Colle announced it is collecting $15 million of luxury watch and handbag inventory to initiate the beta version of a Web3 marketplace for luxury goods backed by NFTs.
The development comes as the peer-to-peer marketplace looks to solve the problem of the lack of space that exists in building trusted ongoing relationships in Web3. On-platform consumers are verified and certified to sell collectibles with trusted members, it said.
Access is invite-only and featured are third-party verification systems, seller reputation tiers, and payment options including cryptocurrency and fiat.
Why It Matters: Colle says it rids the Web3 ecosystem — the iteration of the internet through which users can read, write, and own — of intermediaries through its own processes of authentication.
See Also: What Are NFTs?
Additionally, the platform employs a multi-pronged strategy that takes into account the complexity of items in determining transaction risks and value, as well as commission.
“Colle is going back to the roots of a gift economy, which was always based on community, relationship, and status. Our mission is to offer a space where you can build relationships with trusted community members,” CEO Chanteva Schoch told Benzinga.
Co-CEO Akos Balogh adds: “We are eager to build the safest and easiest platform on web3. This transition from web2 will help educate our future users about the tangible utilities of NFTs. At the same time, high-demand physical assets, such as lux watches, will make sure that our investments are safe and growing.”
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