A better way to invest in gold.
The Rolaz Group has been recently making headlines in the world of crypto. Today, we bring you their latest announcement: They have started the development of a gold NFT marketplace that will be built specifically for supporting the trade of gold through certificates represented by NFTs.
If you want to invest in gold and are interested in finding out more about this project, keep on reading.
Non-Fungible Tokens
Before we go any further, let’s first clarify what non-fungible tokens (NFTs) are and how they work.
By definition, an NFT is a non-interchangeable unit of data that grants ownership to an item. It’s like a physical collector’s item, only digital. If you still don’t understand how it works, allow us to explain with an example.
First off, an NFT is just a set of random characters stored on a blockchain. So let’s say there’s a digital piece of art and its owner wants to make an NFT of it and then sell that NFT for profit. In this scenario, the first thing the owner will have to do is mint (create) an NFT for their art — minting is a complicated process and we don’t really need to get into it here.
Once the NFT is minted, the owner will have an ID (set of random characters) for it, which he can then sell to anyone. Now, this is the important part. The person who will buy the art will not get the copyrights to the art but ownership to the NFT.
Do you get it now? An NFT is like an ID that grants ownership of an item. Now that we’ve cleared that up, let’s move on to the role of NFTs in gold trading.
The Role of NFTs In Gold Trading
We all know that gold is an ideal medium to hold value in times of chaos and uncertainty. However, investing in gold has one main downside, which is especially true when we’re talking about big investments. You see, the biggest limitation of gold as an investment has always been that it’s difficult to pass its ownership to someone. If you try to sell it locally, you will find out that the pool is very small and it’s hard to get a fair price for your gold.
Fortunately, NFTs aren’t restricted to art. They can grant ownership of anything in the world, including gold.
Why is that good news? That’s actually great news because NFTs allow you to sell your gold anywhere and to anyone in any blockchain marketplace. This is a huge benefit because it provides you with better liquidity and profit margins.
Some Use Cases of Gold NFTs
Gold NFTs have dozens of use cases, among which the following three are the most noteworthy:
1. No more storage problems: Would you rather store your gold on your property and risk it being stolen or keep it at a secured lock where no one can access it without your permission? If the latter sounds better to you, then you will love gold NFTs. With them, you won’t have to worry about storing your gold as it will be locked away in a safe only accessible by you.
2. Maintenance is no longer an issue: As you may know, tiny differences in the condition of gold can have a significant impact on its value. That’s why it’s important to ensure that gold is not only well stored but also well maintained. But with NFTs, this is no longer an issue. You won’t be responsible for the maintenance of your gold.
3. More liquidity and higher profit margins: As we mentioned earlier, with gold NFTs, you will be able to list your gold to a much larger audience. When you have more prospects, you have more chances of obtaining a higher profit margin.
The Rolaz Gold NFT Marketplace
Rolaz is building a gold NFT marketplace to offer people a better way to invest in gold through leveraging DeFi technologies.
Since the gold trade has evolved into different solutions over the past century, each with its own merits and downfalls, the Rolaz platform is looking to combine the best technologies of each of these setups to create a single trading solution.
This is a feat that the Rolaz Group is confident they can achieve. That’s because they possess all the logistical resources connected to the extraction, storage, trade, and audit of gold, which will make the development of a gold market via the issuance of NFT possible.
The Many Benefits of a Gold NFT Marketplace
The Rolaz gold NFT platform will use the following principles as a starting point for its development to provide its user multiple benefits:
● Lower fees: All fees associated with gold trading will be reduced in order to attract more traders and investors.
● Less risk: All risks associated with gold trading will be reduced by eliminating middlemen and holding a single quantity of gold in the NFT platform.
● More security and transparency: Rolaz NFT Marketplace will have the distinction of being the first gold platform based on non-fungible tokens, which will allow investors to trade in a more transparent and secure way.
Conclusion: The Future of Gold NFTs
The future for gold NFTs seems bright. There are just too many benefits to leveraging NFT technology for gold trading and traders are sure to take advantage of this new method of investing. Since the Rolaz gold NFT marketplace will be the first of its kind, we believe it will be a huge success right off the bat and the project will continue to grow rapidly in the upcoming years.
