UAE based Aurus, pioneers in the tokenization of precious metals, and Authic Labs, a leader in Web3 customer loyalty solutions, have partnered to utilize blockchain technology for precious metals including gold with the first Gold backed NFTs.
This partnership opens new avenues for Real World Assets (RWAs) in the realm of digital collectibles (NFTs).
This partnership seeks to harness each company’s strengths, with several initiatives already underway, including gold-backed NFTs and blockchain-powered loyalty programs. The initiative aims to offer brands the opportunity to engage their audiences with digital collectibles, backed by the real-world value of physical gold. These NFTs, redeemable both digitally and physically, introduce groundbreaking possibilities for traditional companies that have been hesitant to launch their own collections.
By linking NFTs to gold, brands can set a stable price floor for their collectibles. This approach not only protects their brand and community from potential market downturns but also introduces new dimensions of utility.
Authic Labs is implementing tGOLD as a tool for loyalty rewards on their platform. Aurus will be integrating the Authic Labs interactive DApp on its platform, enabling users to engage in a variety of functionalities. These include minting and burning tGOLD tokens into NFTs, participating in staking, governance and DeFi, among other features.
Improving the practical uses of tokenized precious metals during our combined efforts will greatly benefit AurusX (AX), the Aurus ecosystem token. AurusX tokens can be staked to claim monthly rewards in tGOLD, tSILVER, and tPLATINUM, as well as vote on ecosystem proposals. These rewards are generated from the various transactions that occur within the Aurus ecosystem, including NFT mintings. AurusX is traded on several venues.
Wouter Kloosterman, CEO of Authic Labs, expressed enthusiasm, “Our partnership with Aurus marks a new era where Web3 technology and real-world precious metals intersect. Integrating cutting-edge technology with traditional assets sets a new standard for value and utility in the digital collectables space.”
Mark Gesterkamp, CCO of Aurus, added, “We are very excited about our collaboration with Authic Labs, which promises to bolster our presence in the NFT space. Our conviction is that brand engagements will onboard the next mass wave of users to crypto. Adding the value of gold to digital collectibles will redefine its utility and improve overall user experiences.”