Trace Network has announced that it has successfully raised $1.6 million for their limited edition luxury and lifestyle product NFT marketplace, BLING. The onboarding of strategic investors signals the launch of both their token TRACE and their NFT marketplace BLING.
Trace Network hopes to redefine traceability and the product life cycle for luxury and lifestyle products through the use of NFT and DeFi powered by blockchain technology.
A Unique Business Model
Trace Network is a unique business model wrapped as an Enterprise-Grade Proof-of-Stake consensus mechanism-based, permissionless protocol for data management, supply chain, trade settlement, and Financing powered DeFi and NFTs.
This unique proposition has attracted some of the best and biggest names in the business today, who have financed the initial capital and add significant value to outreach, market penetration, and overall growth of the Trace Network.
Trace Network offers the following
- An exclusive, limited-edition luxury goods NFT marketplace.
- A Virtual Business Network that acts as data exchange, enabling sustainability and traceability.
- Proof of business transactions from the Virtual Business Network (VBN) powering DeFi capabilities for enterprises.
A Completely Decentralized Marketplace
BLING, Trace Network’s limited edition luxury, and lifestyle product NFT marketplace will be entirely decentralized, ensuring immutable ownership. It will run entirely on smart contracts, allowing anyone to create NFTs and conduct NFT sales, auctions, and distributions in an entirely permissionless manner.
Trace Network was co-founded by Lokesh Rao and Suni Arora, well-known names in enterprise technology. They both share a vision to redefine the product lifecycle and product traceability of luxury and lifestyle goods.
The Trace Network has the backing of some of the biggest names in the industry. The backers include AU21 Capital, NGC Ventures, OKEx Blockdream Fund Ventures, LD Capital, Spark Capital, Morningstar Ventures, Inclusion capital, Lotus Capital, Spark Digital Capital, Moon Rock capital, Blocksync Ventures, 18 Ventures, Dao Maker, Acheron, Genblock, Master Ventures, GBV Capital, Black Edge Capital, Moonwhale Ventures.
The list of investors also includes COO and Co-Founder of Polygon, Sandeep Nailwal.
About Trace Network
An enterprise-grade decentralized finance protocol, Trace Network harnesses the capabilities of permissionless financing options and composable smart contracts powered by DeFi and NFTs. In addition, the network’s unique merchandise identification solutions, powered by DeFi and NFTs, help unlock billions of dollars in business potential, which would otherwise be lost or undervalued thanks to poor inventory management.
Several other factors such as poor ownership, costly trade finance, and banking options, and inefficiencies in par Diem business transactions. Trace Network will give enterprises the capability of NFT and DeFi into their business and enable various business transactions on-chain.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.