House of Rare disrupts investing and trading of scarce collectibles, launching the first asset-backed NFT marketplace on Concordium blockchain.
February 23, 2023 - Zug, Switzerland - The Concordium blockchain will be used to launch House of Rare’s asset-backed NFT marketplace for fine spirits, leveraging Concordium’s novel ID framework to ensure that end user have the necessary attributes for the purchase for vendors legal compliance, such as age and jurisdictions.
House of Rare pioneered real item-backed NFTs with their first collection - RAREtequila. The collection consists of 777 NFTs, each redeemable for a bottle of highend limited edition tequila. The future plan is to branch out into the world of fine wine, champagne and cigars as additional assets in the near future.
Noticing the legal nature of these assets the marketplace will be developed on the Concordium blockchain to leverage the user friendly and privacy conserving Concordium ID-Layer, to achieve compliance with local authorities. Zero-knowledge proofs will help to verify whether customers are old enough to purchase alcohol in their country of residence while protecting personal data.
Users and collection creators will have a full suite of features to their advantage that will facilitate a personalized and joyful experience on the marketplace. Each House of Rare NFT has a real-life 1:1 item, fully redeemable by the buyers. The trustworthy custody of these assets will be transparently disclosed. Collectors are thereby ensured their NFT has real-life value and is scarce. This is a crucial aspect that will provide security for collectors. Furthermore, House of Rare will offer full collection integration. This means that collectors have full customizability and whitelisting options on sites of collection creators.
Miguel Ortiz, CEO of House of Rare, says: "We decided to develop on Concordium because of its network structure. The ID-layer ensures that the end user has the necessary attributes for the purchase and is located in a jurisdiction where we can sell our products. The decentralized approach and privacy measures adopted by Concordium made it an obvious choice for us.”
"Asset-backed NFTs are the future of NFTs, unlocking fractional ownership, liquidity, and value transfer by linking real-world assets to digital ownership and expanding the universe of tokenized assets. Our partnership with House of Rare will tap into the huge potential of asset-backed NFTs.” says Torben Kaaber, Head of Commercial at Concordium.
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About Concordium
Concordium is a permissionless layer 1, science-backed blockchain, designed to balance privacy with accountability through an innovative ID layer and the use of Zero-knowledge proofs. Creating trust with ID is a key to the mass adoption of decentralized applications. The Concordium blockchain provides a fast, secure, high capacity, low cost, and highly capable platform that makes building and using dApps a simpler, more accessible task. With leadership and experience from Volvo, IKEA, Credit Suisse, Uber, Saxo Bank, the team is now scaling the chain to its extensive network of the world's biggest enterprises. For more information: concordium.com.
About House of Rare
House of Rare is an NFT maker, focusing on creating asset-backed NFTs. Their first collection, RAREtequila caught the eyes of a number of collectors and NFT aficionados worldwide with more exclusive and limited in-house collections and editions coming soon. House of Rare is aiming to cater to the true crypto and collectible enthusiast around the world with more partnerships with brands and artists to come.
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