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MetaZ Will Custody Your Collectible Sneakers In a Vault and Issue NFTs as Certificates of Ownership
One of the biggest conversations in the blockchain industry that tends to fly below the radar has to do with the custody of digital assets. It's so important that the word "custody" has actually become a verb and you'll hear it come up in questions like "Should an enterprise self-custody its cryptocurrencies or should it custody those and other digital assets with a trusted third party custodian?"
The idea of custody is as old as banks. The reason banks exist is because of the dangers involved in the self-custodianship of cash (eg: keeping all your money under a mattress). But currency isn't the only valuable asset that you may not trust yourself to protect. For example, art museums often act as custodians of private art collections on behalf of the owners of those collections.
Another prized collectible among the Gen Zs and Alphas are rare sneakers and South Korea-based MetaZ is looking to capitalize on the growing interest in collectible sneakers by offering a service that not only custodies the physical sneakers in a vault (where their pristine condition can easily be preserved), they issue a digital twin NFT that represents a transferrable certificate of ownership (in the same way that many other NFTs can be sold in the secondary markets). While MetaZ doesn't exactly fit into the enterprise blockchain category that Blockchain Journal likes to cover, it's not difficult to imagine a large apparel company that's already working with NFTs (eg: Nike) getting into a similar business where, instead of sending a physical collectible sneaker to a customer, it just sends the digital twin NFT for that sneaker instead and then the manufacturer custodians the sneaker as a service to the customer.
While at the NFT.NYC 2023 conference in New York City, Blockchain Journal editor-in-chief David Berlind took the opportunity to interview the MetaZ co-founder and platform lead Kim Kim to learn more about how the service works.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/metaz-will-custody-your-collectible-sneakers-a-vault-and-issue-nfts-certificates/
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=Gt6C_hQ-Q7s
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By Blockchain JournalOne of the biggest conversations in the blockchain industry that tends to fly below the radar has to do with the custody of digital assets. It's so important that the word "custody" has actually become a verb and you'll hear it come up in questions like "Should an enterprise self-custody its cryptocurrencies or should it custody those and other digital assets with a trusted third party custodian?"
The idea of custody is as old as banks. The reason banks exist is because of the dangers involved in the self-custodianship of cash (eg: keeping all your money under a mattress). But currency isn't the only valuable asset that you may not trust yourself to protect. For example, art museums often act as custodians of private art collections on behalf of the owners of those collections.
Another prized collectible among the Gen Zs and Alphas are rare sneakers and South Korea-based MetaZ is looking to capitalize on the growing interest in collectible sneakers by offering a service that not only custodies the physical sneakers in a vault (where their pristine condition can easily be preserved), they issue a digital twin NFT that represents a transferrable certificate of ownership (in the same way that many other NFTs can be sold in the secondary markets). While MetaZ doesn't exactly fit into the enterprise blockchain category that Blockchain Journal likes to cover, it's not difficult to imagine a large apparel company that's already working with NFTs (eg: Nike) getting into a similar business where, instead of sending a physical collectible sneaker to a customer, it just sends the digital twin NFT for that sneaker instead and then the manufacturer custodians the sneaker as a service to the customer.
While at the NFT.NYC 2023 conference in New York City, Blockchain Journal editor-in-chief David Berlind took the opportunity to interview the MetaZ co-founder and platform lead Kim Kim to learn more about how the service works.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/metaz-will-custody-your-collectible-sneakers-a-vault-and-issue-nfts-certificates/
The video can also be watched on Blockchain Journal's YouTube Channel at https://www.youtube.com/watch?v=Gt6C_hQ-Q7s