What is Viridian Exchange?
Viridian Exchange brings physical collectibles to the metaverse — enabling users to instantly buy, sell, and trade the rights to their real world assets as NFTs. Our vision is to shift the paradigm for how asset ownership is defined in the physical and digital worlds.
We vault and insure each collectible in a 24/7 monitored, fireproof facility, and create a digital token representing them to be traded and showcased digitally. Ultimately, we aim to reduce friction and intermediaries in the physical collectibles market, while expanding the liquidity and UX possibilities for these tangible collectibles.
After the assets are verified, secured, and tokenized, a 3D representation of the asset will be minted to your crypto wallet as an NFT, to represent proof-of-ownership.
Once the NFT is in your inventory, you can:
- Sell or Trade your physically-backed NFT on Viridian Exchange or any other NFT marketplace
- Showcase your asset in your curated digital collection, or other social medias
- Redeem the NFT for the underlying physical asset to be shipped to you
As you may know, the physical collectibles market has been extremely hot since the pandemic started. So hot, in fact, that e-commerce platforms have seen over 100% year over year growth on popular collectibles since 2020 and the market cap of collectibles has increased to $412 Billion in the last year.
However, the current standards of exchanging a these collectibles are outdated and seriously due for an upgrade. We're a team of long-time collectors, and we've spent decades experiencing the massive pain points that millions of collectors still face today in the current market. Hence, why we set out to solve these issues on a massive scale.
Friction and Intermediaries:
On platforms like eBay and Mercari, there are numerous points of friction that prevent collectors from optimizing their purchasing funnel, from shipping hassles to high transaction fees. With physically-backed NFTs, you can buy, sell, and trade the rights to your assets instantly, with industry-low transaction fees and without annoying trips to the post office. If you don't want to handle the assets at all, there's the benefit of making hands-off trades and investments, with completely standardized and trustless transactions on the blockchain.
Counterfeits & Fraud
According to a 2018 study done by the US Government Accountability Office, about 40 percent of a sample of assets bought on popular e-commerce websites (eBay, Mercari, etc) were fake. The study also states that counterfeiting spans not only from luxury watches and handbags, but to things like trading cards, consumer electronics, and sports memorabilia.
Aside from counterfeits, buyers have to worry about shady sellers and whether or not they will send them the correct item -- and sellers have to worry about fraudulent chargebacks, even if the buyer has clearly received the proper item.
With Viridian, our trained team of experts verify each asset deposited into our system before processing and rendering the asset as an NFT, so you can make worry-less transactions on the platform. See Authentication to learn more about how we authenticate our assets under management.
Geography & Liquidity
With the current meta of exchanging assets, the number of buyers and sellers at any given moment available to provide liquidity for that item is low when you have the physical asset in-hand. Also, due to the geographical constraints of most popular e-commerce platforms, many collectors are restrained to only the buyers and sellers in the US. With Viridian asset-backed NFTs, not only are you able to have the increased liquidity for your assets via participating in the international, non-stop crypto market, but to instantly buy, sell, and trade with anyone in the world at any time of the day.
With the physical + technical infrastructure we provide to enable users to create & trade physically-backed NFTs, we hope to solve these issues en masse.
Once the physical assets are tokenized into 1/1 NFTs, the possibilities for financial and UX expansions are endless:
- Collateralized Lending / Borrowing
- Metaverse integrations