Issues the luxury industry is facing
The luxury goods market is one of the most dynamic sectors in the global economy and has grown significantly in recent years. With its rapid development, a number of issues have arisen that are now facing the industry. The most prominent issues that one cannot fail to acknowledge are counterfeiting, no benchmark price for pre-owned assets and illiquidity when you want to resale them.
As customers shift towards more ethical values and supply chains, there is now the need for tracking products’ full lifecycles and for identifying unethical manufacturing practices. With the increase in global awareness, luxury brands are looking for better solutions in order to stay relevant and remain profitable.
LuxFi Brings Solutions with Blockchain Technology
LuxFi is the platform that utilizes the power of blockchain to solve the above-mentioned issues. The usage of NFTs ensures a transparent traceability of the luxury items’ origin that includes its authenticity, product history and information, which will eventually help tackle counterfeiting. Next, we use our data intelligence system to evaluate and accurately delineate the real value of luxury assets on our platform. Finally, the LuxFi ecosystem allows brands, retailers, buyers and sellers to trade with ease and efficiency.
What makes LuxFi an alternative marketplace for luxury assets?
LuxFi NFT marketplace offers additional benefits compared to a traditional luxury asset marketplace. Our target is to create a secure and sustainable ecosystem for luxury assets.
LuxFi is innovating by providing:
— a real-world luxury asset-backed NFT marketplace where users may buy, sell and invest in luxury assets using different cryptocurrencies and increase the liquidity of such assets in the process.
— an anti-counterfeiting product traceability, once products are authenticated, a profile containing metadata and history is created and permanently stored on the blockchain for verification and easy traceability.
— fingerprint technology will also be used to associate a physical item with its virtual asset on the blockchain, allowing new owners to scan the product’s digital fingerprint and verify if it is original and authentic.
Most importantly, by leveraging big data intelligence systems and unique algorithms for automated data collecting & processing, LuxFi is eliminating counterfeiting by minting NFTs and providing accurate token valuation backed by real-world data. The data is retrieved from worldwide sales channels and social media platforms.
LuxFi Is Expanding Its Blockchain Partners
In the past months, LuxFi announced partnerships with multiple projects, welcoming companies such as TaoBao HK, SWFT Blockchain, Sota Finance, STASIS, and others. We were delighted to be able to accept these new tokens as payment methods among other cryptocurrencies in our NFT marketplace.
Furthermore LuxFi successfully raised US$1.5 million from a series of investors in a private round. You can read more about our investors via our blog.
November is a similarly exciting month for us; as of the 8th of November, LuxFi IEO and IDO took place on BitMart, MantraDAO and Trustpad and the $LXF token was listed on Uniswap and BitMart the following day. A lot more is coming soon!
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets, where people can buy, sell and invest in luxury assets using cryptocurrencies and traditional payments. We eliminate counterfeiting while minting an NFT on a multi-chain blockchain network, with a focus on luxury assets that hold value well and have a high resell value. Leveraging our big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on our platform is backed by real-world data.
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