A tangible non-fungible tokens (TNFTs) marketplace that converts real-world assets into NFTs that can be redeemed for the physical item at any time, Tangible has just announced its partnership with Bordeaux Index.
Bordeaux Index, a leading fine wine merchant, will act as a provider to the Tangible, allowing the company to sell non-fungible tokens backed by liquid assets.
Tangible, one of the first asset-backed NFT marketplace in the world will acquire the product and upon the purchase of a product by any client, will mint a tangible non-fungible token representing the physical token.
The TNFT will be provided to the client while the physical item will be stored by Tangible. The client can at any time redeem the physical item using the TNFT. The client can also transfer the TNFT to another wallet or sell it on the Tangible marketplace.
The market for collectibles such as art, wine, and antique cars is estimated to be worth more than $154 billion, thus the concept brought forward by Tangible can facilitate the trading of these items across the globe, enabling instantaneous transfer of value from cryptocurrencies to tangible assets.
The tokenization of assets is a practice that is taking over various components of the cryptocurrency market. From tokenization of physical assets and selling them as an NFT is a new craze. Last year, renowned winemaker Dave Powell sold an entire vintage via NFT. He became the first vintner to do so.
