Moneycontrol PRO
Upcoming Event:Attend Algo Convention Live, 2 Days & 12+ Speakers at best offer Rs.999/-, exclusive for Moneycontrol Pro subscribers. Register now!

Tech company breaks ground with new NFT

Resume Inc. fixes what’s broken in human resources with blockchain technology

April 28, 2022 / 06:15 PM IST

NFT resumes are fast proving to be the future of recruitment, says a new San Francisco-based tech company.

Resume Inc. has taken the tech world by storm, introducing a non-fungible token that has had a major impact on one of the world’s most important industries.

Employing innovative blockchain technology to create NFT resumes — which contain validated information and a historical view of changes — will revolutionize the hiring process, said Resume Inc. founder and CEO Nofel Izz.

The practical application for Resume Inc’s technology and its use case translates to significant savings for corporations around the world. According to Career Builder, in recent years 74% of companies that made a poor hire lost an average of US$14,900 per inadequate employee, while The Undercover Recruiter reports that bad hires can cost US$240,000 in hiring, salary and retention expenses.

“Hiring the wrong person due to an inaccurate resume is a major problem in recruitment. Our technology will lead to the eradication of false resumes,” said Izz. “Further, job seekers can feel confident about how their resumes will be received. Resume Inc. has already begun to generate substantial interest — despite being launched just last year, we have had a staggering 3.3 million sign-ups since July 2021.

“Our company’s strength in innovation has set us on the path to be an industry disruptor,” he said.

Resume Inc.’s native coin, $RINC, set to launch this spring, will serve as a crucial part of the company’s ecosystem. $RINC has a host of practical applications and use cases: Candidates will subscribe using the coin to create their NFT resumes on the blockchain. They can then gain access to Resume Inc.’s VR job fair on the Metaverse, circumventing the traditional application and interviewing process. Top employers will use the native coin to subscribe, allowing them to  connect with applicants on the Metaverse in virtual kiosks.

Employers will also use $RINC tokens to purchase a subscription to view NFT resumes on the blockchain. Candidates can monetize their resumes in the NFT marketplace when employers view them.

Resume Inc.’s Tokenomics align incentives of its team with that of the investors. Tokens for the team are locked for the initial 12 months and then vested over a 36-month period. The smart contract for $RINC places a hard cap on the total number of coins at 500 million, locking in total supply. Coding within the contract will place limits on the number of tokens released annually, ensuring total supply does not exceed the projected supply in any given year. Token emissions and distributions are also predetermined and coded into the smart contract.

More than 1/4th of the total token supply is allocated for community development, Izz said. Further, Resume Inc. will feature three popular Bollywood celebrities auctioning off their signed NFT resumes to help raise money for the charities of their choice.

Izz, who in the year 2000 introduced the concept of online recruitment to the Middle East job market, amassing 12 million users and 15,000 companies, is extremely confident the business will rapidly move towards sizeable cash-flow generation.

“The near infinite size of the revenue opportunity suggests the circulating $RINC supply should remain well below the supply forecasted in our White Paper, equaling spectacular shareholder value,” he said.

Driven by a robust team of technology experts with several successful exits, Resume Inc. is in talks with several backers for a capital raise, followed by an Initial Dex Offering (IDO). After the IDO, Resume Inc.’s valuation is projected to exceed $50 million, supported by a strong growth pipeline and healthy revenue stream.

Izz said the company’s soaring progress thus far in the competitive field of recruitment is a true testament to the current marketplace’s need for a product that can ensure resume data is air-tight and protected.

“There is no denying that we have a number of peers, some at multi-billion-dollar valuations,” said Izz. “Our advantage is that our candidates’ resumes are verified — and there is no better value for employers to have a 100% certainty that their top candidates are legitimate.”

To further solidify Resume Inc’s competitive advantage, the company has filed a patent for NFT resumes in the U.S.



Moneycontrol journalists were not involved in the creation of the article




Download your money calendar for 2022-23 here and keep your dates with your moneybox, investments, taxes

first published: Apr 28, 2022 06:15 pm
Sections
ISO 27001 - BSI Assurance Mark