Peer-to-peer marketplace 4K.com, which offers digital collectibles and luxury goods powered by NFTs, this week announced its highly-anticipated marketplace launch for collectors and resellers across the world.
Customers send their collectible to 4K, which authenticates, insures, and then stores it. The customer receives an NFT of the collectible. Whoever has the NFT can then redeem it for the physical item. The entire system is decentralized, which allows for lower transaction fees.
4K.com’s marketplace brings the benefits of decentralized finance to the physical world by turning physical goods into NFTs. Through the 4K online marketplace, participants can buy and sell fully authenticated and collateralized digital representations of physical assets, such as a designer watch or a pair of rare sneakers.
Every week since July 20, 4K has dropped sought-after Jordans, Yeezys, and RTX 3070s at MSRP in physically-backed NFT form to build awareness and anticipation for this week’s marketplace launch. On Oct. 14, 4K will have its largest drop yet, a brand-new, unworn 2021 Rolex Submariner Black. More than 5,000 people have signed up for 4K drops and more than 10,000 people have registered for early access to the marketplace.
“We are thrilled that our product is now available to a global user base,” said 4K COO Max Einhorn. “It has been fascinating to track the rising demand for physical luxury assets as a hedge against inflation. By making it easier to collect, trade, and invest in rare physical goods, 4K is helping to enable an alternative asset class, one that is heavily driven by culture.”
The 4K marketplace, launching its marketplace on Ethereum, has recruited multiple sellers to store, buy, and sell physically-backed digital goods. Through sophisticated technology, 4K offers new investment opportunities by authenticating, storing, and tokenizing a new asset class in decentralized finance.
This news comes weeks after 4K announced a seed raise of $3 million led by Electric Capital, Crosscut Ventures, Collab+Currency, ConsenSys, and IDEO CoLab. The funding will go to improving the StockX marketplace.