Disrupting investment and trading of scarce collectibles, House of Rare launches the first asset-backed NFT marketplace on the Concordium blockchain
ZUG, Switzerland, 23 February 2023 /PRNewswire/ — The Concordium blockchain will be used to launch House of Rare’s asset-backed NFT marketplace for fine spirits, leveraging Concordium’s new ID framework to ensure the end user has the necessary attributes for the purchase for suppliers’ legal compliance, for example age and jurisdictions.
House of Rare pioneered genuine item-backed NFTs with their first collection – RAREtequila. The collection consists of 777 NFTs, each redeemable for a bottle of high-end limited edition tequila. The future plan is to branch out into the world of fine wine, champagne and cigars as additional assets in the near future.
Noting the legal nature of these assets, the marketplace will be developed on the Concordium blockchain to leverage the user-friendly and privacy-preserving Concordium ID layer, to achieve compliance with local authorities. Zero knowledge certificates will help to verify whether customers are old enough to buy alcohol in the country of residence while protecting personal data.
Users and collection creators will have a full suite of features to their advantage that will facilitate a personalized and enjoyable experience in the marketplace. Each House of Rare NFT has a real 1:1 item that can be redeemed by the buyers. The reliable custody of these assets will be blatantly obvious. Collectors are thus assured that their NFT has real value and is scarce. This is a crucial aspect that will provide peace of mind for collectors. Furthermore, House of Rare will offer full collection integration. This means collectors have full customizability and whitelist options on collector sites.
Miguel OrtizCEO of House of Rare, says: “We decided to develop on Concordium because of the network structure. The ID layer ensures that the end user has the necessary attributes for the purchase and is located in a jurisdiction where we can sell our products. The decentralized approach and privacy measures adopted by Concordium made it an obvious choice for us.”
“Asset-backed NFTs are the future of NFTs, unlocking shared ownership, liquidity and value transfer by connecting real-world assets to digital ownership and expanding the universe of tokenized assets. Our partnership with House of Rare will harness the enormous potential of asset- supported NFTs,” says Torben Kaaberhead of commercial at Concordium.
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