The Start of Something New
Updated: May 2
The project's purpose is to use crypto technology to improve/disrupt the existing multi-billion dollar luxury auction-based markets that cover not only gems but fine art, jewelry, and antiques.
Entering or reinventing these markets has been the equivalent of seeking the holy grail for players in the industry and most certainly the financial markets. However, just like the hunt for the grail, it has been a fruitless endeavour without success. We believe we have the necessary assets and technological methodology to change that. Our goal (within the next few months) is to offer an alternative fully functional, deep, transparent, low cost, and open market instead. How? Firstly, as eBay has shown, auctions are not attractive to the populace, in general, they prefer to receive or purchase something at a fixed, deep discount. This will be our pricing policy/guarantee. You have to leave plenty of money on the table to make a vibrant new market, and that is the bigger goal for us, so we are happy with that value proposition. We are investing/committing our own gems, with an appraised value of US$16bn, to be sold at deeply discounted fixed prices in the new crypto market. We are more than confident and happy to put our money where our mouth is.
Methodology In order to digitalise a real-world asset, you have to lock it away forever securely, insure it and guarantee it can never be sold. The asset can then be reconstituted in the virtual world in the form of an NFT - an asset that can not only be bought and sold but legally owned without regulatory interference in crypto markets. The game-changer is then fractionalising the asset - creating F-NFTs from the one asset. Allowing for cheaper and therefore wider access to an asset that has been only available to the super-wealthy until now. Utility Token (UT) We are issuing a utility token to demonstrate, showcase and introduce the crypto-verse to our methodology. A 5.4 kg ruby of 16,200 carats, with an assessed value of US$290m is held in a secure depository in Newport Beach California (Citibank vault to be precise), it is fully insured for its assessed value, and held by FIX00 the company who's Articles of Association details the fact the gem can never be sold.
The expenses from insurance to depository costs will be covered by FIX00 in perpetuity. Future offerings in NFT format will likely have a legally binding trust structure to ensure no sale can happen, and again all costs will be borne by FIX00. As an example, the UT will be offered at 1/3 the appraised valuation (US$97m) and an affordable fixed price of 0.01 per token. Leaving plenty of meat on the bone for crypto investors to enjoy (hopefully ensuring a vibrant market as a result). Regulatory gymnastics FIX00 utility token is not asset-backed, by design and regulatory requirements, however, the ruby is clearly tied to the token in perpetuity, and as specified clearly in our WP, it is being used to exhibit how we will offer F-NFTs from our forthcoming platform. The UT will also be used to give access to our forthcoming platform and pay for some of its services - as per the UT norm and requirement (from a regulatory standpoint) Outlook The forthcoming platform will be a boon to both buyers, sellers, and indeed lenders, bringing them closer together and offering a realistic manner with which to assess demand and value at any given time. Importantly this will be achieved through a transparent and reliable B2C and C2C platform, offering both depth, and disintermediation. There is plenty of value left to be unlocked in the UT and likewise given our discounting policy, so too with forthcoming F-NFTs This is a gamechanger not just for the closed auction-based luxury markets, but for investors previously excluded from these markets and unique products (they are natural and portable hedges/stores of value against inflation, crisis, financial repression, etc) While the UT has to be deemed not asset-backed (or it would be a security token and of no use to the crypto-verse since they are only traded on regulated markets and sparsely traded as a result) - it carries no voting or ownership rights - it's nevertheless very clearly an asset tied to the token. The ultimate irony is you can buy collectibles in unregulated real-world markets using cryptocurrencies BUT you cannot buy them in crypto markets because that would be classified as a security to the SEC! Risk mitigation care of our offering 1) High costs and fees are a real financial onus when retaining a ruby of this size, insurance being a major one and the other being the annual depository fees. Neither is applicable to buyers of our token OR in our forthcoming NFT issuance. Simply put, we FIX00, wear those expenses in perpetuity for you.
2) Counterfeits and frauds - The ruby ownership and existence can be verified at any time using the links on our website and will be independently valued and audited annually. 3) Security & breakage - By securing the asset in a depository with full insurance in perpetuity, at our and not your expense, and where all of this is verifiable clearly negatives this cost and risk. 4) Lack of liquidity, market & volatility. Selling collectibles can be challenging because it’s often difficult to find a buyer. As above we defeat that concern by ensuring the underlying asset can never be sold in real-world markets. In order to digitalise a real-world asset it has to be locked away securely forever - it can never be sold - as such it cannot damage, say through forced sale or break-up for jewelry purposes, the real-world equilibrium of demand and supply and thus price stability. By bringing the collectible into the digital world we IMPROVE the inadequate auction-based markets by fractionalising the asset in the form of NFTs and offering them at discounted, affordable prices. This allows more people to participate and diversify ownership of these assets as never before. That brings the opportunity for the first time ever in such assets to create a functioning, deep, market - one that can reflect the value, through the transparency of an open market system for both purchasers and asset sellers. A quantum leap forward from current real-world practises of the opaque closed-end markets that cater only to the elite, but actually, work against them given the ever-escalating costs and the complete lack of transparency. Our crypto-based solution is an immeasurable improvement of existing practises, with open not closed markets, and access to all - take that imperfect real world! We have absolute faith in the crypto-verse being able to manage and value assets via its own means and markets. Our products, our markets, our way!
If you still have questions, we are happy to have you join us. We take great pride in our company and the revolutionary change it heralds. Please feel free to contact us if you need further information or have further questions:: Contact Us
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