Creating Digital Asset Logs (NFTs) of Physical Items on the Blockchain for Retailers (Brand Workx)

Asset Workx aims to be a global leader in creating digital records for proof of ownership and authenticity of luxury goods, via NFTs on the blockchain.

By providing an accessible solution for brands and retailers at point of sale and an easy to use app for individuals for the resale market, we will help to secure these assets, build trust, reduce counterfeiting and fraud.

Problem

Asset Security: many people fail to organise and manage their physical assets when it comes to proof of purchase, receipts, guarantees, warranties, certificates etc.

Counterfeiting is on the rise and is projected to exceed $3 trillion in 2022.

Luxury goods remain among the most popular product categories for counterfeit goods, sold both online and in physical marketplaces.

The global luxury resale market in 2021 was valued at US$32.61 billion, and is likely to reach US$51.77 billion by 2026. However, it is the resale market where many counterfeit and stolen luxury items end up being sold on to unsuspecting buyers.

Solution

Enabling brands, retailers and individuals to digitally log and record the details of luxury goods as NFTs on the blockchain, will help to change the way we manage and secure our personal physical assets.

Brand Workx: Accessibility is key for easy retailer adoption. No QR codes to print out, no complicated systems to implement. Brand Workx will provide a simple plug-in for the most popular POS systems (Square/Shopify etc). All data from the sale will automatically be sent to the Brand Workx system that will then create a digital asset log as an NFT, which is then transferred to the purchaser.

These logs can be securely shared with insurance companies and potential buyers and can be transferred if the item is sold in the future. Users will also be encouraged to validate their identity to help build trust in the ecosystem, helping to reduce the risk of counterfeit and stolen goods within the resale market.