Tokenization and Vaulting
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Phynite is a Web3 marketplace that allows users to tokenize and vault collectibles from anywhere, at any time. A user can submit their collectibles to Crozier Fine Art, in which it will then be minted directly into the user’s digital wallet. After the tokenization process, the user can choose to trade or redeem the corresponding physical collectible through the security of the Blockchain.
How does the Tokenization Process look like?
To begin the process of creating your very own digital collectible, go to Phynite.io and navigate to the ‘Create’ button.
Briefly share some details of the collectible for us to learn more about the item you wish to submit and download a prepaid shipping label.
Prepare your collectible to be shipped and drop off your package at a local USPS.
After your package arrives at Crozier Fine Art, your collectible will be authenticated, photographed, and processed.
Art handlers at Crozier Fine Art will securely vault your collectible and your card will be minted as a token directly into your digital wallet.
It's as easy as 4 steps! Now having access to your digital collectible wherever you go, you can choose to list your collectible for sale or choose to transfer it to a friend or family member at any time.
How fast is the tokenization process after the card has been shipped to Crozier Fine Art?
We understand the excitement of creating your very own digital collectible, so we have designed an intricate process that only takes 5-7 business days to process, photograph, and mint your asset.
Can my collectible generate passive income?
When a user ships a collectible to Crozier Fine Art, that customer becomes the creator of the corresponding digital asset, marked by the originating digital wallet. As the creator, the user is entitled to a 2% royalty every time the vaulted asset is sold on the Phynite platform.
For instance, if Customer A submits an asset and it is subsequently sold to Customers B, C, and D, Customer A will receive 2% of the final selling price for each transaction until the collectible is redeemed.
Can I redeem my collectible and have it shipped to me?
Yes, you can choose to redeem an item anywhere, at any time. To have your collectible shipped back to your home, you as the owner of the asset must begin the redemption process by using the "redeem" function.
After initializing the redemption process, allow 5-7 business days for processing and shipping.
Where is my collectible stored?
All collectibles on Phynite are stored at Crozier Fine Art in undisclosed locations that are specifically designed to store fine art. These items are securely stored in an environmentally-controlled facility where every measure is taken to ensure utmost security and quality.
Are my collectibles insured?
We assure comprehensive insurance for your collectibles, valued at market price upon their entry into the vault. This coverage extends through every phase, including tokenization, redemption, and during their secure storage at Crozier Fine Art, providing you with unwavering peace of mind.
Should my collectibles be graded before sending it to Phynite?
Currently, we welcome items already authenticated by leading third parties such as PSA, Beckett, and CGC, ensuring the highest standards of quality and authenticity.
What are the fees involved with buying and selling on Phynite?
Phynite currently offers 0% trading fees. Just keep in mind that both buyers and sellers are responsible for covering any gas fees associated with their transactions on the platform.
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