Track, Trace & Trade with LuxFi + Telos
Telos is excited to announce its partnership with LuxFi! LuxFi is a real-world luxury asset-backed NFT marketplace, where people can buy, sell and invest in luxury assets using different cryptocurrencies to increase the liquidity of luxury assets.
Track & Trace Like Never Before
With LuxFi’s anti-counterfeiting product traceability, once the product is authenticated, a profile that contains metadata and history is created which is permanently stored on blockchain for verification and easy traceability.
“The luxury market is highly fragmented. It’s plagued with multiple issues including counterfeiting, no benchmark price for pre-owned assets, and illiquidity when you want to resell them,” states Aidaa Wong, CEO & Founder of LuxFi. “Our vision is to create a sustainable ecosystem for luxury assets where LuxFi is tackling those challenges plaguing the luxury industry.”
Bigger Data, Bigger Impact
LuxFi takes things a step further and leverages big data for automated data collecting & processing, eliminating counterfeiting through minting NFTs, and providing accurate NFT value that is backed by real-world data. The data is retrieved from worldwide sales channels and social media platforms.
“With an influx of creators and creations entering into the digital realm, asset verification is an absolute necessity,” said Jeff Nowak, Head of Partnerships. “At Telos we’re always looking for real world solutions to empower the industry, LuxFi is one these. Their NFT marketplace, authentication technology, and passion for big data are an ideal addition to the Telos ecosystem.”
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 resale value. Leveraging 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.
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Telos is a third-generation blockchain platform for building fast, scalable, distributed applications with feeless transactions. The Telos network has been developed to power the economies of the future and provide human-scale solutions to global challenges.
With these goals in mind, it features innovative governance tools, no front-running and leading ESG compliance. The Telos EVM makes Telos the only blockchain to support both leading industry protocols (EOSIO C++ and Solidity EVM). This opens the network up to an extremely large pool of developers, which now boasts over 100 dApps and integrations.