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Lohko and Mattereum Partners to Launch Gold-backed NFTs

You_can_now_buy_gold_backed_NFTs_with_the_mining_carbon_footprint
  • Lohko and Mattereum have partnered to launch gold-backed non-fungible tokens (NFT) with carbon offsets.
  • The NFTs work as ownership over the physical gold stored in vaults in Singapore.
  • The NFTs and the physical bar of gold eventually share a unique serial number.

Crypto wallet provider Lohko and London-based tech firm Mattereum have launched non-fungible tokens (NFTs). The NFTs are mainly backed by Gold and with carbon offsets attached.

Of note, the non-fungible tokens appear to operate as ownership over the real physical gold stored in the vault. Precisely, in Singapore. Separately, each of the NFTs represents a bar of gold. In addition, the physical bar of gold and the tokens eventually share a unique serial number.

Also, the NFTs have a warranty that ensures that the owner of the token “has full legal rights to redeem the physical gold bar.” As per a report, the NFTs are located via the ETH-based NFT marketplace OpenSea.

On the other hand, the tokens represent one ounce of gold, 10 grams of gold, and 100 grams of gold in a sequential manner. Moreover, one of the 100 gram NFTs features 3D digital art representing a gold bar.

For this, Lohko CEO Antti Saarnio said,

Gold’s main limitation as an investment category has been that its ownership is difficult to transfer […] NFT gold owners are able to sell their gold anywhere and to anyone in any blockchain marketplace.

Furthermore, Lohko is not the only company to bring a tokenized gold. Perth Mint Gold Token (PMGT) claims that it was the first token backed by “government-guaranteed gold”.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.