by Bitcoin.com PR
For many people the luxury market is out of reach. However, with LuxFi, that is no longer the case. The platform combines blockchain technology, NFTs, and a luxury goods market open to anyone, anywhere. LuxFi will mark a significant shift in the way luxury goods are traded, and how people acquire them.
LuxFi is at the center of this transformation in the market. The platform aims to create a transparent, open and data-driven marketplace where users can safely transact with each other. Let’s break down all the components of LuxFi.
At the core of LuxFi are non-fungible tokens. An NFT is a type of crypto asset that is meant to reflect uniqueness. They were invented on the Ethereum network with a token design designated ERC-721.
The ERC-721 was created first to reflect collectible assets on the Ethereum network. The most famous example is CryptoKitties, which became the most popular DApp on Ethereum in 2017. The ERC-721 token standard quickly migrated to digital art where NFT marketplaces such as OpenSea, Rarible, amongst others, rose into prominence.
LuxFi identified an untapped market as luxury goods are unique pieces that often have no way to be compared with each other. They are the ideal physical objects to be transformed into NFTs. LuxFi effectively uses NFT technology to create digital authentication certificates of the physical luxury assets.
This process is known as “tokenization” and involves bringing assets from outside the blockchain into the network. LuxFi understands that NFTs are the perfect technology that could positively impact the global luxury market.
With Luxfi, each NFT is backed by a luxury asset. The NFT contains all information and history of luxury items on the blockchain. As LuxFi is using product fingerprint technology to tie the physical product with its NFT counterpart, a Product Fingerprint acts as the physical identifier. Tokenization and the creation of NFTs is heavily interlaced with LuxFi’s NFT marketplace, a platform that unlocks the true value and increases the liquidity of real-world luxury assets.
NFTs give you a way to quickly and safely verify the authenticity of any luxury item, but that’s only the start. People also need a way to transact the various items in a secure marketplace that is transparent and open.
LuxFi has designed an entirely original marketplace where the tokenized luxury pieces can be traded. Here, LuxFi is working directly with brands and retailers. The platform creates a unique way for people to buy, sell and invest in luxury assets that are authenticated by brands or professional verifiers, using traditional payments or cryptocurrencies.
The new owners don’t necessarily need to redeem the physical products for future reselling, as the NFTs can be transferred multiple times before the final owner decides to acquire the physical items. In this way, investors can quickly trade luxury items to profit without having to worry about shipping, storing, and transferring the physical item. The users can also be sure that they can receive their items if they wish to own the underlying asset.
Even more so, LuxFi decided to go with an extra step. The luxury goods market often lacks information regarding prices and valuations. The platform leverages the power of big data to monitor transactions in the market and update the information feeds of the platform. Now, buyers and sellers have access to objective and up-to-date information that will help them make the best choices.
The LuxFi marketplace is a complete platform for luxury goods buyers, sellers, investors and collectors. All of the participants will be able to profit from a state-of-the-art space designed to transform the luxury market with the use of blockchain technology.
$LXF token is the native asset of the LuxFi platform and ecosystem. Users who make use of $LXF are buying into the economic model of the LuxFi platform. As such, the token is a reflection of the state of the services provided by LuxFi. The $LXF token has multiple roles in LuxFi’s expensive ecosystem, such as:
LuxFi has designed a tokenomics model where all the features of the platform reinforce the value of $LXF. This system is meant to sustain the long-term use of the token, and as the platform expands, so will the utility of the native token.

LuxFi will be doing their launchpad on MantraDAO, Trustpad and Bitmart. These three launchpads will be hosting the platform’s IEO and IDO 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.
To know more about LuxFi’s upcoming launch, visit the official social media websites listed below.
LuxFi identified a need in the luxury market for a global and data-driven platform that allows secure trading of authenticated items. LuxFi is creating a new business use case for NFTs that goes beyond digital art. NFTs on their platform are the bridge between the physical and the digital to create a friction-free experience in the luxury market. In the near future, asset-backed NFTs could be the new revolution for e-commerce.
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. They are able to 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 reselling value. They leverage on a big data intelligence system and unique algorithm for automated data collecting and data processing, the value of each NFT on LuxFi platform is backed by real-world data.
 
Website: https://www.luxfi.io
Twitter: https://twitter.com/luxfiofficial
Telegram Announcement Channel: https://t.me/luxfinews
Telegram Official Group: https://t.me/Luxfiofficial
Medium: https://luxfiofficial.medium.com
Reddit: https://www.reddit.com/r/LuxFiOfficial
Youtube: https://www.youtube.com/channel/UCNTeHyVaUX-0OE7kMNXlCOw
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Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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