The world is changing much faster than we can possibly imagine. That which humanity values doesn’t stay in one place either, it’s constantly being improved. Once upon a time, the most important things were stones and shells. Then it was glass beads, woodwork, and clay. Then it was precious and semiprecious metals, such as silver and gold. The pinnacle of human creation is digital assets.
However, the value of fossils and precious metals, such as gold above all, is still extremely high today. It’s all because of a certain, unique property: there’s a limited amount you can get (gold needs to be mined after all, and there isn’t an unlimited amount of it). So even if all the currencies in the world disappear, gold will always be in demand, and it will be a unit to measure human values.
However, technology is changing too. A new technology has stepped into the game and is gaining popularity, it integrates the world of cryptocurrency with that of real gold, and it’s called NFT Gold.
What is NFT Gold?
An NFT is a cryptographic certificate that proves you own a unique item. NFT stands for “non-fungible token”, it means that every NFT is one of a kind. Each one distinguishes itself with a special identification number in the blockchain.
Every NFT is totally unique. This can’t be said about fiat or cryptocurrencies like bitcoin. One bitcoin or one dollar is always equal in value to any other bitcoin or dollar. The owner doesn’t care about which bitcoins or dollars they have, just how many they have.
NFTs represent some kind of unique object, e.g., an image on the internet. However, NFT technology can also be combined with things from the real world. Any NFT issued can be secured with real gold (by which we mean to inextricably link a unique digital certificate to a specific, numbered gold bar).
As such, when you purchase a unique NFT in the digital world, it’s automatically assigned a unique bar of gold with its own number. As a result, thanks to the properties of NFTs and the open and transparent blockchain, everyone can see that that specific digital token, and with it a bar of gold, belongs to a specific person.
The owner can keep their NFT in storage, sell it, or even exchange it for a real, legal bar of gold, which can be delivered anywhere in the world.
To put it simply, buying NFT gold in digital form gets you a real bar of gold, without needing to go to a bank and spend any time worrying.
However, you can’t just go and buy a bar of gold on popular NFT marketplaces. You need to come to a specialized company. They’re responsible for the actual infrastructure of creating a digital NFT, buying gold bars from partner companies, digitally tying them with NFTs, and handling their storage and delivery.
However, this technology, while exciting and having great potential, isn’t yet everywhere. There’s a relatively small number of companies and crypto projects that are capable of releasing a complete, legal product on the market. One of these projects is TRES Gold NFT.
About TRES Gold NFT: having legal interactions with clients is one of the company’s main principles
TRES Gold NFT is a product that allows users all over the world to purchase gold in the form of a unique NFT. At the same time, real bars of gold will be stored in the most reliable vaults in Liechtenstein and the UAE.
The service is suitable for people that want to diversify their financial portfolio and buy bars of real gold from the comfort of their own home.
The main advantages of TRES Gold NFT are how easy and quick it is to purchase gold, the reliability of its storage in the most protected jurisdictions on the planet, and, most importantly, the total legality of the process on every stage of interaction with the company’s product. TRES Gold NFT has a license to create and issue NFTs, and to store, purchase and sell cryptocurrency in Dubai and Liechtenstein. It also has approval to carry out its activities from Dubai’s financial regulator.
However, the service is now only at the beginning of its journey and is planning to produce not only gold NFTs, but also NFTs backed by other metals. It’s also ready to interact and collaborate in any way with venture funds.
Purchasing NFT Gold
The process of interacting with the TRES Gold NFT platform is extremely simple.
To purchase a gold NFT, you’ll need:
1. To register on the site’s company, SIMBA.STORAGE
2. To go through KYC identity verification.
3. If you plan to purchase gold worth over $10,000, you must also go through AML compliance (anti-money laundering).
4. Once you’ve gone through the verification procedure, you need to link a crypto wallet to the site.
5. Then you need to choose the NFT Gold product you want.
6. After that, you need to make a purchase using the TRES Payments system.
7. After payment, the NFT GOLD will be transferred into storage. After that, you can withdraw your NFT to another wallet. You can also sell your NFT on a different market. For example, on the OpenSea decentralized platform, which has a 2.5% commission.
Creating NFT Gold: TRES’s experience
The TRES Gold NFT team needed 12 months to get all the required regulatory approvals and to properly implement the NFT Gold product. Between initially discussing the project in Zurich to starting its first sales, only one year passed. However, if they truly desire, anyone can repeat the success of this product.
