Purchasing Luxury with Cryptocurrency: Fantasy or the Next New Normal?
If we forget about the never-ending-pandemic for a split second, then the one word to describe 2021 would be NFT. Unless you live under a rock, it’s unlikely that you haven’t heard at least one person talking about the new trend — investing in NFTs through buying virtual artworks from artists like Beeple or digital pictures of a Shiba Inu dog or anything else digitally-related that sounds absurd at first. And in case you still have barely any idea of how it works nor what it has to do with crypto nor where people even get those NFTs from; well, then keep reading, as we’ve prepared this brief overview for you.
Are NFTs Only Virtual Assets?
First things first, NFTs are not cryptocurrencies. An NFT is a virtual token that serves as a certificate of ownership over a physical or digital item (i.e. a work of art; an in-game item; a collectible, etc.) and as proof of authenticity. This makes each token unique and thus gives it its own value, which is why NFTs cannot be mutually exchanged like fiat money (i.e. NFTs are not fungible, whereas cash is).
The next thing to know is where you can purchase and sell NFTs, since they are listed and traded on specially-built online marketplaces. The most popular places to trade NFTs are universal and digital art-oriented marketplaces, amongst the ones worth mentioning are OpenSea, Refinable, Nifty Gateway, as these are the most recognised and trustworthy marketplaces for digital art.
LuxFi — Combining NFTs with Luxury Assets
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets where you can buy, sell and invest using different cryptocurrencies and traditional payments. Last month, LuxFi announced the launch of the Beta Version of our marketplace at the end of December. The official LuxFi Marketplace with complete features will be launched in Q1 of 2022!
Imagine purchasing a Chanel bag, Gucci shoes or getting yourself a whole closet of clothing, solely using crypto? On top of that, you receive an NFT as the certificate of ownership and proof of authenticity for each purchased asset. Sounds exciting, doesn’t it?
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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