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Boson Protocol launches redeemable NFTs for real-world assets

Boson Protocol launches redeemable NFTs for real-world assets

The Web3.0-based commercial marketplace Boson Protocol has announced an improvement in its organization for physical goods, which it calls redeemable NFTs.

Through this offshoot, users of the Boson Protocol can obtain a tokenized version of a physical commodity that they can redeem many years later.

As explained in detail on the Boson Protocol’s webpage, its redeemable NFTs mark the possession of physical objects rather than the objects themselves. Protocol serves a number of luxury goods, most of which are bound to increase in valuation over time.

“We have a number of projects where they are tokenizing luxury wines and luxury whiskeys,” explained co-founder Justin Bannon. “Someone will get a redeemable NFT that they can hold for five or 10 years or trade as the whiskey matures,” he added, “a commodity market for luxury whiskeys from those types of commodities.” Will be ready.”

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Innovators are taking impressive strides to bring non-fungible tokens to the general public with related products and services. The Boson Protocol’s approach seeks to increase the number of objects that contain digital twins in the metaverse, empowering greater participation across the board.

As innovations related to NFTs are becoming more common in today’s Web3 world, many see the branch of blockchain technology as important to the emerging metaverse world.

From users to investors, the focus on NFTs is going mainstream, and venture capital firms are committed to funding to help build infrastructure in the NFT world. While tokenization is becoming just a thing, many startups are focusing their innovations on building a version of real estate to democratize ownership of these luxury goods.

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Riding on the emerging digital economy in many economies including Dubai and other parts of Asia, the tokenization of real-world assets typically exposes them to additional markets beyond the commodities realm for easier and smoother global trading.

Image Source: Shutterstock


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