The LuxFi Platform and the Future of the Luxury Market
Blockchain technology is set to change the entire world’s economy. The luxury industry is no exception. For a long time, this sector of the economy has been stagnant with very little change, but that’s no longer the case.
Introduction to LuxFi
LuxFi is a luxury marketplace where tokenized luxury goods can be freely traded. Each item traded is backed in the form of an NFT that contains all the information of the underlying item. The platform uses market data to update the prices of all the items on the marketplace, so each trade can be transparent for both parties.
On November 8th, LuxFi conducted a successful public sale of our native token $LXF. The very next day, November 9th, the $LXF token was listed on both UniSwap and Bitmart for public trading.
The support has been overwhelming, and the community has embraced LuxFi’s vision. For a long time, the luxury industry has remained stuck in the old ways, now, NFTs and blockchain are here to revolutionize the market.
The LuxFi Vision
The opportunities in the luxury industry are massive. It’s a market with a combined valuation of trillions of dollars that has been growing exponentially for the past ten years. Yet, it has many challenges, there are many forgeries on the market, very little information about valuations, and liquidity due to its localized nature.
LuxFi aims to solve all of these problems. The NFTs backing all items ensure each one is authentic, with price information collected from across the industry eliminating information asymmetry.
Now that both LuxFi’s IDO and public listing have concluded, it is time to look ahead. In Q4 2021, the beta for the NFT marketplace will be launched to start testing some of its advanced features. In Q1 of 2022, the launch of the complete marketplace will take place.
From there, LuxFi will launch an NFT auction to showcase the full capabilities of the platform. It will also serve as the perfect event to secure partnerships across the luxury industry.
The LuxFi Ecosystem
In order to transform the luxury market, LuxFi has designed an innovative ecosystem. The aim of LuxFi’s ecosystem is to provide a safe and secure platform with transparency in every individual stage of the cycle.
It all starts with the owner of a luxury good, this can be an individual or a luxury retailer. They can take this item to the platform and have it authenticated. As a result, a digital fingerprint of it is created, an NFT of it minted, and the meta-data of the item is secured in the blockchain.
That NFT, representing the underlying luxury item, can be placed on the LuxFi marketplace in two ways. First, as a direct sale, and second, as an auction conducted transparently over the blockchain. After one of the two is concluded, the NFT and item changes owner.
The new owner can redeem the NFT for the physical item, but there are also other interesting options. He/she can re-sell it without ever taking possession of the physical item. They can also transfer the NFT in the form of a gift to another user.
LuxFi is innovating a multitude of possibilities in the metaverse. The NFT of luxury goods can be made into digital equivalents to be used on virtual worlds. In this way, the NFT becomes a virtual, and at the same time, physical object.
Conclusion
Blockchain will transform the global economy in new and exciting ways. The luxury industry is one of the sectors of the economy that can benefit the most from this transformation. Especially because it has not seen meaningful innovation in the past two decades.
LuxFi is ready to disrupt the luxury industry. It’s developing a platform that forever will change how the luxury market works. Additionally, it’s creating a new ecosystem of participants that will take advantage of NFT technology to change how we view luxury goods.
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.
Stay tuned on our social media channels:
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
