Physical Asset NFT Marketplaces — At the intersection of global trade & commerce.
The immutable smart contracts of a non-fungible token (NFT) gives it the power to prove identity and ownership, doing so in a way which the world has never seen before.
Physical, asset backed NFT are a crucial development within the crypto-sphere which is now spawning new marketplaces for every type of trade and investment opportunity imaginable.
As the use-cases increase for NFTs, the need to trade in physical assets remains consistent, as physical assets are still required to live. Property is being redefined with the rapid increase in crypto-adoption as we are at a crossroads as high-value items are being created and circulated in fraudulent manners, leading to a mergence of NFT technology with such goods.
These physical items have historically been listed on marketplaces that require a login or signup to initiate any trading; this is also true of NFT marketplaces contained physical items, and today we are seeing an emergence of platforms catering to this dual-purpose trading sphere — allowing both the physical item and the matching NFT twin to be bought and sold in tandem. This is revolutionary, as not only do these NFTs have an authenticate, physical, real-world placemarker (the actual item itself) but the NFT also allows its owner(s) to benefit from their ownership in novel ways.
The idea of ownership is a crucial idea to understand, as it is changing now with the property rights to digital products being interconnected with the social, cultural and governmental values present in each sphere of relevance. Examples include LuxFi NFT Marketplace, with asset-backed NFTs minted on decentralized blockchains such as Ethereum, allowing owners to hold their goods in secure custody and to use their NFT investments as collateral.
The “original owner” of an NFT is an important idea here too, because these items are minted once and forever, emblazoning themselves into existence with no copycatting possible, a fact that has far-reaching implications for many industries.
Owning an NFT means you are part of the club, a verified member of a project, as membership is established and carried on by owning certain NFTs in your wallet. This means the marketplace for certain categories of NFTs are becoming extremely popular (art, gaming, designs, etc), thus creating an effect that is tribal and community-focused, giving power to creators and owners alike, and allowing new mechanisms of support and patronage to grow organically within the boundaries of a user-friendly digital marketplace.
We are only at the beginning of what will surely become a new marker in global trade, as physical and digital property rights evolve and people research, compare and trade these goods in new ways and on new platforms built for those audiences. Further development of NFT usages will surely see physical products intertwined with the digitalization of shopping and retail experiences, and as global certifications and licensing begin to progress in adopting blockchain technologies (smart contracts), there will be a plethora of user-friendly platforms that offer open market trading in whatever goods or services one desires.
Learning how these new technologies work is crucial, and activities like testing new marketplaces, shifting funds to new wallets, seeking out better rewards, and finding communities you identify with — these will be the actions necessary to participate.
With a good amount of focus and concerted effort, anyone can learn and engage in this web3 revolution and obtain the physical and digital goods they want and need.
Discover new ways to trade, a variable e-commerce experience containing physical and digital goods traded instantly, securely, and with no barriers.
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 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.
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