LUXCHAIN is creating the Digital Assets of the Luxury Economy with the aim of combating the problems of counterfeit products in the luxury market. For decades, personal luxury product brands have suffered from heavy counterfeiting especially in the area of handbags and wristwatches. This has become challenging for the brand owners as well as the users of these products. Buyers purchase these products with caution for fear of being duped into purchasing fakes. The same goes for the secondary market of luxury goods. Knowing the resale value of a personal luxury item is also a problem that sellers and buyers face. Most sellers don’t know what the optimal price is, and buyers do not know if they are truly getting the best deal. Fragmented pricing across global secondary personal luxury goods market means that optimal prices are not being utilized. Even if one knows that the product is authentic and understands the optimal price, most sellers do not know where to sell the item for best conversion rate. Buyers do not know what sales channels or retailers have the best deal. Not knowing where, when and how to obtain the best deals hurts both sellers and buyers. LUXCHAIN tackles these problems head on by providing a platform for the verification of personal luxury products via a network of certified verifiers and creating Digital Assets of the products on the blockchain. Products that have been verified will have their information digitized on the blockchain where all relevant parties will have transparent access. This framework helps buyers affirm the authenticity of products, especially secondhand products. To solve the pricing and sales channel problems, LUXCHAIN offers the Global Luxury Index powered by AI. It informs buyers and sellers of the optimal market price for over 450,000 personal luxury products. Using AI, the Global Luxury Index also informs sellers and buyers of the best sales channels to understand where the best deals can be found.
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