LoginID And NFT PRO™ Announce Partnership
LoginID will provide their APIs and SDKs as part of the NFT PRO™ Platform, providing FIDO2 strong authentication to help secure NFTs.
LoginID, a FIDO-certified passwordless authentication provider, announced a partnership with NFT PRO, an industry leader for providing tools for the creation, management, and distribution of non-fungible tokens (NFTs) .
The partnership will include the integration of LoginID’s SDKs for developers, the simplest tool for integration of the FIDO2 strong authentication standard. FIDO2 biometric authentication can be used on over 4 billion devices , and is aligned with regulatory frameworks such as PSD2, Open Banking and GDPR. The use of FIDO2 strong authentication will eliminate the need for passwords, help with account recovery and provide ‘Transaction Confirmation’ for NFT transactions, which is a digital signature and receipt binding the individual’s biometrics to the transaction.
The NFT market has exploded from $141m in 2019 to over $1.2b in the first six months of 2021. By the end of 2021, the market expects to top $2b with no signs of slowing down. As the market grows there will be more pressure on NFT providers, consumers and other participants in the NFT market to increase security to thwart hackers from phishing or taking over accounts and stealing NFTs. LoginIDs FIDO2 strong authentication provides defense against these types of attacks.
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“Our enterprise clients demand extensive security AND seamless user experience when it comes to their customers buying NFTs,” saif Christian Ferri, CEO, NFT PRO.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.”
“NFTs and their owners are becoming the latest target for hackers. 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,” said Jim Brown, CRO and Co-Founder, LoginID. “NFT PRO provides an extensive platform for building NFT campaigns, and will now include our FIDO2 strong authentication, which can help secure access to NFTs for customers.”
The announcement follows LoginIDs recent announcement with the Algorand Foundation. LoginID will be providing its simple SDKs for Algorand developers to build strong authentication into Algorand applications and smart contracts.
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