LuxFi Forms Strategic Alliance with So’ART
LuxFi is thrilled to announce our latest partnership with So’ART, introducing product authentication and the ability to associate a physical Bearbricks product with its NFT, through LuxFi’s platform.
As of late, there is no comprehensive certification tool to verify the authenticity of Bearbricks except the laser anti-counterfeit label on the package. There is also no guarantee of authenticity on the secondary market & C2C transactions.
Bearbrick can visually be authenticated through its appearance, color tone, and materials. However, these methods are low in accuracy and do not protect buyers.
LuxFi can implement anti-counterfeiting product traceability to luxury assets in general, and in this case to the Bearbricks collectibles. Once the Bearbrick is authenticated and linked to its NFT, a profile that contains metadata and history is created, which is then permanently stored on the blockchain and enables reliable track of tracing, provenance, and ownership transfer.
The real-world asset is physically linked to its virtual asset with NFC Identification technology which is used to associate a physical Bearbrick with its virtual asset on the blockchain. An anti-forgeable NFC Chip is embedded inside the product during manufacturing.
Anti-counterfeiting labels are extremely difficult to copy. The data stored on the blockchain is immutable. Thus we can protect ownership rights and defend legitimate supply chains.
In addition to the aforementioned, LuxFi’s NFT technology can help create a sustainable life-cycle of Bearbricks, allowing for permanent traceability.
With authentication exemption, the Bearbrick can be sold back to the retailer or resold on the product owner’s network without re-authenticating the Bearbrick. A new buyer can scan the unique code on the NFT card that is provided to the user, and view the history and product information of the Bearbrick.
The ownership of each unique NFT can be securely transferred to a new buyer along with the Bearbrick through asset transferability. The trading history of the Bearbrick can be viewed even after being resold multiple times.
In this partnership with So’ART, LuxFi is looking forward to assisting Bearbrick with our platform to bring authenticity and security to the masses, solidifying the position of blockchain in the luxury assets sector.
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 resale 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.
Stay tuned on our social media channels:
Telegram Announcement Channel: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial