Utah Valley University students create NFTs in Unique FinTech Learning Project
Orem, Utah, Nov. 29, 2022 (GLOBE NEWSWIRE) — Orem, Utah — Business and computer science students at Utah Valley University (UVU) have created UVU-themed Non-Fungible Tokens (NFTs) and launched a platform where they can be purchased . The proceeds from the sale of the NFTs will help fund presidential scholarships.
NFTs are unique digital files whose ownership is recorded in a network of secure servers known as a blockchain. NFTs can be bought and sold just like physical artwork, photos, music, comics and game characters. NFTs now represent a $23 billion industry.
Rachel Bi, head of UVU’s FinTech Center and supervisor of the project, said that as international monetary systems increasingly incorporate blockchain technology, she wants to give students a hands-on opportunity to understand how this new field works.
A team of students from the UVU Woodbury School of Business and the College of Engineering and Technology have worked closely with Dr. Rachel Bi, Dr. Jingpeng Tang and a local Fintech company – Ocavu – over the past year to develop the UVU NFT Marketplace . The marketplace currently has 11 UVU-themed NFTs available for purchase at $2,000 each. Several donors have already reserved tokens.
The NFTs available on UVU’s marketplace include a digital image of the world-renowned Roots of Knowledge glass exhibit at UVU’s Fulton Library, as well as an image of UVU’s mascot and an image of the UVU Basketball Team’s 2021 victory over BYU.
“This has been a very rich educational journey for our students as they have had to learn the economics of Web 3.0, the technology behind blockchains, develop a business case for NFTs, create these digital assets and then market them,” Dr. Bi said . “We want our students to be ready to enter the jobs of the future, with relevant training and experience. This speaks to UVU’s innovative approach to engaged learning. I don’t know of any other university that has carried out a student project like this.”
Given the complexity of the project, Dr. Bi said the students have also learned valuable lessons about collaboration that will serve them well in their future careers.
Rob Platt, senior in computer science, said he has appreciated the opportunity to work on a real-world blockchain project. “It’s a cool opportunity. It gave me a lot of insight,” he said, adding that he feels this will be a great skill when he starts looking for a full-time job after graduation.
“UVU faculty and students have been enthusiastic, intelligent and very forward-thinking throughout our collaboration in developing this innovative Web3 marketplace to build awareness, excitement and raise donor funds for UVU,” said Jeremy Whitt. Chief Technology Officer for Ocavu, a local FinTech company that collaborated with UVU on this project.
“In addition, the extremely short time in which this student-led, student-designed and student-built solution was completed. The constant passion for learning and the impressive determination of the development team to pull this across the finish line was extraordinary with lessons learned that will prove valuable for years to come forward as they embark on their professional careers. Ocavu is proud to have supported the UVU students in this exciting real-world experience and looks forward to continuing our partnership in future semesters.”
To learn more about UVU’s NFT Marketplace, or to view tokens available for purchase, visit:
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About Utah Valley University
At Utah Valley University, we believe that everyone deserves the transformative benefits of a high-quality education—and it must be affordable, accessible, and flexible. With opportunities to earn everything from certificates to master’s degrees, our students succeed by gaining real-world experience and developing career-ready skills. We invite people to come as they are – and leave ready and prepared to make a difference in the world. For more, visit uvu.edu or follow us on Instagram or Facebook.
CONTACT: Scott Trotter Utah Valley University 8014196860 [email protected]
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