Benzinga | Feb 23, 2021 08:34AM EST

Global Shipping America Signs MOU To Cooperate With CyberMiles To 'jointly explore opportunities' Using CyberMiles Non-Fungible Token Business

ROSLYN, N.Y., Feb. 23, 2021 /PRNewswire/ -- Sino Global Shipping America Ltd has signed a Memorandum of Understanding to cooperate with the e-commerce blockchain company CyberMiles Foundation to jointly explore opportunities using CyberMiles' blockchain non-fungible token ("NFT") CRC-721 protocol and trading platform, which allows enterprises, institutions, and individuals to issue and trade NFTs on CyberMiles' public blockchain.

Many cryptocurrencies like Bitcoin and Ethereum are considered fungible tokens. Each fungible token is identical to each other fungible token: one Bitcoin is equal in value to any other one Bitcoin. Non-fungible tokens are different. Each NFT is unique and not interchangeable with another. This feature makes NFTs ideal where the provenance of underlying assets is important. For example, digital art pieces, sports memorabilia, in-game assets, other digital collectibles, contracts and even limited-edition physical products that are digitally linked to verify scarcity. The total value of the NFT market is now estimated at $250 million.

CyberMiles ( https://www.cybermiles.io/en-us/) (CMT) is a next generation public blockchain for smart contracts. CyberMiles' Smart Business Contracts are optimized for e-commerce applications. It provides a large library of commerce-related Smart Business Contracts, striving to offer the best streamlined process and experience in helping to build decentralized e-commerce applications.