To celebrate the launch of the world’s first-ever, eagerly awaited Quant Network QRC20 multi-chain token, Galileo Protocol brings to you Project Nebula. Galileo Protocol is a fully regulated and compliant marketplace for physical asset-backed NFTs. It provides a multichain, physical asset tokenization service allowing physical assets to be migrated into the digital sphere.
The Galileo Protocol will provide full appraisal, properly insured and audited custody, and a fully secure redemption system. This is game-changing for investors' portfolios, and brands looking to fight counterfeiting, and create manufacturing transparency.
The Galileo Protocol truly allows the fruition of the token economy.
As a reminder, NFTs are non-fungible tokens. ‘Non-fungible’ means each token is completely unique and distinguishable from all other tokens. Each NFT has an identifier embedded in the metadata of the contract outlining the properties that makes it different from the others. This makes them perfect instruments to store a record such as proof of ownership or authenticity.
In short, owning the pNFT is the same as owning the thing itself. They are the sharp edge at which the physical world meets the digital.
Think of them as a digital passport linked to a real-world object. It could be a collectible, a piece of jewelry, or a pair of high end sneakers. They can be minted, bought, sold, transferred, used as collateral for defi finance, or just admired on a fully regulated and compliant marketplace, such as the Galileo Protocol.
For the investor, a pNFT guarantees that the real-world asset linked to your NFT is legit. No fakes, copies, or knock-offs. It also means you have ready and easy access to niche alternative asset classes. What's more, you can diversify your crypto holdings into physical assets while remaining in the crypto eco-space.
For the owner, tokenising the asset can increase liquidity, making sure they get a better price. It can also reduce complex management costs and processes, as the smart contract will take care of this automatically. For brand owners, as well as reducing giving market share to counterfeiters, they also get exposure to high-wealth and lucrative cryptocurrency investors.
The final piece of the puzzle is interoperability. As a QRC20 standard pNFTs can run seamlessly on all of the main chains. In addition, the QRC20 token is built to institutional standards. The smart contract architecture is fully audited to the same standard that applies to the biggest financial institutions.
The industries and fields in which pNFTs can be used are literally limitless. However, here are some examples of the most notable industries in which pNFTs are particularly useful.
The range of possibilities for pNFTs is as broad as the number of physical assets that can be tokenized. Imagine a pNFT linked to real estate that allows investors to pool their resources. Thanks to NFT fractional ownership this is now possible. Investors can also be confident that all legal due diligence is carried out and that the digital asset is fully compliant. Further, the notoriously complex transaction processes that typically come with real estate deals can be massively simplified with smart contract automation.
What about having fine wines or spirits as part of your portfolio? A pNFT will come with the guarantee your valuable beverage investment is secure and stored correctly at the right temperature in the warehouse. Further, the metadata on the pNFT will show the entire provenance of the wine, from the vineyard to the vendor's shelf. This eliminates the market for forgeries and counterfeit bottles
The same applies to apparel and luxury brands. The luxury fashion sector has embraced pNFTs and blockchain technology with great success in combatting counterfeiting and proving provenance. They are also using the technology to demonstrate ecological production methods or commitment to fair trade. Their environmental credentials are embedded right into the protocol layer.
Leading vehicle manufacturers are using NFTs to give their customers an undisputable record of ownership. Also, pNFT allows a car to demonstrate an immutable record of car ownership and maintenance, bringing it higher value in the used-car market.
Project Nebula is the first pNFT to go live in Galileo Protocol. It will demonstrate what the Galileo Protocol marketplace can do. Users will get the chance to purchase a limited edition Nebula pNFT with randomised metadata. On the reveal of the metadata, the user can redeem the pNFT for the underlying asset.
Thanks to the multichain protocol the users can redeem the pNFT user the main chains.
All pNFTs will contain a limited edition commemorative NFT that has unique benefits within the Galileo ecosystem.
To encourage community participation and promote the unique functionality of Galileo Protocol, users will get the opportunity to win one of the following:
Congratulations, your purchase has been completed!