The Mauritius International Financial Centre (Mauritius IFC), under the aegis of the Ministry of Financial Services and Good Governance (MFSGG), has embarked on a strategy of further graduating Mauritius as a full-fledged international financial centre which includes further enhancing substance in the jurisdiction, as well as developing new segments of activities such as wealth and asset management, international legal services, investment banking, commodities and derivatives platform, headquartering and treasury management. Last November, the Mauritius IFC celebrated its 30 years and a gala dinner was hosted at Le Meridien to commemorate its anniversary.
Based in Mauritius, Codevigor is a blockchain development company and has worked on numerous projects including exchanges, metaverses, remittances companies, and more. Horizon Africa Blockchain is a public permissioned EVM-compatible blockchain network that is currently being used for metaverse projects. Horizon Africa provides the capabilities for metaverses to implement a governance model by enabling smart contracts, and NFTs, which allows for the implementation of activities in the real and virtual world. Horizon Africa has built on the limitations of Ethereum for hosting large-scale dApps. Horizon Africa Blockchain is designed to serve the metaverse by using the building blocks of Ethereum. As of November 2022, Horizon Africa Blockchain holds around USD 2.5m in assets on its chain.
The Mauritius IFC has launched a commemorative logo for the occasion which will allow all stakeholders in the industry to use the commemorative logo in certain capacities. To implement this, the Mauritius IFC has partnered with Codevigor and Horizon Africa to launch 350 NFTs on Horizon Africa Blockchain with the rights to use the commemorative logo, which was distributed to the players of the industry. The NFT was developed and deployed on Horizon Africa Blockchain by Codevigor.
What is an NFT and deployment
Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Each NFT is given unique features and is associated with a distinct physical or virtual asset. NFTs are often linked to items such as artworks, music, videos, real estate, assets, or any other digital representation. NFTs can also function to represent individuals' identities, property rights, and more.
To deploy the NFT, Codevigor has used the ERC-721 standard, which defines the minimum interface - ownership details, security, and metadata. NFTs are created through a process called minting in which the information of the NFT is published on a blockchain, and in our case, on the Horizon Africa Blockchain. This process often entails incorporating smart contracts that assign ownership and manage the transferability of the NFT.
As tokens are minted, they are assigned a unique identifier directly linked to one blockchain address. Each token has an owner, and the ownership information (i.e. the address in which the minted token resides) is publicly available. For the Mauritius IFC, 350 same exact NFTs were minted, each with a unique identifier that can be distinguished from one other. The NFTs are then assigned to the stakeholders.
At the event
Guests claimed their respective NFT by scanning a QR code through a physical token that was provided to them during the gala dinner. Once the terms and conditions were accepted, the rights to use the commemorative logo were assigned to the respective stakeholders after their credentials were validated.
What is tied to the NFT?
The MFSGG holds the sole ownership of the commemorative logo, but the rights to use the logo have been enforced through NFTs and distributed to stakeholders. The full terms and conditions can be found here. The minted NFT represents the right to use the commemorative logo of the Mauritius IFC in email signature banners and as digital backdrops.
Once the NFT is claimed by a stakeholder, the latter will have the right to use the commemorative logo as per the terms and conditions set. The same will have to be accepted when claiming the NFT.
A non-custodial wallet can be used to hold the NFT and it can be used to transfer the NFT to another person within the organisation.
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