Boson Protocol, a Web3.0-based commercial marketplace has announced the revamping of its outfit for physical goods which it called Redeemable NFTs.
Through this offshoot, users of the Boson Protocol can get a tokenized version of a physical object which they can redeem many years afterward.
As detailed on the Boson Protocol’s webpage, its redeemable NFTs tokenize the right to the physical items rather than the items themselves. The protocol serves a number of luxury goods most of which are bound to increase in valuation over time.
“We’ve got a number of projects where they’re tokenizing luxury wine and luxury whiskey,” explained co-founder Justin Banon. “Someone will get a redeemable NFT that they can hold or trade for five or 10 years while the whiskey matures,” he continued, adding that “those sorts of items would create a commodities market for luxury whiskey.”
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