The platform's technology also has implications for the secondary market, with Vaultik having developed an AI-powered algorithm for real-time valuations of luxury assets for resale. Veteran jeweler Amedeo Scognamiglio is partnering with Vaultik for digital product passports and insurance for his brands, while Italian designer furniture brand Superevo is using the technology to document the life cycle of its products on the blockchain. Vaultik's co-founder, Pietro Novelli, sees other blockchain platforms as potential partners rather than competitors, due to Vaultik's integrated insurance component.
Key takeaways:
- Vaultik, a luxury fintech, is leveraging blockchain technology to provide Digital Product Passports with certificates of ownership and on-chain insurance for luxury brands.
- The platform is working with brands across various sectors including luxury watches, gemstones and fine jewelry, leather goods, and furniture, focusing on both primary and secondary markets.
- Vaultik's technology is being used by London-based start-up NIX Time to provide Digital Product Passports with integrated insurance for customized luxury watches.
- Vaultik has also developed an AI-powered algorithm for real-time valuations of luxury assets for resale, and is entering the secondary market with central London luxury consignment store Luxe Dressing.