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The NFTs Revolution: LuxFi Is Launching Asset-Backed NFT Marketplace for Luxury Assets

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The NFTs Revolution: LuxFi Is Launching Asset-Backed NFT Marketplace for Luxury Assets

The NFTs Revolution: LuxFi Is Launching Asset-Backed NFT Marketplace for Luxury Assets

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Buying a Rolex watch or a Chanel bag with Bitcoins? It becomes possible with LuxFi. With the vision to bridge the gap between real-world luxury assets and digital assets (NFTs), LuxFi has announced the planned launch of its NFT marketplace. The introduction of LuxFi’s marketplace allows everyone to buy, sell and invest in luxury assets through NFTs, with the possibility of using cryptocurrency and traditional payment methods.

The phygital world of luxury evolved into an integral part of human experience. With the recent worldwide impact of the COVID-19 pandemic and the increasing demand for luxury assets, the luxury market has delved deeper into digital initiatives. The digital revolution has won over the hearts of consumers worldwide, and the prosperous global luxury market has displayed no signs of stopping soon.

LuxFi’s NFT Marketplace

LuxFi is among the pioneers in the luxury industry to recognize the potential of NFTs. The company will launch a platform to assist consumers by circumventing the existing challenges and creating a sustainable ecosystem in the luxury market. This comes in the form of the world’s first asset-backed NFT marketplace for luxury assets, integrated with advanced technologies to allow permanent traceability, authentication and asset transferability.

With this marketplace, LuxFi is able to establish an ecosystem for buyers and sellers. As they are working directly with brands and manufacturers, the platform enables people to buy, sell and invest in luxury assets that are authenticated by professional verifiers in their network. The new owners don’t necessarily need to redeem the physical products for future reselling, and their luxury asset-backed NFTs can be used as collateral for loans, or be sent and transferred in different games and live streaming platforms among other features. New owners can always redeem the physical items in the real-world.

LuxFi’s innovative platform goes beyond solving the pain points previously mentioned, it provides consumers with an alternative method to invest and potentially assist those who otherwise have difficulty accessing loan banking services to get financing services.

LuxFi also collects data from global online and offline sales channels, and social media platforms for luxury assets. The data is analyzed and benchmarked against global trends to provide an accurate pricing for each NFT on the platform.

A consumption item that was once viewed as mere satisfaction for consumers to splurge on, now possesses the ability to be transformed into assets that are not only valuable but also investible. LuxFi NFT marketplace’s launch will surely garner attention from the public and revolutionize the luxury industry through its inventive use of blockchain technology.

LuxFi is on its path to transform the luxury industry for a brighter future. You can find out more about LuxFi’s progress and developments through the social media below.

You May Win a Rolex with 0.01ETH – LuxFi’s NFTs Auction & Lottery on 26th Sep

LuxFi is grateful for all the genuine support that their community has given to them. To celebrate their upcoming launch of their NFT marketplace, LuxFi is going to hold its Auction & Lottery on 26th Sep at 10:00AM UTC to 3rd Oct at 10:00AM. For each 0.01ETH, the participant will get 1 Lottery Ticket to get a chance to be a winner of the top prize, a Rolex watch NFT!

Non-Fungible Tokens

Non-fungible tokens (NFTs), a form of token that provides the ability to tokenize assets online through a certificate of ownership, has inspired luxury brands and their recent evolutions. With an industry plagued by multiple challenges including counterfeiting, lack of transparency and illiquidity, NFTs have the potential to mitigate these risks and enable buyers and sellers to securely buy, sell and invest in luxury assets in the phygital world.

Blockchain is the missing piece in the luxury market puzzle, it allows for the creation of physical-to-digital links between goods and their digital identities. A seal or serial number acts as the physical identifier, linking back to the product’s ‘digital twin’. This digital identity is what brands are currently betting on, and it’s on the micro scale that experts are expecting blockchain to make a real difference. Looking forward, luxury brands will play an important role for authentication at the earliest manufacturing stage and the professionals in LuxFi’s retailers network as verifiers for the existing luxury assets circulating in the market. It gives them the possibility to sell products linked to digital identities, fostering trust from the customer’s side and improving the customer-brand relationship.

