Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EXCLUSIVE - The eBay of Web3: Interview With Colle, The Luxury Goods Marketplace Bringing Digital Inventory To Ethereum

Published 02/06/2022, 15:13
Updated 02/06/2022, 16:13
EXCLUSIVE - The eBay of Web3: Interview With Colle, The Luxury Goods Marketplace Bringing Digital Inventory To Ethereum

EXCLUSIVE - The eBay of Web3: Interview With Colle, The Luxury Goods Marketplace Bringing Digital Inventory To Ethereum

Last week on Benzinga’s “Moon or Bust” crypto livestream, co-hosts Ryan McNamara and Logan Ross interviewed Akos Balogh and Chanteva Schoch, serial entrepreneurs and co-founders of Colle Marketplace –– a Web3 start up for luxury collectors.

Colle announced plans to accrue $15 million in digital inventory for its luxury marketplace exclusively with Benzinga. Colle plans to bootstrap its digital inventory with NFTs representing luxury goods, focusing on high-end watches upon launch.

The Colle marketplace is a Web3 startup designed for luxury collectors. The purpose of Colle is to integrate traditional collectibles with the digital world in a way that empowers sellers and protects buyers.

Balogh believes that in the current gift economy, sellers lack protection and power. Centralized middleman services possess too much control, and time and time again they have failed to implement effective strategies to reduce fraud activity and authenticate goods.

Schoch explains, “We believe that in Web2 marketplaces, sellers don’t have a say; they feel like they’re never heard; they don’t have protections; and fraud activity is still high. People aren’t ready for a fully decentralized platform, but we’re guiding them, making the process of minting NFTs educational, and helping people understand what they can do with Web3.”

Also Read:The Match Golf Tournament Offering Free NFTs From A Tom Brady Company: Here Are The Details

Colle aims to build a platform that allows users to buy and trade goods in a fully decentralized manner. By leveraging NFTs, buyers will be able to confidently purchase verified goods from sellers all across the world. In other words, NFTs will verify proofs of authenticity and ownership of physical goods, such as luxury watches and handbags, on Ethereum’s (CRYPTO: ETH) blockchain.

Colle plans to use Ethereum at launch, and it is exploring other chains to operate on in tandem. While it is true that Ethereum has relatively high gas fees compared to other blockchains, Akos believes that this isn’t a significant problem given that Colle is positioned to penetrate the high-value, luxury segment of the gift economy.

Balogh summarized his motives, “It’s all about community; we’re all collectors. My friends are all collectors. It’s a $300 billion market, and Colle has a great chance at catching today’s hype as people are turning to Web3.”

Colle and many others believe that the current luxury goods market is inefficient and rather centralized around eBay Inc (NASDAQ: NASDAQ:EBAY), StockX and a few other incompatible applications. Colle aims to leverage blockchain to make sellers and buyers reputations a streamlined, public good.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.