Blade Labs Opens the Door to Token Gating Services for LG Art Lab and its other Enterprise Partners
British Virgin Islands, February 14, 2023: The Blade Labs team continues to innovate in the NFT space by launching a new token-gating functionality that provides users exclusive access based on the NFTs held in a Blade Wallet.
After exclusively launching its single-button NFT purchasing solution with LG Electronics on their curated art-NFT marketplace, LG Art Lab, Blade Labs announced today the latest functionality enhancement to NFT interaction – token gating. Token gating is a verification method whereby enterprises can provide exclusive online or offline access to spaces, events, content, and communities to people who own specific digital assets in their wallet.
Token gating is a powerful tool for enterprises, allowing them to protect their digital assets and control access to their products and services through an efficient and secure authentication process. By using token gating, organizations can control who has access to their digital assets, as well as how long they have access and unlock interactive experiences in the metaverse.
Think of NFTs as online access passes to members only clubs, VIP events, early access to product launches, exclusive rewards claims and more. By “gating” sites to only allow users who hold a specific NFT series, Blade is adding important utility beyond digital ownership to NFTs and are adding identity features which will open the door to discoverability and communication. This will allow people to find like-minded people and interact with them in the metaverse, further unlocking the value of web3 and NFTs for enterprises. Benefits of Blade Labs’ token gating service include:
- Enhanced Security + Greater Control: provides increased security + control for enterprise partners by allowing only authorized users with the right correct credentials to access the platform.
- Improved Efficiency + Better User Experience: eliminates the need for manual authentication and authorization processes, allowing for quicker access and enhanced user experience.
- Cost Savings: reduces the costs associated with manual authentication and authorization processes, allowing enterprises to save on resources.
- Scalability: Token gating facilitates scalability, allowing enterprises to manage access to their platform quickly and easily.
- Flexibility: Token gating provides flexibility, allowing enterprises to customize access to their platform based on user credentials.
Despite just launching this month, Blade Labs is already implementing token gated flows for multiple enterprise partners including LG Art Lab, NFT marketplace of LG Electronics, currently available exclusively in the US. Solutions range from delivering exclusive rewards to a single user via token gated access to a holder of a unique, high- value digital art NFT (US$1,000 and above) to implementing community access flows for thousands of holders of digital coupons or other lower value NFTs (US$20 and below). Token-gating is further evidence of Blade’s commitment to bringing utility to NFTs and solving real-world business issues by leveraging state-of-the-art Web3 technology.
By providing a tailor-made, end-to-end solution for LG Electronics, Blade enabled US-based fine art lovers to purchase curated digital artwork at home via LG Art Lab with an LG Smart TV, bringing the world of digital art and NFTs closer to millions of users. The addition of token gating provides further utility to NFTs.
“We are extremely proud to have been chosen by LG Electronics, a globally recognized leader and household name in consumer electronics to unlock the power of Web3 technology on our mission to onboard the next billion users.” commented Sami Mian CEO and Co-founder of Blade Labs, “Our team will continue its important work providing further utility and accessibility to NFTs for its best-in-class enterprise partners, like LG Electronics.”
Despite the growing popularity of NFTs over the last few years, the purchasing process to procure your favorite digital art historically involved cumbersome processes including downloading digital wallets and transacting with digital currencies through numerous exchanges with varying levels of security. Whilst the Hedera network is uniquely safe boasting low predictable transaction fees, Blade delivery of this button to LG Electronics was a first on the network and a key step forward to mass adoption of this new technology. This is the next.
Blade Wallet, built by the Blade Labs team, is the only self-custody, fully audited, KYC Gold Standard, regularly security tested digital wallet available as an app on any Android and Apple mobile device as well as a Chrome Web extension on the Hedera network. Within weeks of its launch, Blade Wallet became the fastest growing Web3 wallet on the Hedera network. Recognizing the additional requirements for larger businesses requiring enterprise-grade Web3 solutions including third-party security audits and an in-house legal counsel, Blade Labs is uniquely positioned to provide these corporations services ranging from off-the-shelf business templates to completely bespoke, white-label solutions to its growing list of partners.
Hedera’s distributed ledger technology is known for its unparalleled delivery of enterprise-grade security, speed, and scalability, as well as its strong environmental credentials. Blade has quickly become the most popular Hedera wallet, from its Enterprise grade security to its list of Global partners. Trusted by some of the largest companies on earth, Blade wallet is the easiest, most user friendly, most globally adopted wallet on Hedera.