What Is LuxFi? Everything You Need To Know
A comprehensive guide explaining LuxFi’s Web3.0 Asset-Backed Luxury NFT Marketplace, the LXF token, the Metaverse and more.
What is LuxFi?
LuxFi is the world’s first asset-backed NFT marketplace for luxury assets that bridges the gap between real-world assets and NFTs. LuxFi is disrupting the luxury industry. It’s making trading luxury goods easier and more convenient.
LuxFi is a blockchain platform that tokenizes luxury goods in the form of NFTs. The platform is bringing real-world assets onto the digital world through blockchain technology. A dream-made reality for luxury items and NFTs buyers, sellers and investors, where LuxFi allows permanent traceability, real-time authentication, and asset transferability.
What is LuxFi NFT Marketplace?
LuxFi is an online luxury marketplace where tokenized items are traded over blockchain networks. Each luxury item on LuxFi is tokenized in the form of an NFT, which contains all the information of the physical object and can be used for traceability of the product’s information, history and authenticity.
LuxFi leverages the power of big data to evaluate the accurate value of all the luxury goods traded over its marketplace. The NFTs allow the item to be traded multiple times and track its ownership. If a user wants to redeem the physical object, this is also possible.
What does LuxFi authenticate products in its network?
All items are authenticated by professional verifiers in LuxFi’s network. To be able to trace the product information including the authenticity of the luxury assets, LuxFi is using Product Fingerprint Technology, linking each physical asset with its virtual asset for finished products.
Products listed in the marketplace are linked directly with their original brands and manufacturers, using an anti-forgeable NFC chip inside each product. A tokenized NFT card containing a unique QR code is created so that users are able to constantly track the history and information of the assets.
LuxFi also collects crucial product information with our data intelligence system to create an accurate picture of the luxury goods currently on the market: this includes accurate pricing for luxury assets and data-driven insights of the luxury market as a whole. This is crucial info, as luxury goods are difficult to give a valuation to, due to their exclusivity, a detriment for those looking to sell. This is a problem that also affects the lending and secondary market for luxury goods.
Learn more about how LuxFi is tackling the current and future challenges facing the luxury industry.
What is an NFT and how do they work?
Non-fungible tokens (NFTs) are by definition unique digital blockchain (crypto) assets capable of storing extra information and which have no replacement.
NFTs provide true ownership over designs, inventions and creations, and derive their value directly from a combination of rarity, artistry, utility and community, relying on no central figure or authority to function.
NFTs have built-in (i.e. hard-coded) smart contracts, allowing for royalties to be collected in perpetuity (i.e. the maker can profit for life from their work), and as such represent the evolution of personal and collective wealth now forming the building blocks for much larger financial and social projects.
Take some time to understand the true value of blockchain NFT technology using cultural & technological frameworks.
Why are NFTs so popular?
The burgeoning NFT space grew massively in 2021, seeing trading volumes in Q3 pushing $10.67 billion (DappRader). In August of 2021, OpenSea NFT Marketplace saw record trading volume, with $75 million in NFT sales in one (1) day — accounting for more than its entire trading volume in all of 2020.
Due to the science of distributed blockchain ledgers and immutable smart contracts, NFTs cannot be falsified or maligned, and authentic ownership can be validated; as such, NFTs are the perfect medium for scarce assets and are the redefinition of what it means to actually own property.
What makes NFT Marketplaces worth using?
LuxFi has built a system, an Asset-Backed NFT Marketplace available to all, where all products sold are authenticated by professional verifiers. LuxFi directly tokenizes products from legitimate brands and retail partners.
Once products are authenticated, LuxFi ties the physical product to its NFT counterpart using unique product fingerprint technology or working directly with brands and manufacturers to insert a secure NFC chipset inside each item during production.
Each product is tied to an NFT which is verified and accounted for via the ever-present, immutable, globally-distributed blockchain ledger.
What is Web3.0 E-commerce? What is the Metaverse?
Interacting with retailers from within Web3 marketplaces is now a fully-authenticated (trustless) experience, utilizing smart contracts and non-custodial accounts within permission-less mediums of decentralized exchange.
Blockchain technology now offers immediate, fee-less, unmistakable transfer of ownership of real, tangible goods and a wholly innovative new method of empowering consumers around the world.
This is truly the next wave of e-commerce we have long been waiting for as LuxFi’s Asset-Backed NFT Marketplace is now here to bring all these things — authenticated luxury goods listed in an open marketplace backed by real-world assets and secured with traceable, immutable blockchain NFTs — into alignment and into congruence, one product at a time.
