Digital authentication non-fungible token (NFT) platform Collectible has launched its COLLT token on PancakeSwap (CAKE).
Collectible is a blockchain-powered project designed to create digital certification of ownership for luxury goods. The COLLT token enables users to purchase goods and services, as well as bid on auctions on Collectible. It can also be used to pay for transaction fees on the Collectible protocol.
As a utility token, COLLT gives users access to auctions and sales, royalties on sold NFTs, and discounts on platform commissions. COLLT holders also have the opportunity to earn from their tokens. Collectible users can buy and hold COLLT through major wallets like Trust Wallet and Metamask. The launch of the COLLT token comes after Collectible successfully completed its seed investment round.
Setting an industry standard
As mentioned above, Collectible is a blockchain-powered project creating digital certification for luxury goods. It does this by creating a digital twin of the luxury item as an NFT, which owners can then transfer as an NFT or by monetary exchange.
Although novel as an NFT platform, others in the luxury goods industry have already begun to use NFTs for digital authentication. Last month, fashion brands LVMH, Richemont’s Cartier, and Prada SpA announced they had collaborated in creating the Aura Blockchain.
The solution will provide their customers greater assurance that their products are authentic by providing an encrypted certificate of guarantee. It is also set to make the products more traceable, facilitating the resale of luxury goods on the secondary market.
Fashion brands are utilizing blockchain technology primarily to combat counterfeit markets, to which they lose billions each year. Consortium member Cartier has already tested one feature of the Aura Blockchain, with online product returns.
Cartier CEO Cyrille Vigneron recommended that auction houses also utilize blockchain technology to authenticate the sale of fine art. LVMH managing director Antonio Belloni said the partnership was a way to set an industry standard, rather than each brand developing its own solution separately. The consortium plans to make the Aura Blockchain available to other luxury brands.