Using blockchain technology the entire lifecycle of any product can be monitored and tracked with a decentralized, tamper-proof digital ledger, all while maintaining the owner’s privacy and security.

Aidaa Wong, CEO and Founder of LuxFi said: ”New technologies are unlocking limitless possibilities in the luxury market. As the CEO and Founder of LuxFi, our goal is to build the world’s first asset-backed NFT marketplace for luxury assets. I believe the whole industry is increasingly moving toward a more positive and sustainable ecosystem. The advent of blockchain technology was a huge milestone for many industries and today, blockchain is the new black in the luxury market. Through our NFT marketplace, we envision a secure place for people to use cryptocurrency to buy, sell and invest in authentic luxury assets. All of our NFTs value is backed by real-world data. We are looking forward to exploring further the multiple possibilities of what our luxury asset-backed NFTs, blockchain-based data intelligence system and ecosystem could offer. This is a revolutionary time in the way we consume luxury assets!”

About LuxFi

LuxFi is the world’s first luxury asset-backed NFT marketplace, leveraging on a big data intelligence system and unique algorithm for automated data collecting and data processing. LuxFi eliminates counterfeiting while minting an NFT on their multi-chain blockchain network, and provides an accurate NFT pricing that is backed by real-world data. IDO will take place on October 6, 2021.

Media Contacts

Website: https://www.luxfi.io

Twitter: https://twitter.com/luxfiofficial

Telegram Official Group: https://t.me/Luxfiofficial

Telegram Announcement Channel: https://t.me/luxfinews

Medium: https://luxfiofficial.medium.com


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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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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

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Bitcoin (BTC) Drops Below $60,000 But Correction Could Be Short-Lived

Bitcoin (BTC) is likely in the middle of a short-term correction that has taken it below $60,000. Following this correction, a rebound in price is likely. 

BTC decreased considerably on Oct 26 and created a bearish engulfing candlestick.  This is a type of bearish candlestick in which the entire upward movement from the previous day is negated with an equal or larger drop the next day.

The main support area is found between $52,400 and $53,350. This range is made up of a short (white) and a long-term (black) Fib retracement level and a horizontal support area. There is also a minor support level at $56,550, created by only the short-term Fib level. 

Technical indicators support the continuation of the decrease.

The MACD, which is created by short and long-term moving averages (MA) is falling. Currently, the MACD is still positive, indicating that the short-term trend is moving faster than the long-term trend. However, it’s decreasing, signaling that the MA is decelerating.

The RSI, which is a momentum indicator is also decreasing. It’s above 50, signaling that momentum is still bullish, but the decreasing RSI indicates that momentum is also losing strength.

BTC gets rejected

The six-hour chart shows that BTC is moving underneath a descending resistance line since the Oct 20 all-time high price. 

More recently, the line rejected the price on Oct 25 (red icon), initiating the current downward move. The rejection also coincided with the $63,650 resistance area.

As long as the descending line remains unbroken, the short-term trend is considered bearish.

Wave count

The short-term wave count shows that BTC is likely in an A-B-C correction, which is potentially contained inside a parallel channel. For a long-term wave count analysis, click here.

Currently, BTC is in the C wave, which is the final portion of the correction and after which a rebound in price is likely.

There is considerable support near $56,500 and a drop to those levels would give waves A:C an exact 1:1 ratio. Furthermore, it would coincide with the support line of the channel. In addition to this, the area coincides with the short-term Fib support outlined in the first section. 

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Bitcoin drops $1K in five minutes in fresh dip below $60K

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Bitcoin drops $1K in five minutes in fresh dip below $60K

Ethereum slips below $4,000 as an anticipated correction suddenly takes hold of crypto markets.

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Bitcoin drops K in five minutes in fresh dip below K

Bitcoin (BTC) fell sharply on Oct. 27 as $60,000 finally gave way to two-week lows.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin bites into major buy wal

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $58,000 at the time of writing, hitting its lowest since Oct. 15.