Why are luxury brands joining the Metaverse?
In online games, players wear ‘skins’ — outfits or shells, which makes the player’s appearance customisable. Such avatars have all the potential to eventually become as common as today’s profile pictures on social media, replacing static images with living 3D representations of real-life people, copying our expressions and gestures.
No surprise, the fashion industry has taken this trend quite seriously, as all limitations dictated by market practicalities, gravity or logic are simply gone. In other words, the Metaverse opens up vast opportunities for designers’ creativity. Luxury brands can reissue their archival designs as pieces exclusively available in the Metaverse.
The Metaverse can help luxury brands to solve the problem of oversupply. After watching a virtual fashion show, customers could place their orders online, which would allow brands to produce what has already been purchased and not overfill retail stores with real-life garments.
What is the luxury retail secondhand market?
The secondhand luxury market, estimated at $25–30 billion in 2020, is expected to have an annual growth rate of 10–15% over the next ten years! access to rare in value, exclusive products and contribution to greater sustainability in the luxury industry.
One-third of buyers also prioritize affordability, and healthy resale markets help to reinforce craftsmanship, durability, and sustainability in original manufacturing.
Learn more about secondhand luxury industry markets and why you should dive into them.
What is the true value of a luxury asset NFT?
The luxury goods market is one of the highest earning industries worldwide and with a $4 trillion global capitalization, it is one of the sectors of the economy that is truly recession-proof.
By creating unique NFTs of luxury items, tracking them through a distributed ledger, and selling them to a global audience over the blockchain, NFTs of luxury goods could become the next revolution in the luxury industry.
Why does authenticity matter?
Reliable and honest manufacture of consumer goods is something that affects all of us, no matter where you are or what you buy — counterfeiting must be eliminated to ensure a global free market may prosper, so that innovation can occur and thus be rewarded.
How does LuxFi combat counterfeiting?
How we know a product is real is now manifested by merging blockchain tech with real-world assets, using tracking chips to protect and empower luxury brands and utilizing the non-fungibility and embedded commission structures of NFTs.
Learn more about how LuxFi is helping to combat counterfeiting globally in the luxury retail industry.
What is Aura Blockchain Consortium?
LVMH and Prada — together with Cartier, a part of Richemont — announced the creation of the Aura Blockchain Consortium to promote the use of a single global blockchain solution that is open to all luxury brands worldwide. Aura’s technology enables direct-to-consumer access to product history, materials used, details on craftsmanship, and information on proof of authenticity.
Through this unprecedented collaboration, LVMH, Prada Group and Cartier have paved the way for luxury brands in their adoption of blockchain technology, and as such have together raised the industry standards, working to increase customers’ trust in the brands’ sustainable practices.
Learn more about why the Aura Consortium believes blockchain technology and NFTs are bound to disrupt the luxury industry again via Web3 e-commerce landscapes.
What other luxury NFT projects are worth knowing about?
Major luxury brands have begun adopting blockchain as a method by which they can further reach their customers. Top luxury NFT projects worth noting include: Louis Vuitton’s NFT game; Chito x Givenchy NFT; First Patek Philippe NFT; Sotheby’s, sold $65 million worth of NFTs; Roblox, The Ralph Lauren Winter Escape. Further, luxury liquor and spirit brands continue to delve into the NFT universe.
What are key features of LuxFi NFT Marketplace?
The core functionality of LuxFi’s innovative Web3.0 NFT platform includes:
— The Immutability of Tokens
— The Transparent Product History
— The Authentication of Products
— The Digital Certification of Ownership Rights
LuxFi’s key advantage is that instead of assisting one brand, we incorporate all brands in consideration for marketplace listings.
What does a LuxFi Membership offer?
There are four tiers of membership on the LuxFi platform with 4 exclusive Membership card options:
- Diamond Membership Card
- Gold Membership Card
- Silver Membership Card
- Crystal Membership Card
Learn more about LuxFi Membership tiers.
What opportunities exist in the LuxFi ecosystem?
LuxFi has built an entirely new credit economy based on unlocking the dormant liquidity of luxury goods. We use our data intelligence system to assess the accurate price of all items listed on our Marketplace and thus are able to offer deeper-level insights into the luxury market.
Our community is the most important component of this entire ecosystem; as such, the backbone of our value proposition is our Membership program and all the amazing perks this community-focused program delivers.
What payments are accepted on LuxFi?
LuxFi NFT Marketplace users will have the ability to transact on our platform using the following crypto assets:
Binance Coin ($BNB)
Binance Smart Chain ($BSC)
USD Coin (USDC)
Who does LuxFi partner with?
