With the overall NFT buzz at its peak, everyone is made to wonder whether NFT and GlitzKoin can conquer the world together. While there are a lot of apprehensions that revolve around this topic, there are few facts that illustrate the brighter side of the game.
If we observe the luring benefits that the digital assets offer, it becomes quite a safe assumption that the GlitzKoin will sail along the NFT wave. At DiaEx – Decentralized Diamond exchange, where real diamonds are traded and physically moved, now see a possibility to be traded over NFT. In the case of NFT, the resources invested in physical storage, security, shipping etc. can be eliminated, thereby reducing the overall cost.
Since NFT are part of a block-chain, the concept of transferring and maintaining the ownership of an asset, can be a game changer. The technology reduces the friction involved in physical trading. The owner is relieved from the burden of safekeeping and remains insured. At the same time, there’s always a flexibility for the event of liquidation or redemption, which can happen at the owner’s will.
Another aspect in concern is that of authenticity. NFT not only offers validation in terms of ownership but also, highest transparency in the pricing of an asset since all transactions- be it a purchase or sale, are logged on block-chain. With GlitzKoin being a pioneer in diamond block-chain, thanks to the existence of NFT, it can be a lot easier and more viable to manage the ownership of diamonds trading on DiaEx over NFT.
Channelizing the right resources into this amalgamation, GlitzKoin CEO, Navneet Goenka, is exploring the possibilities, with some top NFT and block-chain engineers and solution architects. Though the market is nascent as of now, the NFT technology does look like an ideal match for GlitzKoin. It can be a thing of the future, as this creative integration lays true emphasis on diamonds actually being forever- nowhere, but on the blockchain!
GLITZKOIN: A quick recap of the Glitzkoin project and the GTN crypto token. The project was launched to improve the demand for natural diamonds and to enhance, the efficiency and productivity of the multibillion dollar industry.
The DiaEx diamond trading platform was developed using Stellar blockchain resources. The GTN token was launched as part of the project and is designated, as the mode of payment on DiaEx. Promoted by second generation diamond veteran Navneet Goenka, Glitzkoin assigned a multifaceted role to the GTN token.
The trading platform was completed in 2019 and was put through rigorous testing in early 2020. A team of diamond dealers subsequently did a pilot run on DiaEx with, actual transactions made on the platform. This process was largely successful and revealed a few areas for improvement. The Glitzkoin tech team was handling the minor adjustment when, the pandemic and subsequent lockdowns slowed down the process. The management will reschedule the full launch of DiaEx once the health crisis eases.
Talking about the multifaceted nature of the GTN token, the project is also focused on further increasing usage for the crypto – this aside from crypto exchange trade and the payment usage on the DiaEx platform. The concept is to have operators of various businesses, accept the GTN token as a mode of payment in their operations. Moving this idea forward Glitzkoin has confirmed a partnership with online ticketing giant Myticket.asia, wherein clients of the ticketing portal could use the GTN token as a mode of payment. Technical requirements for the integration of systems on both sides is at an advanced stage, nearing completion. Reviewing the challenges that the entertainment industry has been going through during the COVID pandemic, both managements have decided to set a launch schedule when the situation starts to normalize. The arrangement setup between Glitzkoin and Myticket.asia will form the blueprint, for similar deals to be negotiated with other business operators.
Related Resources: [Project Updates]