NSAV and LuxFi will help to bring luxury brands to the blockchain using unique NFTs. This will help to eliminate the issue of counterfeit products and to have real-world pricing.
On Monday, August 30, digital assets technology company Net Savings Link (NSAV) announced its partnership with LuxFi. The two players will work together to launch a real-world luxury asset-backed NFT (non-fungible token) marketplace.
The goal is to bring an NFT-based authentication to the luxury brands market thus eliminating the use of counterfeit items. Also, the NFT minting will happen on a multi-chain blockchain network offering accurate pricing backed by real-world data.
This represents a major milestone in expanding the use-case of NFTs. Non-fungible tokens have created a major rage in the crypto space in 2021. As per the data provided by NonFungible.com, over $2 billion has been spent on NFTs in Q1 2021.
Thus, the NSAV management believes this to be the right time to expand in the NFT sector. NSAV serves as a solutions provider and an accelerator for several crypto and blockchain companies. As a result, NSAV will work along with LuxFi to build several applications on the LuxFi NFT marketplace.
Furthermore, it will use its resources to help LuxFi become a world leader in the emerging NFT space. Dato’ Sri Desmond Lim, Interim CEO and Senior Vice President of Cryptocurrency Operations for NSAV and Silverbear Capital partner stated:
“NSAV has the capability, resources, and a team of professionals to support LuxFi in becoming the leading real-world asset-backed NFT Marketplace for luxury assets. We believe the market potential is tremendous and we are looking forward to working with LuxFi to bring solutions and address challenges in the NFT industry.”
NSAV and LuxFi Targeting Real-World Accessories
The official announcement notes that LuxFi is willing to target real-world accessories holding tangible value. However, this won’t be limited to branded bags, luxury watches, diamonds, and art pieces.
NSAV and LuxFi together will explore more such possibilities in the market. The two parties will soon release upcoming projects in the market. The LuxFi NFT marketplace will be the world’s first asset-backed NFT marketplace for luxury assets.
LuxFi already has an extensive network of brands and retailers. Its data intelligence system collects real-world data from global retailers. This helps LuxFi in providing accurate pricing while benchmarking against global trends.
LuxFi also leverages fingerprint technology to tie real-world assets with virtual NFTs on the blockchain. Aidaa Wong, Founder and CEO of LuxFi, stated:
“Our mission is to unlock the true value and increase the liquidity of the real-world luxury assets through blockchain technology. I believe LuxFi will bring revolutionary changes to the luxury industry.”
Besides, NSAV is also planning to launch its own crypto exchange and governance token going ahead.