LuxFi is directly working with brands and retailers and has established key partnerships with a variety of blockchain projects.
A full list of announcements for all LuxFi Partners and Investors is available on our blog.
What brands are available for purchase?
LuxFi offers access to exclusive inventory and an extensive network of brands & retailers including Panghu Luxury, VIP Station, Aucnet and more.
You can browse the full list of brands on LuxFi NFT Marketplace at https://nft.luxfi.io/brand/
What types of products are available for purchase?
Currently two categories of products are available: designer handbags and luxury watches. A third category, Special Edition Sneakers, will soon be available in Q2 of 2022.
You can view all products currently available for sale on LuxFi NFT Marketplace at https://nft.luxfi.io/
What is LXF token?
LXF token ($LXF) is the native token of the Luxfi ecosystem.
The LXF token uses vary and include:
- Staking: the ability to Earn yield and win exciting asset-backed NFT mystery boxes.
- Authentication: the ability to Authenticate the real-world asset.
- Product Tokenization (NFT creation): the ability to Use $LXF to convert physical assets to NFTs and list on the marketplace.
- Redemption: the ability to Redeem the physical assets.
- Verification: the ability to Verify if the physical item is the original and authenticated asset of the NFT.
- Providing Data: the ability for users to provide data to enhance the data intelligence system.
- Custodian Services: the ability to store assets in local custody.
- Incentives & Bounties: the ability for Tokens to be used as incentives or bounties to reward people who frequently uses LuxFi platform for different services, participate in the development of our platform or refer friends and users in the network
- Tiered membership: the ability for Members to be sorted into different tiers based on the quantity of tokens they hold, with higher tiers providing increased benefits like coupon rebates.
Be sure to learn more about LXF token and what makes it so unique.
How can I obtain LXF token?
LXF is currently available on the crypto asset exchanges Uniswap and Bitmart.
Option one for obtaining $LXF: Uniswap
UniSwap is what’s known as a decentralized exchange (DEX). There is no need to do KYC when using a DEX, and anyone can access it from anywhere in the world. To do it, you need a crypto wallet that can connect to UniSwap.
Uniswap is a highly-decentralized finance protocol for exchanging cryptocurrencies and their product, Uniswap protocol, aims to secure programmed transactions between cryptocurrency tokens via Ethereum blockchain with the use of smart contracts.
To trade on a DEX users need to pay gas fees. On the Ethereum network, these gas fees are paid with Ether (ETH). Before we start make sure you have enough ETH to pay for the gas fees before using the DEX.
Purchase LXF on Uniswap today using the correct token address listed below, and be sure to follow our guide on how to use a popular blockchain (crypto) wallet called MetaMask to swap crypto assets for LXF Token using a DEX such as UniSwap.
$LXF’s ERC-20 (Ethereum) Token address: 0xa799c4adcf62e025ce4d8abe6a77cebc487d772a
Option two for obtaining $LXF: BitMart
BitMart is a digital assets trading platform that is systematically designed for the major blockchain projects. Their mission is to provide simple and secure crypto products and services. As a global exchange platform, they hope the halo of digital assets can benefit every investor. It is their vision to provide an environment with smooth accessibility and suitable entry barrier for every potential investor, making the digital assets significant.
Purchase LXF on BitMart today.
How do I know I am safe in purchasing $LXF?
Please be aware of possible scam tokens imitating LuxFi’s $LXF currency, and DO NOT attempt to buy $LXF anywhere else before any official announcements on our social media channels.
What are the $LXF tokenomics?
LXF tokenomics are as follows:
50% — Ecosystem divided into:
- 30% — Staking Rewards
- 10% — Marketplace Rewards
- 5% — Promotional Rewards
- 5% — Partnerships
20% — Token Sales:
- 18.07% — Private round, unlock 12% on day 1, the rest of 88% with a 6-months cliff and a linear release for the remaining 12 months
- 1.93% — Public rounds, unlock 100% on day 1
12.5% — Team with a 12-month cliff, then a linear release for the remaining 18 months
2.5% — Advisors with a 12-month cliff, then a linear release for the remaining 18 months
5% — Liquidity
10% — Treasury
Take some time to learn more about what makes the tokenics of $LXF unique and so promising for the LuxFi ecosystem.
Who founded LuxFi?
What is LuxFi’s project roadmap?
A fully illustrated roadmap for the LuxFi ecosystem can be found on our website.
They are 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. They 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 their 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 Announcements: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial