4K NFT Marketplace Goes Live

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4k is a blockchain-based marketplace focused on luxury goods. The company is looking to solve issues related to the authenticity of physical goods. Currently, it is difficult for companies, buyers, vendors, and sellers to verify ownership, authenticity, and past history of an item. 

Thus, the marketplace will list items that have been authenticated in the past.  Customers will have the ability to send the goods to a facility where they will be insured and evaluated. 

Following this procedure, owners will receive an NFT matching the item’s value, and could be used as collateral for a DeFi loan. In the case owners would decide to sell the NFT, it is possible to exchange it for a physical item.

It is indeed a unique concept for selling luxury items on the secondary market, and it's backed by a number of well-known investors. Provably-Fair Drops is the startup's first product. As discounted luxury goods, the Drops provide some insight into how markets will operate. Bidders must have Ether coins in their wallets to participate in the auction, and products will be bought using Ethereum.

Nonetheless, there are a few obstacles to consider. Customers, for example, take a risk when they submit an item for verification and storage, particularly in the early phases of a company. Furthermore, 4K's authenticators decide the item's worth, which may be below the expectations of the owner.

Richard Li, CEO of 4K stated “It also adds a completely new dimension to NFTs. The NFTs most people have heard about are for digital assets. We’re enabling NFTs for physical assets. As we spend a larger portion of our lives online, bridging the physical and digital worlds becomes increasingly important.”

The NFT industry NFT surged to $2.5 billion in the first half of 2021, confirming a long and steady growth. Thus, we should expect many new products and services brought to the NFT market.