Genfinity interviewed the brilliant minds from Galileo Protocol to find out how they are tokenizing the luxury brand space. Pierre Beunardeau, Co-founder and CEO, explained how they leverage blockchain technology to ensure the authenticity and track the ownership of luxury goods through pNFTs. This not only combats counterfeiting but also fosters transparency and streamlines transactions within the industry.
The interview delves deeper into Galileo’s upcoming marketplace, their LEOX token, and how they are tackling the challenges luxury brands face in embracing Web3. Keep reading below for more information!
The Galileo Protocol
The Galileo Protocol tackles counterfeiting in luxury goods like watches and cars. It uses pNFTs, unique digital tokens linked to physical items. These pNFTs store information about the asset, like ownership history and authenticity certificates.
Galileo operates on multiple blockchain networks, making it widely accessible. It also functions as a peer-to-peer network, allowing direct interaction between brands, owners, and buyers. The platform offers a dedicated marketplace for buying and selling pNFTs.
The protocol also aims to fight counterfeiting by linking a pNFT to each physical asset. This creates a verifiable record of ownership, making it harder to introduce fakes. The pNFT system also enhances transparency by providing easy access to an asset’s history and information.
Pierre Beunardeau
Genfinity interviewed Pierre Beunardeau, Co-founder and CEO of Galileo Protocol. He stated that they are using blockchain technology to revolutionize the luxury goods market. They create NFTs linked to your physical luxury items, ensuring their authenticity through a secure and tamper-proof record of their history on the blockchain. This system also improves your traceability, providing complete transparency throughout the supply chain. Additionally, representing these assets on the blockchain streamlines ownership transfers, making your transactions more efficient and secure.
Overall, their goal is to bridge the gap between traditional brands and Web3 audiences through the innovative marketplace. This platform allows seamless transactions using both traditional fiat currency and cryptocurrencies, creating a win-win situation for all parties involved.
Luxury brands and counterfeiting
Luxury brands are venturing into Web3 to reach new audiences and tap into fresh sources of liquidity. Additionally, pNFTs enable brands to offer exclusive VIP experiences, fostering a sense of community and connection with their customers. Notably, this focus on building relationships with consumers through VIP programs is a hot topic among luxury brands exploring Web3 strategies.
Luxury goods hold their value, making them attractive investments for high net worth individuals. However, there’s currently no way to track their value in real-time like stocks or cryptocurrencies. This presents an opportunity for the luxury goods industry to leverage pNFTs for real-time value tracking, potentially enhancing the brand experience for customers. Additionally, many luxury brands are entering the Web3 space to explore new revenue streams, engage diverse audiences, and solidify their positions as industry leaders through innovation. This trend also allows them to leverage the strong community-building aspects of Web3 to cultivate closer relationships with their customers.
Counterfeiting
A major issue facing the luxury goods industry is counterfeiting, which damages brand reputation and erodes customer trust. This problem stems from inadequate traceability, leading to a loss of an item’s history. Additional industry challenges include sustainability concerns due to the reliance on traditional paper-based authenticity certificates, which have a significant environmental impact. Galileo Protocol utilizes pNFTs to solve these issues, ensuring authenticity, providing immutable proof of ownership, and facilitating a green commitment within the industry.
During our interview, they highlighted the brand Rolex as an example. Currently, authenticating a Rolex involves multiple stages, is time-consuming, and remains vulnerable to advanced forgery techniques. In contrast, a pNFT serves as a digital certificate of authenticity, guaranteeing ownership and tracking provenance. It also streamlines transactions between individuals, with the blockchain log enabling informed purchasing decisions. Importantly, the pNFT functions both within the Galileo ecosystem and beyond, adaptable to real-world scenarios and enhancing ownership verification processes.
Galileo protocol marketplace launch
Pierre elaborated on the upcoming marketplace launch. The Galileo marketplace aims to ease the transition of luxury brands into Web3 through a user-friendly interface. It focuses on simplifying pNFT creation for brands, minimizing technological friction. Galileo acts as an intermediary, connecting brands with Web3 audiences to boost revenue and attract customers.
The marketplace will showcase diverse projects, including jewelry, wine, art, and historic coins, as well as offer pre-owned luxury items. To participate, you must register on the Galileo platform and complete KYC (Know Your Customer) verification. Currently, the marketplace is focused on European countries to address legal, tax, and logistical complexities. They are starting this venture with Europe and hope to grow into other countries from there.
The LEOX token
Galileo Protocol leverages the LEOX token, a QRC20 token built on the Ethereum blockchain by Quant Network, ensuring future interoperability. Additionally, Galileo is revamping its Nebula NFT collection, which utilizes Quant Network technology and serves as an access token for the project’s governance system. This Dao allows Nebula holders to participate in decision-making via staking tokens.
Looking ahead
Luxury brands face some challenges entering Web3, mainly due to the high barrier to entry. To address this, platforms like Galileo aim to offer a seamless onboarding process and reduce these barriers. Similar to dipping their toes in Web2, most luxury brands are taking a cautious approach in Web3, only tokenizing smaller, select items to test the waters and gauge potential revenue opportunities before fully committing. As the Web3 space matures and leaders like Pierre Beunardeau demonstrate the value in tokenization, luxury brands are expected to become more comfortable and engaged in this new landscape.
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