The TRES Gold NFT team demonstrated every point the company went through, and what they think everyone who wants to do the same should take into account.
First of all, you need to get the necessary cryptocurrency licenses to carry out business legally:
1. A license to legally issue smart contracts that can issue NFTs. The company received its first license for TRES DLT DMCC in Dubai in 2021, which it allowed it to develop smart contracts and issue tokens.
2. A license to legally store cryptocurrencies The company received a license for SIMBA STORAGE DMCC in Dubai in 2021. It allowed it to store BTC and cryptocurrencies.
3. A license to legally buy and sell cryptocurrencies The company received a financial license for TRES OTC DMCC in Dubai in 2021. It allowed it to buy and sell BTC and other currencies.
You then need to choose the right partnerships and build the backbone of your team.
4. A team that develops smart contracts which issue tokens.
5. A team to develop a site with all the required tools implemented.
6. KYC partners. TRES Gold NFT has integrated its partners Sumsub, located in London, into their product. Every client’s data is reliably protected and stored within the EU.
7. AKW Dubai — compliance partners. They verify every user on the platform planning to buy gold worth more than 10,000 USDT.
8. Partner brokers that purchase real physical gold. They carried out onboarding for companies to be able to buy and sell real physical gold in Liechtenstein and Dubai.
9. Gold storage partners. They carried out onboarding for companies to open an account to store physical gold in Liechtenstein and Dubai.
10. Interacting with VARA, the virtual asset regulation authority in Dubai.
Now they have all the above, TRES Gold NFT is able to bring the whole product together and provide clients with legal support at every stage of interaction with TRES Gold NFT. The company can legally issue NFTs, legally sell and purchase them, carry out KYC and AML compliance, legally sell USDT for fiat currency, purchase physical gold using fiat money in Liechtenstein, and place it in gold storage in Liechtenstein and Dubai.
The whole process takes 10 to 15 days, taking into account verification of the client’s fiat funds, all fiat transfers, and transporting gold into storage. If you just need to purchase gold worth less than $10,000, and you want to do it straight away using cryptocurrency, the process takes just a few hours.
How developed is the NFT Gold market and what other companies exist?
Are there alternative companies that create and sell gold bars in digital form? There are, but there aren’t many of them.
TRES Gold NFT analysts have carried out a closed investigation into this market. They discovered that there are just 7 companies actively engaged in public activities. They’re all trying to create a similar NFT Gold system. However, all the projects we investigated had significant flaws; they operated outside the legal sector.
The companies we looked at didn’t have the necessary licenses, either to purchase and sell cryptocurrency, to store cryptocurrency and gold, or to issue NFT tokens. The projects’ jurisdictions were hidden and there were no user verification procedures. Additionally, since the process of buying gold was anonymous and not within the bounds of the law, there was no way to prove where the funds came from. Gold bars also were more expensive than alternative companies, the process of tying a digital NFT to real gold was questionable and closed off, and there were countless other issues.
Moreover, the majority of projects were aimed at creating a limited number of images, as well as only really being interested in collecting NFTs and then securing them with gold.
This makes it impractical to buy gold from these companies, purely because purchase is limited to the companies’ collections; it’s impossible to purchase a large number of them. These images secured by gold are several times more expensive than normal NFT bars like that of TRES Gold NFT (again because of the limited nature of their NFT collections). This option is more suitable for collectors, rather than investors that want to add a digital equivalent of real gold to their portfolio. These projects represent the vast majority of NFT Gold projects.
Currently, one of the few actively developing companies run by crypto enthusiasts in Singapore is Lohko. This service is another one that allows you to purchase gold in NFT form. The essence of the services offered by the company is very similar to that of TRES Gold NFT. However, this company also has its vulnerabilities, some of which we covered above.
As a result, NFT Gold’s area of business is only starting to gather popularity in the cryptocurrency world. At the moment, there are only isolated cases of this kind of product being realized by international companies. This is why now is the right time to look towards gold and diversify your financial portfolio with digital assets backed by real, physical gold bars. Especially now given the world is in such an unstable world, when it’s not just cryptocurrencies that have become unpredictable, even national currencies have compromised themselves and shown just how unreliable they are. And if you want the purchasing process to be done quickly, properly, and legally, then you should take note of licensed companies like TRES GOLD NFT.