4K, a breakthrough peer-to-peer marketplace for collectibles and luxury goods powered by NFTs, has announced a seed raise of $3m.<\/p>\n\n\n\n
The funding enables 4K to create the next generation of StockX by leveraging the transparent and immutable power of blockchain technology.<\/p>\n\n\n\n
The initial round coincides with the launch of 4K.com\u2019s fair drops and closed beta marketplace.<\/p>\n\n\n\n
4K says its mission is to empower users to transact with more trust, more transparency, more speed, and a significant reduction in fees.<\/p>\n\n\n\n
The concept will see customers send 4K a physical item, such as a Rolex watch, to be authenticated and stored in an ultra-secure storage facility.<\/p>\n\n\n\n
Once stored, the customer receives an NFT, which can be thought of as a digital version of the physical good.<\/p>\n\n\n\n
Redemption of the item is just as easy: upon returning the NFT to 4K, the physical good is sent to the address provided by the redeemer.<\/p>\n\n\n\n
4K uses the benefits of decentralized finance (DeFi) to turn physical goods into NFTs. DeFi is a new set of payment rails and protocols that enable people to coordinate financial activity without intermediary institutions charging fees along the way.<\/p>\n\n\n\n
Through decentralization, users can transact with low fees, make collateralized loans, and earn a yield on their assets.<\/p>\n\n\n\n
Richard Li, CEO of 4k, said: \u201c4K adds completely new dimensions to the market for collectibles and luxury items. For example, we give brands skin-in-the-game in secondary-market trading.<\/p>\n\n\n\n
\u201cIt also adds a completely new dimension to NFTs. The NFTs most people have heard about are for digital assets. We\u2019re enabling NFTs for physical assets. As we spend a larger portion of our lives online, bridging the physical and digital worlds becomes increasingly important.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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