Jigen — your NFT gateway for Fashion and Luxury items
Source: Jigen website
Jigen is the first NFT gateway for fashion and luxury items in the metaverse and gaming ecosystem. They have 3 main areas of focus: building its own brand, exclusive NFT drops through its Launchpad, and custom NFT works for companies and projects.
With Jigen, they aim to alleviate the global problem of counterfeiting of luxury items. According to this report, the total losses due to counterfeiting is in excess of US$30 Billion in 2018. Given the growing adoption of crypto and the popularity of NFT technology, Jigen has presented itself as a viable option to bridge the gap between the digital and real worlds of luxury and fashion goods. With a simple interface that is intuitive for all, Jigen also tries to engage a wider audience and also attract the younger generations who are comfortably immersed in the metaverses of today.
Given the decentralized nature of the blockchain, it is possible to digitize and track the entire cycle of a luxury item, putting an end to counterfeiting simply by using NFT technology. With the support of NFTs tied to real-life physical assets, a wide range of applications can be developed for DeFi, while allowing you to bring your wearables into the metaverse, generating another currently untapped market for the luxury goods industry. You can even personalize your avatars in any metaverse that you belong to and give them a unique attribute with the NFT wearables. So your virtual character will closely represent what you are in real life, and companies also get brand exposure in the virtual worlds.
Using Jigen, companies can also additionally increase their brand value by using NFTs to end counterfeiting by tracking the lifecycle of their products with blockchain technology. All NFTs will be backed by physical products that can be redeemed at any time on the Jigen platform. Buyers can enjoy the virtual version of their collectibles, take advantage of market opportunities in the DeFi ecosystem, or simply redeem the NFT for the physical items through the Jigen app.
The NFT market today is currently dominated by the Ethereum blockchain in terms of the number of users. To guarantee the sustainability of Jigen, all NFTs will be compatible with the Ethereum Virtual Machine (EVM), and can be minted and swapped between all EVM-compatible chains. In addition, you will be able to market and trade your NFTs in any secondary market.
In order to achieve what it set out to do, Jigen has introduced the $JIG token for its internal economy. Based on the number of tokens held, holders will get exclusive access and privileges within the platform. The $JIG token can also be used for staking and governance purposes. And most importantly, Jigen will use 60% of all fees collected from NFT trades and use them for token buyback and burns! This is definitely a good deflationary measure that will keep the token economy robust and bring more value for investors.
Source: Jigen website
The $JIG token is expected to launch in December 2021, with the first exclusive NFT drop expected to happen in Q1 2022! If you love luxury items or love the idea of NFTs combined with luxury, then you should join their socials below to get updates as soon as it happens!
⚙️ Find out more about Jigen:
Website | Twitter | Telegram | Medium
