COZ and AxLabs unveil ITEM Systems, joint NFI-focused initiative
COZ and AxLabs have unveiled their newest joint venture, ITEM Systems. The new organization is dedicated to the advancement of non-fungible item technology, bridging the digital and physical worlds.
The announcement was made during an X Spaces event on Oct 5, with COZ’s CEO Tyler Adams and AxLabs’ founder, Dr. Guil Sperb Machado, representing each group.
Previously, COZ and AxLabs combined their NFI technology expertise in the creation of the OneBand ring. This innovation has been activated at events such as Consensus 2023, the Tribeca Film Festival, and Token2049 2023.
An NFI, or non-fungible item, is essentially a physical asset cryptographically bound to a digital twin. This technology allows individuals to validate the ownership of tangible items and execute specific on-chain or off-chain actions through NFC. ITEM Systems is founded with the belief that NFIs can broaden the horizons for real-life web3 applications, even for those with little to no familiarity in the blockchain sphere.
Recently, the first ITEM Systems-branded technology was deployed through COZ’s collaboration with the DENVER WALLS mural festival. Together, they introduced bronze plaques equipped with NFI tech across murals in Denver’s River North area. These cryptographically unique plaques allow visitors to tap their phones and digitally “collect” murals, which will later be redeemable for rewards at local establishments.
NFI plaque displayed on mural in Denver
Reflecting on the partnership with AxLabs, Adams remarked:
“It makes sense for us from a security perspective to partner with the best of the best that we know to deliver this forward, because that’s the highest probability that it’s successful. For the COZ team, the best of the best that we work with is AxLabs, and we have had a very long-lasting, healthy relationship with the AxLabs team. We share a similar vision on what is required to deliver on this. Also, from a skills perspective, we complement each other quite well. So it’s hard for me not to say that it was just a natural fit – it really was.”
Machado provided further insight into how the two teams complement each other from a skills perspective, sharing:
“When Tyler came to me, I told him, ‘Look Tyler, I’m a computer scientist. I’m a PhD in computer science. I don’t like hardware. I prefer to stay on the abstraction layer above this, which is the software.’ And then Tyler said, ‘Guil, I’m gonna teach you something.’ He then took me on a journey, teaching me how materials work and how the chip could be integrated into metal, resin, and its positioning, and the position of it. And I was basically in love. I said, ‘Man, that’s cool. Let’s do it… I’m going to help make the best software, and the best experience, and the user journey as best as possible for our customers.’ And I think that it was a very good fit.”