LuxFi is the first-ever NFT marketplace that is backed by real-world luxury items.
The non-fungible token (NFT) space is no stranger to luxury, considering the number of iconic brands like Gucci cashing in and participating. We also know that a lot of NFT players have deep pockets and are willing to spend several thousands or even millions for individual pieces.
In its bold quest to tap the expanding blockchain market and the continuously growing demand for luxury items, the LuxFi project was established to reach these goals. This semi-deep dive will show you how LuxFi is taking the industry to new levels through its marketplace and budding ecosystem.
Aidaa Wong, the company’s CEO, envisioned a platform where the physical and digital world can be linked together through a highly secure yet efficient bridge. As a result, the LuxFi platform was established to bring a new kind of luxury service on a blockchain.
What is LuxFi?
LuxFi is the first-ever NFT marketplace that is backed by real-world luxury items. This platform is specifically made for buying, selling, and investing in luxury goods. And LuxFi users can seamlessly conduct these transactions using cryptocurrencies, as well as traditional payment methods.
LuxFi’s Luxury Product Categories and Most Popular Items
LuxFi has a wide range of luxury categories, including branded bags, luxury watches, fine jewelry, diamonds, gold, precious metals, and almost all luxurious items one could think of. It even includes limited-edition sneakers, liquors, and arts as some of its main categories.
And of course, LuxFi cannot be called a true luxury platform without having the top luxury brands on board. Brands such as Hermès, Louis Vuitton, Gucci, Rolex, Patek Philippe and other fashion icons can also be found on its website. .
For platform users who focus on artworks, LuxFi also houses top creations from Takashi Murakami, Yayoi Kusama, Bansky, Keith Haring, Yoshitomo Nara, and other world-renowned artists.
Sneakers and collectibles are not usually associated with the luxury realm, but their rareness is what makes them special and luxurious. This platform, of course, also offers rare items in these categories.
LuxFi has one of the most coveted sneakers, including Nike Air Jordan, Nike Jordan Low 1, and Balenciaga Triple S. For collectibles, it has Funko Pops, Bearbricks, Mr. Dob, and other high-value collectibles.
LuxFi NFTs As Loan Collateral
The NFTs in this platform can also be used as collateral for loan applications, which is beneficial for people who have difficulty gaining loan approvals from banks. NFT holders can even help others get access to loans using their digital assets.
Furthermore, the value of each NFT within LuxFi’s ecosystem isn’t picked out of thin air as the platform collects and analyzes data from online and offline channels throughout the world. This comprehensive data collection allows LuxFi to provide fair, honest, and appropriate pricing for each of its digital assets.
NFT owners don’t have to physically redeem their luxury items to resell them, their NFTs are enough to conduct this transaction. But they always have the option to get their physical luxury goods if they want to.
Moreover,Users have the option to send their NFTs on various gaming and streaming platforms, making LuxFi’s NFTs a versatile asset to have.
How Does LuxFi Foster Authenticity?
The global luxury industry has been suffering from the problem of authenticity for ages. In comparison, the digital world has constantly been threatened by cyber thieves and hackers. The LuxFi ecosystem deals with these two big problems head-on using blockchain technology.
LuxFi works directly with luxury brands and manufacturers, and its items are all authenticated by its vast network of professional verifiers, which is why platform users would have the peace of mind knowing that every item in the platform that backs their NFTs is genuine.
Security and Liquidity
When it comes to digital security, LuxFi equips all its luxury goods with unique serial numbers, or what it calls a ‘seal,’ which serves as a physical identifier that can link them to their ‘digital twin.’ And since everything is powered by blockchain, the entire life cycle of all products within LuxFi’s platform can be tracked while protecting owners’ privacy at the same time.
Another notable aspect of LuxFi is its focus on liquidity. Since owners don’t have to redeem their luxury goods physically just to resell them,they can immediately monetize their assets without hassle.
