So far, NFTs have only a digital connotation worldwide, which means one can only own digital art that has already been tokenized on a blockchain. Therefore there is a gap between two distinct worlds of physical goods and virtual tokens, especially in the fashion industry, which Trace Network has identified as a market issue. Hence, to bridge this gap, Trace Network has introduced Bling.
Launch of Bling
The Trace Network calls it the “world’s first limited edition Luxury & Lifestyle Products NFT marketplace”, exclusively for limited run physical goods based NFTs. This Trace Network NFT marketplace will serve as a link between real-world products and virtual non-fungible tokens that have been developed specifically to reflect a one-of-a-kind piece of a limited-edition luxury lifestyle product.
Trace Network claims this new marketplace will change how luxury item ownership is done, allowing prospective owners to own both the digital and physical versions of a product. This platform will be fully decentralized, with immutable ownership, and will run entirely on smart contracts. This implies that anyone can create NFTs and conduct NFT sales, auctions, and distribution efficiently.
Bling will be developed on the Polygon network. Polygon (formerly Matic Network) is the world’s first well-structured, simple-to-use Ethereum scaling and infrastructure creation platform. Polygon SDK, the framework’s central feature, is a modular, scalable framework that can be used to create various applications. It addresses the problems with Blockchains, such as high gas fees and sluggish speeds, without compromising security.
Polygon plans to use several scaling solutions to achieve its target of lowering transaction fees. This will allow Trace Network access to quicker, more affordable, and more stable, and transactions.
Trace Network has also teamed up with Biconomy to offer a gasless end-to-end solution for Bling transactions. Biconomy is a technology firm that develops transaction infrastructure for web 3 applications of the future. Developers can allow a personalized and straightforward transaction journey using Biconomy’s efficient and easy-to-use APIs so their end users aren’t confused by blockchain complexities.
How does the Bling project work?
- The marketplace will allow everyone to look at the NFTs that have been listed.
- Users would need to link their wallets to the marketplace by simply placing an order or competing in an auction.
- The customer will have the right to demand or exchange their NFT for a physical item when they buy an NFT.
- When a customer claims a physical good, the company that made it will send it to the user, based anywhere in the world.
- On the blockchain, both the owner of the NFT and the tangible goods will be registered.
What is the Trace Network?
The Trace Network is a high-performance DeFi protocol aimed at the fashion, lifestyle, and luxury goods fields. Trace Network discovered that many businesses in this fashion and luxury industry have challenges with inventory, operations, and ownership management, which leads to product theft and creates entry points for counterfeiters. Trace Network aims to create solutions that unlock billions of dollars in the market potential that would otherwise be stifled by inefficient product inventory and ownership management, more expensive trade funding and banking choices, and persistent inefficiencies in par Diem commercial transactions.
Trace Network’s team has been involved in digital technology for more than two decades. Lokesh Rao and Sunil Arora, the two co-founders, have experience in technology consulting. Sunil has worked in the Apparel / Fashion & Lifestyle industry for over 35 years, in both the retail and manufacturing sectors, in nearly 50 countries. On the other hand, Lokesh has spent the last 12 years in the business technology space, assisting companies in acquiring and implementing technology in over 20 countries.
Bling does look promising. Whether it will succeed or not, remains to be seen.