Lukso (LYXe): The Future of NFTs and Ethereum
NFTs in 2021 have been blowing up, turning people into millionaires over night. With all this buying and selling going on, one constant complaint is the price of GAS fees on the Ethereum network.
So…what’s the future proof solution to every increasing problem?
The Answer: Lukso (LYXe)
Market Cap: $176m
Price: $11 (Kucoin)
What is Lukso? LUKSO is a Blockchain infrastructure, providing a series of standards and solutions for physical and digital consumer goods, in order to foster transparency, circularity and new forms of responsible production and consumption. LUKSO is currently building its ERC-725 standard, which is moving blockchain beyond DeFi and is involved in building NFT infrastructures. What does this mean? Essentially, it will act as a sister-chain to Ethereum allowing for cheaper and faster transactions, using ETH2.0 technology, years before Ethereum ever deploys it.
Team: The CEO of LUKSO is Fabian Vogelsteller (nicknamed the ‘The Grandfather of ICO’) and worked at Ethereum with Vitalik Buterin and is the creator of the ERC-20 token standard. We all know how big ETH and DOT have gotten and LUKSO seems to be following the trend.
- LUKSO is basically ahead of ETH2.0 when it comes to running a beacon chain compatible with the ETH network. This is due to the ETH-725 standard being created. (BTW, their main net is set to launch very soon, around September is the guess). LUKSO is pretty much the Kusama ($KSM) of the Ethereum platform.
- Digital Certificates & Identities — LUKSO is combining blockchain and RFID technology to allow owners to verify a product’s journey across the supply chain to ensure its integrity. They have a number of advisors from Nike, Chanel, Highsnobiety and Instagram. The likely solution LUKSO brings is to stop the fraudulent sneaker & luxury goods market by having LUKSO tags (which have already been made) into their products. Digital Identifies — During the Helsinki Fashion Week, each participant was given a digital passport which included the latest releases by the participating designers as an NFT, allowing them to try on and visualise the collections. This kind of innovation is well suited to tackle the challenges posed by the emergence of Virtual Reality, where an increasingly larger number of users is adhering to this new paradigm that puts growing importance into developing your digital self to be as singular and distinguishable as possible.
- Universal Profiles — LUKSO is working on “universal logins”. Imagine all your social media accounts in one place, accessible through the same gateway, of which you’re the sole owner. E.g. Elon Musk having one universal profile, where you can verify everything he says.
- NFTs — With multiple luxury brands in the partnership, it’s highly likely that any future NFT released by Nike, Chanel, etc. will be utilising the Lukso network and the $LYXe token
Lukso is the future of Ethereum and NFTs. Don’t miss out!