—made it incredibly difficult for developers. As a result, these barriers have slowed the integration of NFTs across various sectors.

With the introduction of OrdinalX, Yen Point Inc. aims to dismantle these obstacles, making it easier for numerous industries to adopt NFTs and realize their full potential.

Key Features of OrdinalX

1. Support for Large-Scale Data: Unlike previous blockchain solutions that could only store data in the kilobyte range, OrdinalX allows for writing data directly onto the blockchain up to 25MB. This capability means that it can handle significant content types such as images and videos, allowing all of this data to enhance the NFT experience. Furthermore, with the decentralization of storage, users gain peace of mind knowing their data is secure from manipulation and is permanently retained.

2. Minimal Transaction Fees: Traditional blockchain networks often impose hefty fees for minting NFTs, creating a significant burden for service providers. In contrast, OrdinalX manages to keep its fees below 1 yen even for 1MB of data, drastically lowering operational costs for businesses.

3. No Gas Fees Required for Sending NFTs: Historically, users needed to prepare cryptocurrency and pay gas fees for NFT transfers. OrdinalX simplifies this process by allowing the API to automatically cover the required fees, freeing developers from the headache of gas calculations.

4. Innovative PayMail Technology: OrdinalX introduces a pioneering technology that permits sending NFTs via a user-friendly email address format—like `[email protected]`—removing the need for complex blockchain addresses. This functionality is currently under international patent application by Yen Point Inc. (PCT international patent application filed in August 2023).

Traditional Address Example: `1MkzNFcApxUAvJq6L4WRN1fnFkJvCCQVJs`
PayMail Example: `[email protected]`

Broadening NFT Use Cases Across Industries

OrdinalX is on track to integrate with various sectors such as gaming, art, and events, paving the way for new applications of NFTs:

• - Gaming: Players can trade limited edition items or characters in-game as NFTs, maintaining full ownership without the risk of losing their assets due to account suspensions or corporate management changes. This creates opportunities for long-lasting value even post-game.

• - Art and Music: Creators can document their work on the blockchain, establishing verifiable ownership and rarity for digital art and music pieces. This ensures preservation of their creations and enhances their marketability.

• - Event Ticketing and Digital Collectibles: By distributing digital stamps or commemorative NFTs to attendees, events can eliminate reliance on paper tickets. The blockchain securely captures attendance records, enhancing collectible value for participants.

Future Prospects

Yen Point Inc. is also working towards supporting stablecoins tied to fiat currencies like yen, dollar, and euro. Incorporating these stable digital currencies will pave the way for broader applications in payment processing, finance, and fintech sectors, further extending the utility of OrdinalX.

About Yen Point Inc.

Yen Point Inc. focuses on research and development in IT and blockchain technologies, seeking to expand applications across diverse fields such as education, gaming, and information technology. The company prides itself on its expertise in UTXO-based blockchain technology, delivering cutting-edge, practical services while also investing in unique algorithms for token verification. Through collaboration with professionals and educational institutions, Yen Point aims for continual innovation and value creation in the realm of IT and blockchain.

Company Overview:

• - Company Name: Yen Point Inc.
• - CEO: Kenichiro Sato
• - Location: Sendai, Miyagi
• - Website: yenpoint.jp