4k.com Rolex Defi, NFT platform for luxury virtual objects

4K aims to bring NFT of vaulted valuables to the world of decentralized finance.

Rolex on DeFi? NFT Marketplace 4K Raises $ 3 Million to Combine NFT and Luxury Goods

4K , a fledgling market that issues non-fungible tokens (NFTs) alongside stored luxury goods, has raised $ 3 million in an initial round of funding led by Electric Capital, Crosscut Ventures, Collab + Currency, ConsenSys, and IDEO CoLab. Ventures.

Testing of the 4K platform also begins on Tuesday, as the company aims to issue digital deeds for luxury items such as Rolex watches and rare sneakers. Those writes can be used for performance within the burgeoning decentralized finance (DeFi) realm, the startup said.

Bringing real-world assets to DeFi is considered a very lucrative addition to the world of crypto lending. DeFi refers to finance that is based on blockchain technology and does not depend on a central intermediary such as a bank.

With 4K, customers submit a physical item for authentication and storage in a secure storage facility. Once an item is stored, the customer receives an NFT, which has the potential to earn interest, says 4K CEO Richard Li. If a customer ships the NFT at 4K, the physical item is shipped to the address provided by the redeemer.

NFTs come in three flavors, Li said: digital art, digital unsurts of virtual reality platforms, known as “the metaverse,” and digital property rights, which is the part 4K is interested in.

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platform hopes to appeal to cryptocurrency-curious sneakerheads, watch fans, wine connoisseurs, trading card experts, or collectors of any other physical investment-grade product.

“If physical aspects are brought into crypto, which is purely digital at the moment, a completely new and dynamic asset class is introduced into the ecosystem,” Li said in an interview.

“We can make NFT anything and bring it to the digital world,” he added. “Imagine an NFT of a real life horse and you take it to [the digital horse racing platform] ZED RUN; Or if you did an NFT with a Michael Jordan rookie card and put it on NBA Top Shot .

In the same way, how could someone with a million dollar Rolex collection get a loan? “Am I going to a pawn shop?” Li said.

In terms of storing customers’ valuables, Li said 4K will use independent auditors and high-security vaults based in the US to start with. Everything will be 100% insured, he said.

So if a limited edition Omega Moonwatch or some Travis Scott Air Jordans have been sent to 4K for storage and sent NFT to the owner’s wallet, where can the customer go to use that guarantee?

It’s a bit early for Uniswap, Li said, pointing to next-gen NFT platforms like NFTX, NFTfi and Taker. Uniswap is an exchange where clients can exchange digital tokens.

“It is going to be very interesting when you start to get performance on your digital NFTs and physical items. It will happen, ”Li said.

Here is an article about the 4K platform and how to use it.

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