Galileo Protocol is a Multichain, peer-to-peer community platform created with QRC-20 token and QRC-721 tokenisation technology. Our platform lets brands, owners, and customers discover, browse, purchase, and create NFTs tied to physical assets. We call these pNFTs.
The term pNFTs refers to ‘physical Non-Fungible Tokens’, tokenised physical assets. These can apply to almost anything where ownership is essential, like real estate, luxury watches, and cars.
PNFTs are our response to a fundamentally global problem in the luxury goods market: counterfeiting. By tokenisation, we certify that the physical asset is authentic and provide a guarantee of its origin. This certification happens on a public blockchain, allowing us to create an ownership history log.
The estimated global value of counterfeit goods is over 500 billion dollars.
The pNFT is a digital representation of the physical object to which it is linked, a digital twin. It provides all the advantages of a conventional NFT (unique, traceable, immutable, and secure) while abstracting much of the complexity involved in trading a physical asset.
Galileo's pNFTs provide a valuable tool for buyers and sellers to establish the authenticity of the underlying asset. The Galileo protocol will allow most people and businesses to tokenise real-world assets into NFTs. These NFTs are obtainable with fiat or cryptocurrencies, such as $USDC, $LEOX, $QNT, and more.
Galileo Protocol offers a plethora of services under its umbrella, including:
- An open source marketplace
- Cheaper and faster transactions
- Currency and pNFT transfer
- A wide variety of pNFTs to collect
- Redemption and escrow system
- Fiat & Crypto payment options
- Defi lending protocol
The $LEOX token will serve as a utility token within the Galileo ecosystem. The $LEOX utility token functions as a digital currency you can use on the Internet when dealing with physical assets. $LEOX will also enable critical functions, including serving as a medium of exchange for platform services, milestone rewards, transaction fees, and governance rights.
The pNFT token model allows Galileo to provide a network of trust. This trust can offer many operational efficiencies and cost reductions for businesses operating in luxury markets.
Galileo Protocol is looking to solve three main issues in luxury asset markets:
1) Investors are increasingly looking to diversify their investments into alternative assets. Asset classes such as real estate, luxury watches, or precious metals help to hedge against inflation or economic instability. Most of these assets are illiquid by nature. To be ‘Illiquid’ means that it is not easy to buy or sell these assets within a short time frame and without intermediaries. This illiquidity occurs due to imbalances in the supply and demand aspects of a market. pNFTs help with this problem by providing extra opportunities for liquidity via fractional ownership.
2) Cryptocurrencies have emerged as an alternative store of value. With Galileo Protocol, crypto investors can invest in physical assets without reverting to fiat on a cryptocurrency exchange first. In its current form, however, the market is volatile and cyclical. On top of this, crypto investors cannot leverage their holdings to acquire physical assets until they leave the crypto ecosystem.
3) Globalisation and the increase in online merchants have drastically increased opportunities for counterfeit goods to be bought and sold. Galileo Protocol provides a network of trust, linking a series of verified partners and existing luxury goods outlets through blockchain technology (pNFTs). In this sense, the pNFT provides a logistical benefit to existing merchants and trade infrastructure.
Galileo benefits retail investors by providing access to markets usually reserved for high-value investments. Access to real estate or luxury brand watches is impossible for most people due to the prohibitive price tags. Due to the fractionalisation of pNFTs, this provides a lower barrier to entry for investors. The idea is that they can benefit from the appreciation of assets proportional to their ownership stake.
Using the Galileo platform reduces the administrative burdens seen with traditional markets. Smart contracts automate many routine administrative tasks, saving time and energy. Clearing and settlement stages in the payment process can be simplified and made more efficient. Logistics and tracking are other areas that smart contracts that could offer potential savings.