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Utility NFT Digital Central Bullion Bars
What is an NFT ?
NFT stands for a non-fungible token, which means it can neither be replaced non-interchanged because it has unique properties.
An NFT (non-fungible token) is a digital asset that represents collectibles such as a art, video, music and other sought-after, valuable, rare, unique, limited edition and one-off items.
NFT tokens are created and stored using blockchain technology (that underlies cryptocurrency) and serve as proof-of-ownership and provenance. NFT tokens work like a digital certificate of authenticity that can be easily verified by anyone anywhere in the world on the blockchain and cannot be forged or otherwise manipulated.
Trading (buying and selling) NFTs, takes place with cryptocurrency on specialist NFT exchange platforms like OpenSea.
Utility NFT's have extra value in addition to their aesthetic (e.g. Art) or collectible (e.g. Trading Cards) value.
Central Bullion NFT's are an example of UTILITY NFT's with a TRADABLE & INVESTMENT VALUE based on combination of factors such as The Precious Metal Type, Weight, Prevailing Precious Metal Spot Price, Design, Aesthetics, Popularity, Rarity and Collectibility.
The history of Central Bullion NFT's
Central Bullion.com was built on the popular requirement of a Peer to Peer, secure, insured, 'vaulted' bullion trading platform.
Small Bullion Bars (1g to 1,000 grams) carry a high premium due to the manufacturing process costs, individual item packaging costs and distribution to customer costs. Therefore many investors prefer to buy a 'share' of a large vaulted bullion bar (pool allocated) as they benefit from buying 'per gram' with a much lower premium. Hence they do so with a Central Bullion Account where they are able to take advantage of all of the useful facilities available via the CentralBullion.com Platform.
However, buying and owning shiny attractive Gold and Silver individual bullion bars does appeal to alot of people, as they can see that they own an individually numbered collectible asset.
Central Bullion have for several years considered producing and selling small Bullion Bars and have made several prototype collections.
However, buying and holding Small Bullion Bars (1g to 1,000g), at typical high premiums, as an investment does not make economic sense.
It is common to buy a small bullion bar with a high premium and when sold back to the dealer to be given only the spot price (or less).
Example (presuming the spot price of 1 gram of gold is $49): A buyer pays $70 for a 1 gram gold bullion bar at a bullion dealer, then when the buyer sells it back to the dealer is given only $49 from the dealer. A loss to of 30%.
The management at Central Bullion have carefuly studied the rise in popularity and use of of Non Fungible Tokens and it became apparent that technology was a good fit for Central Bullion to create and supply Small (1gram to 1,000 gram) Bullion Bars in DIGITAL format, that would be backed by the Vaulted Bullion technology, software and professional vaults that have been used and proven for the services to clients of CentralBullion.com.
In May 2022 Central Bullion have released their 1st 15 NFT Bullion Bars on the popular OpenSea NFT Marketplace on the Polygon BlockChain.
The creation of Utility NFT Digital Central Bullion Bars
It is important to understand the ethos of Central Bullion where quality comes before quantity and accuracy before speed.
"In the end, the successful will get there, but at an appropriate pace, likened to the tortoise and the hare". P.Gill. CEO Central Bullion.
Unlike most other NFTs, that are created with automated software producing 10,000s within a day, it is a methodical, time consuming process to create each Digital Central Bullion Bar and upload it for sale.
Each individual Digital Central Bullion Bar is produced from an accurate CAD model that takes approx 3 hours to Render as a high-res 3d animated rendering and upload for sale.
Approx only 50 per week are created and uploaded to ensure quality, enhance collectibility and value.
Digital Central Bullion Bars are created to represent the following weights of their respective precious metal type (e.g. Gold, Silver) :
GOLD. 1g, 5g, 10g, 1ounce (toz), 50g, 100g, 250g, 500g, 1kg.
SILVER. 5g, 10g, 1ounce (toz), 50g, 100g, 250g, 500g, 1kg.
Digital Central Bullion Bar Utility NFTs are created and stored using blockchain technology (that underlies cryptocurrency) and serve as proof-of-ownership and provenance. Working like a digital certificate of authenticity each Central Bullion Utility NFT can be easily verified by anyone anywhere in the world on the blockchain and cannot be forged or otherwise manipulated.
Exchanging a Central Bullion NFT for Vaulted Bullion on the Central Bullion Platform
It is an easy process to exchange a Central Bullion NFT for Vaulted Precious Metal Bullion on centralbullion.com.
Guide to Exchanging a Central Bullion NFT for Vaulted Bullion
1. If you have not already done so, you need to create a Central Bullion Account.
2. Login to your Central Bullion Account.
2. In your PERSONAL DASHBOARD, select the 'EXCHANGE NFT FOR VAULTED BULLION' Tab
3. Follow the simple instructions to EXCHANGE YOUR NFT.
4. Your Central Bullion Account Portfolio will increase, by the number of grams of Gold or Silver of your NFT, into Vaulted Investment Bullion within 2 working days.
TERMS AND CONDITIONS
The use of any services on the Central Bullion Platform is subject to our Terms and Conditions.
For more information about Central Bullion NFT Bars, contact us and we will be happy to help.