Net Savings Link Inc (OTCMKTS: NSAV) has announced a collaboration with LuxFi to launch a real-world luxury asset-backed non-fungible token (NFT) marketplace. The marketplace will work directly with retailers to eliminate counterfeit items. The announcement reflects the expanding applicability of the NFT marketplace.
NSAV believes it is the best time to expand into the NFT market
NSAV, a cryptocurrency blockchain and digital asset company, believes it is the right time to expand into the NFT market. In the first quarter of 2021, about $2billion was spent on nun-fungible tokens. This was an increase of 2100% when compared to the fourth quarter of 2020. The amount is already more than the $250million NFT market in 2020.
The company is excited to join LuxFi as the latter engages multiple applications to LuxFi’s NFT marketplace. NSAV is ready to use its resources to support LuxFi as it enters the real-world luxury asset-backed NFT marketplace.
Interim CEO and Senior Vice President of Cryptocurrency Operations for NSAV and Silverbell Capital Partner, Dato’ Sri Desmond Lim, says that NSAV has the resources, ability and a team of experts to support LuxFi.
LuxFi plans to explore the growing art industry
LuxFi will target luxury assets that maintain their value, such as diamonds, art pieces, branded bags, luxury watches, among others. Customers can use the NFT marketplace to sell, buy and invest in luxury assets. The platform accepts both traditional payment and cryptocurrency for these items.
NFTs have hugely impacted the art world. The global sales of art and antiques reached $50.1 billion in 2020 as online sales doubled in value. NSAV and LuxFi plan to explore the industry through their partnership. NSAV will create a vast hub of significant players in the art scene, which will help LuxFi become a major force in the art industry.
Aidaa Wong, the founder of LuxFi, says that they aim to unlock the true value and increase the liquidity of real-world luxury assets through blockchain technology. The company means to make a massive impact on the luxury industry.
LuxFi’s system is already collecting real-world data from social media channels and global retailers to provide accurate pricing.