The move follows multiple retests of $60,000, with Bitcoin now taking liquidity in a large support wall with $57,000 as its base.

Analysts, as Cointelegraph reported, were already prepared, with some data suggesting a deeper dive to a low as $50,000 would still preserve the overall bull trend.

#Bitcoin couldn’t break through $63.6K and tests the other side of the range.

Might be dropping another time if $61.6K can’t break and then I’m looking at $58K next. pic.twitter.com/HIsvhE5ZlZ

— Michaël van de Poppe (@CryptoMichNL) October 27, 2021

Commenting on the situation meanwhile, Charles Edwards, CEO of investment firm Capriole, blamed leveraged traders for sparking the volatility.

“Basically Bitcoin looks incredible here on most metrics, but leverage traders have gone out of control,” he argued.

“We won’t get sustainable price rises until that changes.”

Data showed $500 million being liquidated in a single hour across cryptocurrency.

Altcoins lose big on trend reversal

Ether (ETH) led a bleed from altcoins Wednesday, falling below its hard-won $4,000 support line.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

Related: Expanding ecosystem and $1.86B futures open interest back Solana’s $250 target

Several of the top ten cryptocurrencies by market cap saw daily losses of over 15%, including Dogecoin (DOGE) and Solana (SOL).

Shiba Inu (SHIB) was still largely in the green, up 23% on the day despite the market turnaround and continuing a wild month.

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Redditors cheer as GameStop assembles team of NFT experts

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Redditors cheer as GameStop assembles team of NFT experts

“Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” Gamestop’s Head of Web3 Gaming job listing reads.

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Redditors cheer as GameStop assembles team of NFT experts

GameStop (GME) is assembling a team of blockchain and NFT experts to work on the firm’s upcoming NFT platform.

The firm’s GME stock is a cult favorite amongst retail traders as a result of the r/wallstreetbets and Robinhood saga earlier this year. On Reddit the r/Superstonk community boasts 659,000 members, and is dedicated to hosting business and stock discussions related to GME.

A post about GameStop’s job listings yesterday has received more than 10,000 upvotes at the time of writing, with many members posting bullish sentiments over GameStop’s latest move.

GameStop quietly unveiled a bare-bones website for its NFT marketplace in May. The site currently features a Nintendo Gameboy-style gaming console with an Ethereum logo, along with a message calling out for recruits to work on the platform.

Since then the firm has held its cards close to its chest, however on Oct. 25 it listed a total of eight jobs for crypto-friendly candidates, including three roles for NFT experienced software engineers, three jobs for product marketers and with two roles focused on Web3 based gaming.

One of the listings for the Head of Web3 Gaming job says that GameStop is looking for someone with experience with “Ethereum, NFTs and blockchain-based gaming platforms.” The firm has also hinted that there are some plans related to the Metaverse in the works.

“GameStop is looking for a unique individual who can help accelerate the future of gaming and commerce. In this future, games are the places to go, and play is driven by the things you bring. Future creators won’t just build games but also the components, characters, and equipment. Blockchains will power the commerce underneath,” the job listing reads.

Web3, billions in revenue, NFTs, Ethereum Layer 2. probably nothing. $GME pic.twitter.com/s3PiaqtWQl

— Chris SilvΞstro (@vestro) October 26, 2021

Related: Reddit may be preparing to launch its own NFT platform

Members of the r/Superstonk community were singing the firm’s praises yesterday, with “Triaspia2” calling it one of the “best job listings” they had seen, while pledging to buy more GME as it was a “bullish signal.”

Redditor “Donnybiceps” was equally bullish, noting that:

“NFTs are the future and people who haven’t gotten on board the GME train while knowing all these clues then you should be blaming yourself for not thinking this through.”

GME has had a volatile performance in October, going as low as $166 before bouncing to around $187 and subsequently crashing down again. However, according to data from Tradingview, the price of GME has still gained 2.8% this month to sit at $178 at the time of writing. The year-to-date gain for GME is a whopping 844%.

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