LuxFi NFT Card
The LuxFi NFT card, which uses ‘product fingerprint technology,’ links physical luxury items and their digital counterparts. LuxFi has integrated an anti-forgeable QR code/NFC tag in its cards, which can be scanned to see a product’s detailed information and history.
LuxFi Token (LXF)
LuxFi has a native utility token called LXF, which is used for governance, bounty rewards, NFT creation, accessing auctions, providing data, verification, and many more.
Users may stake LuxFi’s native token, LXF, to get a chance to own exciting digital assets on LuxFi’s mystery boxes.
Users can also earn LXF by referring a friend to the platform. They will be eligible to receive LXF rewards based on how many users sign up to their referral and buy or sell items on LuxFi.
Last August, LuxFi introduced its native token to the world through an airdrop event with 560 random participants who were able to get 1 USDT and 5 LFX tokens. The top 40 referees, on the other hand, received 11 USDT and LFX tokens.
LuxFi Membership Program
LuxFi also offers membership cards that offer exclusive deals and giveaways that provide an even higher level of value for platform members. The membership cards are divided into three options: The ‘Diamond,’ ‘Silver,’ and ‘Crystal’ cards.
Here’s how each card stacks up with each other:
|Card||Price||Discount on NFTs||Earned Points per transaction||NFT Auction Access||Style-Packed LuxFi Newsletter|
|Diamond||$8,000||30%||Up to 3 points||Extremely Rare Private Auction||✔|
|Silver||$2,000||5%||Up to 1.5||Private Auction||✔|
|Crystal||$200||2%||Up to 1||➖||✔|
For Diamond Cardholders, LuxFi, apart from the perks mentioned above, also offers these exclusive offerings.
- Priority Sale Privilege
- The first to be given access to rare items
- Access to every single LuxFi event
- Priority back-in-stock notification.
- The first to be given ‘new arrival’ notifications (browse and buy a day before any members)
LuxFi NFT Auction & Lottery
LuxFi is currently holding an NFT Auction & Lottery event, which started last September 26 and will end on October 10. The platform says that this is their way of giving back to their supportive community and celebrating the upcoming launch of its NFT marketplace and its Initial Dex Offering.
For Diamond Membership Cardholders who will be on the event’s top 5 highest bidders, here are the prizes that they will receive:
|Ranking||NFT Prize||Backed by:||Item’s Market Value (Average)|
|Top 1||Legendary APE 1||Rolex Daytona||$40,000|
|Top 2||Legendary APE 2||Rolex Submariner||$20,000|
|Top 3||Legendary APE 3||Hermès Birkin Bag||$15,000|
|Top 4||Legendary APE 4||Nike Air Jordan||$6,500|
|Top 5||Legendary APE 5||Special Edition KAWS (Starwars Boba Fet)||$6,000|
The Top 5 Diamond Cardholder bidders will also receive five lottery tickets and $LFX tokens from the pool ($$$).
Here are the perks for the other cardholders:
|Lottery Tickets||$XLF Tokens From the Pool|
|Gold Card Holders (Upper 10% of bidders)||3||($$)|
|Silver Card Holders (Next 30% of bidders)||2||($)|
|Crystal Card Holders (Lower 60% of bidders)||1||➖|
Net Savings Link (NSAV), a software solutions provider for blockchain-related companies, has recently announced its partnership with the LuxFi platform. Through this deal, NSAV will offer a 10% Token Bonus of its $LXF to its shareholders and roadshow supporters.
The company said that shareholders holding at least 40,000 shares will be eligible for this exclusive offer, which will run until January 6, 2022.
AdEx, a decentralized network for digital advertising, has also struck a partnership with LuxFi. With this collaboration, LuxFi will be able to use AdEx’s advertising and marketing services.
LuxFi has created a lucrative idea of using blockchain technology to provide a unique and highly needed service for the luxury industry. Finally, luxury lovers don’t have to worry about counterfeit items and the liquidity of their luxury goods, as LuxFi fully leverages the power of NFT to bring solutions to these problems.