Altr’s Polygon-Based NFT Marketplace Wants to Secure Luxury Items on the Blockchain
Quick take:
Altr revealed its biggest sale yet, a Ferrari F40, which went for $2.5 million.
The platform also allows part ownership and storage through fractionalised NFTs.
Altr offers to store and manage the physical products until the owners are ready to collect them.
Altr’s new Polygon-based marketplace for luxury goods is gaining traction after registering its biggest sale yet. The data security solutions provider’s new service also offers to securely store and manage the products until the owners decide to collect them.
Altr wants to be the platform of choice for those who want to store, buy and sell products authenticated on the Polygon blockchain with NFTs. The company has already demonstrated its capabilities in the business with the sale of a Ferrari F40 for 2.5 million USDT, according to a poster on the Altr marketplace published on July 19, 2023.
The platform showcases two main types of collections, which include cars and watches. Its other major sale is a Rolex Daytona 6265/8 watch, which went for 195,000 USDT. Altr has already received a 3% commission so far for caring for the luxury watch.
According to Altr, when a product is sold on its marketplace, buyers receive proof of ownership in the form of an NFT. The company also offers to store and manage the physical item until the buyer is ready to collect it.
“All collectibles are safely stored and maintained by Altr’s Oracles in safe storage facilities until the NFT holder decides to redeem the physical collectible,” the software provider said in a statement on Wednesday.
Altr’s marketplace also allows part ownership of assets through fractionalised NFTs. Unlike the Ferrari, which sold within 48 hours of listing on the website, the Rolex watch was sold to multiple owners, in January.
Altr uses what it refers to as its “Oracles” to secure and certify the authenticity of luxury assets listed on the marketplace, with renowned experts also involved in the appraisal and storage of products sold through the platform.
Davide Rovelli, who is said to be one of the initial supporters of the Altr believes that the quick sale of the Ferrari indicates that the community has confidence in the company’s new solution.
“There is a growing market for collectors to buy physical assets using blockchain technologies, enabling a secure and transparent solution for acquiring, owning, exchanging and storing high-value assets,” he said.
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