Image Credit: Exclusible
Exclusible, a platform for digital goods tailored towards luxury brands that allow customers to buy, trade, and showcase exclusive branded non-fungible tokens (NFTs), has raised €2.2M seed round funding.
The round was co-led by Tioga Capital, White Star Capital, and Indico Capital Partners. They were joined by several business angels, including Formula E drivers’ champion António Félix da Costa and driver Mitch Evans through APEX Capital. The company is set to launch in Q4 this year.
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Fund utilisation
The company will use the funds to launch a global luxury NFT platform where users will be incentivised with gamification and social elements. Users will also be allowed to share their NFTs and build a community around brands.
Exclusible has signed letters of intent with high-end designers and plans to launch later this year with a number of luxury brands, the company said in a statement.
“We are convinced that a progressive migration of our digital social life to the Metaverse will happen and that traditional brands will want to be present in this space. That will be especially true for the Luxury industry, given the importance of their brand equity,” said Thibault Launay, co-founder, CEO and an experienced NFT collector himself.
What are NFTs?
NFTs are non-fungible tokens – a way of registering on a blockchain to certify a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files.
NFTs have seen a huge demand, with over $1.2B of sales in July 2021. After buying an NFT, it can be displayed in a user’s gallery (including through AR/VR), shared on social media platforms, or sold on a secondary market.
It is mainly done to attract both NFT enthusiasts and traditional luxury buyers, so users can pay with both cryptocurrency and regular means of payment such as credit cards.
Exclusible tapped into the demand for luxury brands because more and more crypto-enthusiasts, collectors and the general public that buys luxury products seek to invest in exclusive digital items, whose provable scarcity is guaranteed by the blockchain.
Taking inspiration from the aggregator model of luxury marketplaces like Net-a-Porter or Farfetch, Exclusible plans to become the go-to platform for digital luxury, the company said in a statement.
About Exclusible
Exclusible, a premium platform for digital collectible assets in the luxury sector, helps collectors get access to limited-edition NFTs and experiences issued by the world’s most desirable luxury brands across four verticals: supercars, watches, fashion and jewelry.
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