Bullionix

Bullionix is a unique project that allows customers to create distinctive digital gold assets and store them in their crypto wallets. Each object that the customer creates is in the form of an NFT. But what sets Bullionix apart from other NFT projects is that each item is backed by real, auditable gold. This makes it a more attractive investment option for the average person, who would prefer to see their assets backed by something tangible.

Why Gold?

Gold has traditionally been one of the most preferred forms of investment, despite its lack of liquidity, and the high amounts of additional costs involved with gold. This is primarily because gold has traditionally been a status symbol, and it is relatively stable compared to alternate, perhaps higher rewarding investments. Even in the modern age, with so many different avenues of investments available, gold is still a very popular form of investment. To attract the younger generation of investors, there has been a gradual decrease in costs associated with investing in gold. One of the ways we have created is to invest in gold in electronic form, usually through instruments like gold ETFs, which allow investors to have ownership of gold in dematerialised form, backed by actual gold which is stored securely in a vault.

A new form of Digital Gold

But the problem with these instruments is that they do not necessarily mean the investor owns the gold. Rather, it just means that the investor owns what is essentially a piece of paper that is backed by gold. This means that ETFs cannot be traded like other investments, and are often under stringent rules regarding their sale and transfer. Essentially, electronic forms of gold have never been the same as physically owning gold. But recent advances in blockchain technology have sought to change that.

Digix began in December 2014, as a project on a newly created blockchain platform called Ethereum. It was started by Kai Chng, Anthony Eufemio and Shaun Djie. Their vision for the project can be expressed in a simple sentence, “The future of owning gold is digital.” Digix allowed investors to invest in electronic using smart contracts, setting up a token called DGX that was tied directly to the price of gold.

Soon, to popularise the concept of smart gold, a new project was founded in collaboration with Digix. It was an innovative way to allow investors to showcase their smart gold, so even though the gold they owned was in virtual form, it could be used to create beautiful artwork, in the form of NFTs, and provide additional value to the gold they owned. Thus, Bullionix was born.

Creating your Gold NFT

The process is simple. First, you acquire a certain amount of gold, in the form of DGX tokens. Then, you select a mould of your choice. Each mould requires a certain amount of gold. Once you’ve selected your mould, you stake the required amount of gold to that mould. Once the process is complete, your collectible will be deposited in your wallet as an NFT. Additionally, since it's a virtual process, there is no wastage of gold, and even physically impossible designs could be created, since it is a digital artwork.

Once the NFT has been created, you can choose to display it in your showcase, where it can be interacted with, or you can choose to sell them on open NFT markets. Additionally, if you choose to, you can also melt the item, and extract back the gold in the form of DGX coins. And since it is all backed by actual gold, its price is much more stabilised.

Collaborations

Bullionix already has a variety of designs, ranging from beautiful abstract artwork to custom-made coins available on their website. They also plan on collaborating with some of the leading currency experts like Tom Badley in the world to create digital NFTs in the form of gold coins. Apart from this, they also plan to partner with Chainlink to create dynamic NFTs, that is, NFTs whose designs can be modified in the future. This kind of art wouldn’t be possible to create using traditional physical forms of gold. Bullionix has also worked with artists to release commemorative coins, such as the kickoff of Guerilla Music’s season 2020, and a 2020 time capsule collection that captures some of the major world events in the year 2020.

Bullionix offers a new and innovative way to invest in gold. Now, gold doesn't have to exist only on paper. Instead, you can create a beautiful new NFT, and you can trade it like any ordinary form of asset. This project is a creative way to promote owning gold through blockchain, and also get more traditional investors involved in the world of cryptocurrencies and NFTs.

Go check out their designs on their website bullionix.io. Alternatively, you can also follow them on Twitter, Discord and Reddit.

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