Project Colletrix designed a non-fungible token with the aim of connecting with the intellectual property of designs of physical commodities. The project seeks to combine blockchain, merchandise, and IP to positively transform the market of merchandises by using the NFT and the Colletrix Tokens (“CIPX”) thereby resulting in the design of an entirely different ecosystem to suit more people and supporters. The project is structured into two parts namely; the NFT and the Colletrix Tokens (“CIPX”). The NFT represents the ownership of a personalized IP, while the CIPX serves as the circulatory currency in the platform. This project will integrate the new economy with the old one to create an entirely new business model. Through this platform, the original owner of the IP will be permitted to grant new lifetime licenses via tokenization. In addition, NFT technology will be applied to create a brand new business platform that will benefit both the IP owners and consumers.

The platform consists of mutually beneficial relationships between four stakeholders: the merchandisers, the IP owners, the collectors, and the crypto-enthusiasts. For IP owners, they will benefit from the trading activities happening in the NFT marketplace. They are entitled to a specific percentage of the trade price of the NFT. The merchandisers will be able to produce unique merchandises and granted access to the IP address. Asides from having full access to the IP, the NFTs can authenticate product through blockchain. For collectors, the unique merchandise and the NFT will appeal to the collectors regardless of the category they belong, whether they are merchandise collectors or NFT collectors. The fact that this platform is powered by blockchain implies that the collectors will have access to real collectibles. For holders of CIPX, they will have the freedom to participate in this IP economy.

With each acquisition of the physical merchandise, the individual will receive a personalized private key. This private key will grant access to the merchandise owner to redeem a personalized ERC-721 token, the NFT, via this platform. The NFT is viewed as a new and unique digital asset and cannot be altered in any way. All relevant information about the ownership of the NFT will be automatically transmitted to the blockchain, which enables a full examination of the data on the Ethereum network with high transparency and traceability. The visualized NFT will be initially tied to conventional merchandise. Once redeemed, you can trade it independently as a digital asset. Asides from incorporating innovative technology and also bringing back glamour for the conventional luxury merchandise, the NFT will also create its unique market value as a digital asset.

Colletrix will issue its own ecosystem token commonly known as the Colletrix Token (“CIPX”). Although CIPX will be primarily used for the purchase of NFTs, it can also be used in multiple situations such as; marketplace trading, platform payment, NFT priority purchasing, and Crypto-exclusive special edition merchandise purchasing. The platform is managed by a group of professionals namely; Robert Tran (Chairman, CEO & Co-founder), George Jiang (Managing Director & Co-founder), Michael Young (Chief Merchandising Officer & Co-founder) and a host of others.

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Author - Coltpython