LuxFi — The First Real-World Luxury Asset-backed NFT Marketplace
LuxFi is honoured to launch an innovation platform for luxury assets. Through LuxFi, everyone can create NFTs that are backed by real-world luxury assets for buying/selling/investing, and auction trading inside the LuxFi ecosystem.
According to research, the personal luxury goods market alone has generated about US $4 Trillion worth of revenue in the past 20 years. LuxFi technology aims to bridge the gap between real-world luxury assets and NFTs to ensure a sustainable life cycle of Luxuries with the use of the following technological advances through Permanent Traceability, Authentication Exemption and Asset Transferability.
About LuxFi
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 reselling value. Leveraging on 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.
The NFT marketplace on LuxFi allows the trading of luxury assets in digital form. Users will benefit from LuxFi $LXF token advantages, like multiple incentives, benefits, and access to additional applications in our LuxFi ecosystem. Users can also benefit from LuxFi’s exclusive retailer network while taking advantage of our platform.
LuxFi’s Mission
LuxFi stands firm with the mission to provide a new way to unleash the genuine value and increase the liquidity of real-world luxury assets by addressing the challenges in the industry.
Fundamental Challenges in the Luxury Industry
Counterfeiting is one of the main reasons why traditional financing services don’t accept luxury items as loan collateral, adding to the fact that there is an increase in counterfeits circulation worldwide.
Real-World & Virtual Assets are also not linked, therefore, there is no effective way to link the physical item with its virtual profile for most blockchain solutions. The Asset Price Fluctuations have no benchmark price for pre-owned luxury items and prices differ greatly across different countries, sales channels, and different sellers.
Furthermore, The Real Value has not been unlocked and the Luxury items and collectibles have different resale values in general but they are usually inert and not circulating. Lastly, the Illiquidity. It takes time for pre-owned luxury items to be sold through traditional channels, and traditional financing services don’t accept luxury items as loan collateral.
LuxFi has come up with a solution
With Anti-counterfeiting Product Traceability, once the product is authenticated, a profile that contains metadata and history is created, which is permanently stored on blockchain for verification and easy traceability.
The Product fingerprint technology will be also used to associate a physical item with its virtual asset on blockchain. Aside from that, Real-world price data is retrieved from worldwide sales channels and social media platforms for the pricing of the NFT that’s backed by real-world assets.
Technological Advances
LuxFi aims to ensure a sustainable life cycle of luxuries through Permanent Traceability, Authentication Exemption, and Asset Transferability.
For Permanent Traceability, once the product is authenticated, a traceable NFT that contains the metadata of the product is created and permanently secured on blockchain. This will ensure the authenticity of the product.
Authentication Exemption states that the product can be sold back to the retailer or resold on the owner’s own network without re-authenticating the product. Buyers can simply scan and view the authentication history of the product through its immutable NFT.
On the other hand, Asset Transferability refers to the ownership of each unique NFT that can be securely transferred to a new owner along with the product, and the trading history of the product can be viewed even after being resold multiple times.
The Project uses Product Fingerprint technology to link physical items with its virtual NFT on blockchain and its NFT Card. Product information and history can be viewed by scanning the anti-forgeable Product Fingerprint or NFC chip.
Future Goals
LuxFi is determined to create more improvements on the technology to maximize the usability and sustainability of the project. In conclusion, our platform will be of great help in providing endless opportunities in secured financial solutions.
To stay updated with the latest technological updates of our project, don’t forget to visit our social media and other media links.
Keep up with LuxFi
Website: https://www.luxfi.io
Twitter: https://twitter.com/luxfiofficial
Telegram Announcement Channel: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial
Medium: https://luxfiofficial.medium.com
