Loka Labs has joined the BUILD program of Chainlink. Loka Labs is famously known as the creator of MarkX, a plug-in protocol that enables creators or NFT holders to monetize their digital art. Participation in the BUILD Program grants Loka Labs access to a number of benefits, including, but not limited to, technical support, Oracle services, and security in crypto-economics.
Chainlink benefits from its participation in the form of network fees. Loka Labs has also expressed its commitment to allocating 5% of the token supply specifically for the ecosystem.
MarkX functions with the objective of leveraging the power of emojis, working in the direction of making it a universal language. It enables developers and creators to seamlessly license their digital art so that emojis can be brought to the forefront of digital asset licensing. The process can be briefly summarized as an automated royalty system that is backed by the ideology of transparency.
The coverage extends to gaming, social media, and messaging mechanisms. With MarkX by their side, creators can be assured that their offering will have a better reach and higher revenue in the industry.
Loka Labs is confident that joining the BUILD Program of Chainlink will help them leverage the supporting services from the community while accelerating awareness about their software solutions. Moreover, Loka Labs will work to boost the adoption of the licensing platform on the upcoming decentralized internet, Web3. Loka Labs has identified the community of Chainlink as vibrant, emphasizing that it is now looking forward to securing off-chain services.
Other benefits that Loka Labs MarkX is aiming for are increased access to decentralized applications and a larger reach of users.
The alignment of their incentives facilitates the partnership between Chainlink and Loka Labs. Both are fueled by the passion of serving the community well with no compromise when it comes to securing on-chain activities. The commitment will see Loka Labs also provide stakeholder roles and secure network fees for the partner.
Ultimately, the goal is to further the long-term adoption of Web3 gaming and NFTs.
Loka Labs has chosen Chainlink out of all the available options for its reliability and security. Oracle services power both aspects. Also, Loka Labs gains access to price feeds via Chainlink Price Feeds and alpha and beta releases.
Sunil Thapa, the co-founder of Loka Labs, has expressed excitement about them joining the BUILD Program at Chainlink. Sunil has also said that they are confident in the fact that the BUILD Program will help them securely achieve their vision of expanding into other segments. The co-founder has also emphasized that they have gained access to technical support, Oracle services, and a robust crypto-economic model.
Moving forward, Loka Labs is working to bring out the best version of digital merchandise. Details are currently unavailable; however, the community can expect Loka Labs and Chainlink to work in collaboration on the same.