South Korean blockchain research company AMAXG has launched a metaverse platform where people can trade nonfungible tokens, strengthening its initiative for blockchain commercialization.

AMAXG recently launched the platform, dubbed BIZA-UVIT, after joining hands with K2SOFT, a metaverse platform and ANISTAR, a provider of cultural content.

According to AMAXG, BIZA-UVIT users can trade NFTs in the metaverse, virtual worlds shared by people online, and expand their own virtual worlds. NFTs are the digital counterparts of real-world assets, mostly of visual art or music, that guarantee ownership through the blockchain technology.

The company forged a strategic partnership with the Federation of Artistic and Cultural Organizations of Korea on Nov. 4, providing them a platform to digitalize artworks, auction and sell them globally.

NFTs enable creators to raise profit by selling and purchasing them, since each token contains a unique set of data that is impossible to tamper with, allowing owners to exercise control over their work. NFTs basically act as a digital currency in the metaverse where people can produce various content and attract other users.

“There is a clear consensus among experts that NFTs and metaverse are one of the most viable business models among the blockchain sectors. We will continue to lead the development of blockchain based technology that combines real economy and digital asset services,” AMAXG CEO Choi Jeong-moo said.

The CEO added that the company plans to build a metaverse platform that can be linked to AI and big data platforms, and to enter the blockchain-based education business as well.

The company has also launched “BIZA-Metaversity,” a metaverse-based AI education platform, to provide a decentralized, two-way education service.

“We expect BIZA-Metaversity to become the metaverse platform that combines education with one of the most essential technologies in the off-contact era,” said Choi.

Choi added that the metaverse platform seeks to offer a virtual, realistic learning experience that is required in the post COVID-19 era.

After the final beta test, AMAXG will gather education institutions on the BIZA-Metaversity platform, aiming to provide an all-in-one education service across borders.

Most educational institutions, government agencies, private organizations and academies, and even freelance lecturers, can launch education courses, post videos online and communicate with their students, the company said.

Educational institutions are required to pay $10 in biza, a cryptocurrency developed by the company, to start a course in the platform. Biza will be used on CarnegieMall, a person-to-person online shopping mall, and UVIT, a digital asset platform, the company said.

Users can search and register for online classes after installing BIZA-Metaversity. Education fees should be paid in biza.

The platform supports Korean, English, Chinese and Japanese.

“BIZA-Metaversity offers equal opportunity of education to every student across the world. Using the platform, they will have access to ‘smart education.’ It is also convenient for them to pay for the courses since cross-border transactions are available through biza payments,” the company said.

AMAXG is going full steam ahead with its expansion of BizAuto Platform that consists of three platforms -- BIZA-UVIT, BIZA-Metaversity and BIZA-CarnegieMall. It plans to add BIZA-Motors, a platform for buying and selling cars, BIZA-Kiosk, a delivery service platform, and BIZA-Checkup, a medical check-up reservation platform.

The group mostly accepts payment in biza through the blockchain-based BIZA Wallet that has a decentralized self-identification service, BIZADID.

“BizAuto Platform can be meaningful in a way that it uses an automatic XML engine that enables fast data storage and processing. Not only can the engine transform the existing data into machine learning metadata, it can be directly used in cutting-edge industries such as blockchain, AI and IoT,” the company said.

AMAXG claims their technology can play a vital role in the World Wide Web Consortium, an international organization that develops web standards, in 350 fields such as finance, e-content, law, news, e-commerce, education, manufacturing, medical and internet.

Choi highlighted that the ultimate goal of AMAXG is to build a successful ecosystem in each and every sector by strengthening R&D in the blockchain industry, the key technology in the Fourth Industrial Revolution.

“We will share our innovative technology which combines big data, AI, NFTs and metaverse in the new future blockchain-based platform, and make efforts to lead the tech industry while still making contributions to the world,” Choi said.

Meanwhile, Choi was appointed as vice president of Korea Blockchain Enterprise Promotion Association last month. Choi is tapped to win a prize from the Ministry of Trade, Industry and Energy at 2021 Blockchain Award on Nov. 26 for his efforts in supporting the blockchain industry and tech companies, and in making legislative proposals to institutionalize digital assets.