Recently, LuxFi has announced the launch of its asset-backed NFT marketplace, which will introduce a new way to unlock the true value of its world’s first asset-backed NFT marketplace for luxury assets. Crypto holders and luxury lovers have more in common than it might initially appear. Both groups have an expensive eye, but few know how crypto can enhance the luxury industry. LuxFi, the world’s first asset-backed NFT marketplace for luxury assets, understands how to harness the power of crypto for the betterment of luxuries, and it’s working to bring its solution worldwide.

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Facing the Challenges of the Luxury Industry

LuxFi improves the ever-expanding luxury ecosystem in a few key ways. First off, the platform makes luxury assets more accessible than ever before, providing an alternative purchase method that has the consumer in mind. Traditionally, buying luxury goods has a few pain points but with LuxFi, these bottlenecks are eliminated.

The luxury industry faces everyday threats like counterfeit items, liquidity shortages that stand in the way of consumers and the difficulty to evaluate the true value of luxury assets with pricing differing across different sales channels and countries. Counterfeit items contribute to various price fluctuations and a general lack of information regarding different products, which is not ideal for any party involved. NFT technology helps avoid counterfeit items through immutable identification. When a luxury item is registered on the LuxFi blockchain, its information records and trading history ensure counterfeit items have no place in the ecosystem.

Luxury Turning “Phygital”

Of course, all digital assets are represented by their physical counterparts in the real world. As an asset-backed NFT, this blend of digital and physical technology, otherwise known as “phygital,” can help create a new, more accessible and seamless experience for all. With this in mind, brands are beginning to adopt the phygital approach to sales. Utilizing a combination of online and brick-and-mortar stores, this blend of the two methods enhances the customer shopping experience in ways unlike ever seen before. With the COVID-19 pandemic causing a shortage of in-person customers, a reinvented shopping experience might save retail and brick-and-mortar stores.

Now, buyers can receive from anywhere ready-to-use and in perfect condition luxury items. After buying an asset-backed NFT on LuxFi’s marketplace, the user can choose to redeem the authenticated physical asset that is tied to its NFT through product fingerprint technology. By scanning the unique product fingerprint or anti-forgeable NFC chip in the items, buyers can view the product history and information securely stored on the blockchain. This digital approach means the customer can manage the entire experience independently rather than needing some sort of human assistance.

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Both sellers and buyers find difficulties in achieving their respective goals, whether it is selling or finding the right luxury item at the right price. With the LuxFi NFT marketplace, buying, selling and investing in luxury assets has never been easier. Anyone can convert their luxury assets into NFTs, providing sellers with the opportunity to find a buyer immediately rather than circumnavigating the physical luxury world.

As you know, sought-after rare items tend to increase in value over time, as the supply is stagnant but the demand increases. Investing in the right luxury assets with a strong fan base can help increase a high-end product’s value over time, and by making the transaction progress more fluid, this becomes even more apparent. NFTs are ideal to provide a sustainable tool for traceability and verification, as the authenticated items information is permanently stored on blockchain.

Phygital is Here to Stay

The phygital model isn’t some random pipe dream, as it has already been implemented in the real world. Highstreet, a metaverse with a DeFi marketplace for NFTs, recently raised $5 million to develop their phygital product. Assets purchased on Highstreet, such as clothing, can be worn in real life as well as in-game. This phygital approach provides the ultimate level of user customization and control.

LuxFi is the latest brand to join the phygital consumer model. Thanks to product fingerprint technology, it’s easy to tie a physical item with an NFT counterpart. In offering such services, With a common goal to tackle the challenges in the luxury industry, LuxFi is working to make it a safer and more accessible place for all the leading counterparts in the industry.

$LXF to The Moon

LuxFi will be doing their launchpad on MantraDAO, Trustpad and Bitmart Shooting Star. These three launchpads will be hosting the platform’s IDO and IEO on November 8th.

$LXF token will be listed on UniSwap and BitMart on November 9th. From that moment on, trading can start on public platforms for the entire crypto community.

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