Today marks the introduction of Vaultik, a pioneering Web3 luxury fintech solution that incorporates EU-compliant blockchain technology for digital identification, e-certificates of ownership, and on-chain insurance. Vaultik aims to safeguard luxury goods and foster a stronger connection between brands and customers, thereby enhancing the post-sale experience for luxury product owners.
Vaultik is the brainchild of Mintouge, one of the initial eight Web3 start-ups in the inaugural Dream Assembly Base Camp accelerator program by FARFETCH and Outlier Ventures. The company has recently secured $2.5 million in seed funding, led by Ken Cron’s The Operating Group, and is co-founded by Meta and Bloomberg alumni.
Pietro Novelli, Co-founder and CEO of Vaultik, describes the platform as a “digital vault” that modernizes the traditional concept of safeguarding valuable possessions. By employing cutting-edge blockchain technology, Vaultik acts as an invisible shield, ensuring the protection of belongings while introducing new opportunities and experiences.
Upon implementing Vaultik’s white label solution, e-certificates are generated using proprietary technology, streamlining the transfer of ownership through a single line of code. Novelli highlights that this technology offers one of the industry’s shortest onboarding times.
One noteworthy aspect of Vaultik’s solution is its user-friendliness. It seamlessly integrates with a brand’s existing e-commerce infrastructure without the need for payment gateways, cryptocurrency, or NFT wallets. This approach ensures accessibility for an existing customer base and even allows purchasers to access its benefits through Vaultik’s dedicated mobile app.
Ken Cron, CEO of The Operating Group, acknowledges that Vaultik’s use of blockchain technology aligns with the company’s vision for investing in cutting-edge technologies that promote positive change. This approach is appealing to brands as it enables customers to experience the advantages of Web3 without imposing barriers to entry.
For instance, luxury watch brand Panerai has developed Pam.Guard, a digital platform that grants its clients access to the advantages of digital passports without the complexities of crypto tools. This initiative was made possible through a partnership with Web3 solutions provider Arianee.
Vaultik collaborates with a variety of trusted brokers, InsurTech solutions, and insurance providers. Its unique on-chain insurance and warranty component offers up to 90% coverage against loss, theft, damage, and counterfeit products – challenges that the luxury industry commonly faces. Users can initiate repairs directly through the brand or approved suppliers.
While some luxury brands, including Panerai, offer optional warranty extensions with their digital passports, Vaultik’s inclusion of actual insurance coverage represents a significant advancement in this space.
In addition to tracking products purchased from partner brands, Vaultik has plans to incorporate features that assess their market values, potentially enabling users to leverage them for resale or as a credit tool. Further enhancements, such as AR functionality for product visualization and specialized repair services, are also on the horizon.
Vaultik’s co-founders, Pietro Novelli and Kunaal Chande, bring their experience from Meta and Bloomberg, respectively. They have not only developed a proof of concept for Burberry but are also actively working with undisclosed luxury brands.
The Operating Group, led by Ken Cron, is a holding company that collaborates with entrepreneurs to build the next generation of technology-driven businesses. Ken Cron has substantial experience in the gaming industry and serves as an adviser to the Animoca Brands board of directors.
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