LOS ANGELES--(BUSINESS WIRE)-- 4K.com, the world’s first marketplace for physically-backed non-fungible tokens (NFTs), just sold a rare unpeeled 1 BTC Casascius coin at 3.5x the face value and added Elias Ahonen as a Casascius coin authenticator.

LOS ANGELES--(BUSINESS WIRE)--4K.com, the world’s first marketplace for physically-backed non-fungible tokens (NFTs), just listed over 18 bitcoin worth of Casascius coins on its platform. At the time of launch, the coins have an approximate face value of $1,200,000.

NFTs and luxury watches share similarities, as they both can be collectibles and appreciate in value. However, it’s rare to see NFT holders exchange digital assets into physical items or vice versa. The 4K marketplace, which went live Sep. 29, looks to change that.

Peer-to-peer marketplace 4K.com, which offers digital collectibles and luxury goods powered by NFTs, this week announced its highly-anticipated marketplace launch for collectors and resellers across the world.

Customers send their collectible to 4K, which authenticates, insures, and then stores it. The customer receives an NFT of the collectible. Whoever has the NFT can then redeem it for the physical item. The entire system is decentralized, which allows for lower transaction fees.

A tokenized Rolex?

4K platform, a marketplace that allows users to mint non-fungible tokens (NFTs) representing physical assets, launched on the Ethereum network Wednesday morning.

The project expands the uses of NFTs beyond mere digital art into real-world luxury goods. With physical goods translated into NFTs, owners of valuable physical assets are one step closer to participating in the decentralized finance (DeFi) ecosystem.

Luxury goods blockchain-based marketplace 4K announced a $3 million round of funding led by Electric Capital, Crosscut Ventures, Colab+Currency, ConsenSys and IDEO CoLab Ventures. The platform looks to combine physical items with non-fungible token (NFT) technology to create an eBay-like marketplace for luxury items.

4K, a novel marketplace that issues non-fungible tokens (NFTs) paired with luxury items held in storage, has raised $3 million in a seed round of funding that was led by Electric Capital, Crosscut Ventures, Collab+Currency, ConsenSys and IDEO CoLab Ventures.