Bitcoin Daily: BVI’s Monaco Market Debuts NFT Market for Real Merchandise

Monaco Market has debuted a new marketplace combining nonfungible tokens (NFTs) technology with real-world collectible goods, a press release said Monday (Aug. 9).

The NFTs the platform offers will represent the ownership of sports memorabilia, jewelry, fine art and more.

The collectibles will be authenticated by industry-leading professionals and curated into collections, after which time they’ll be digitally tokenized to be sold on the marketplace.

The release says the recent hyper-volatility in cryptocurrency has seen investors turning to other options such as more diverse and stable portfolios.

See also: Sports NFT Marketplace Dibbs Secures $13M In Funding

Monaco Market, the release says, has been looking to make more of a bridge for those investors, offering investment-grade assets with established value. These items have long been commoditized, but the release says this development will make it so they can be NFTs and be traded easier.

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Monaco Market, the press release says, works to remove traditional avenues that allow fraud to happen. That makes it so it’s a sure thing that buyers will get what they paid for and that the suppliers will be paid, with Monaco Market reportedly ensuring that the sellers are all vetted independently and that the security is paramount.

Once an NFT is minted, the press release notes, it can be sold or held by an owner, and users will have access to a permanent and transparent log of the blockchain that lists ownership. The owner also can elect to have the underlying physical item sent to them.

In other NFT news, Coca-Cola will now be debuting an NFT to celebrate the July 30 International Friendship Day. That will come with a four-day auction period with the proceeds going toward Special Olympics International.

Read more: Bitcoin Daily: Coca-Cola To Auction NFTs As A Fundraiser; Israel Eyes Requiring Crypto Investors To Report Holdings Over $61,000

The collection will come with four pieces and will be auctioned as a single lot, packaged in a loot box, a play on the popular video game feature in which the prizes come sealed in mysterious packages.