Web3 Platform Offers Digital Passports With Game Changing Insurance Component to Protect Luxury Goods

Today brings the launch of Vaultik, the first Web3 luxury fintech solution to combine EU regulation compliant, blockchain secured digital ID with e-certificates of ownership and on-chain insurance. It protects luxury goods and connects brand and customer to enhance post-sale experience throughout the lifecycle of a product.

Vaultik is an evolution of Mintouge, one of eight Web3 start-ups in the inaugural Dream Assembly Base Camp accelerator program by FARFETCH and Outlier Ventures.

Vaultik’s Meta and Bloomberg alumni founders, have also announced a $2.5 million seed funding round led by Ken Cron’s The Operating Group.

Co-founder and CEO Pietro Novelli describes Vaultik as a “digital vault.”

“You might remember your grandmother taking her treasured jewelry and valuable items to a bank deposit box for safekeeping,” he told Forbes. “Vaultik revolutionizes that concept for the digital age. It protects your belongings via cutting-edge blockchain technology like an invisible shield and unlocks incredible new opportunities and experiences.”

Once a brand implements Vaultik’s white label solution, the e-certificates are generated by proprietary technology which affects and certifies transfer of ownership via a single line of code. Novelli notes that said tech allows for “one of the shortest onboarding times in the industry.”

Crucially, the plug-and-play solution — easily integrated with a brand’s existing e-commerce infrastructure — does not require the use of payment gateways, cryptocurrency or NFT wallets.

“This ensures that it’s easy to use for any existing customer base,” says Novelli, adding that “purchasers can also access its benefits via Vaultik’s own mobile app.”

According to a statement by The Operating Group CEO, Ken Cron, the solution “aligns perfectly with The Group’s vision for investing in cutting-edge technologies that drive positive change.”

This backend use of blockchain technology is proving increasingly attractive to brands as it allows their customers to experience the benefits afforded by Web3 without its creating a barrier to entry.

For instance, luxury timepiece brand Panerai has developed a digital platform called Pam.Guard where its client community can access the benefits of its own digital passports.

As Pierre-Nicolas Hurstel, co-founder and CEO of Arianee told Decrypt, this affords users “all the advantages of Web3 associated with their watch — but without any of the stress and complexity of crypto tools.” Web3 solutions provider Arianee partnered with Richemont-owned Panerai on the brand’s recent roll-out of digital passports.

Vaultik’s solution works with a range of trusted brokers, InsurTech solutions, and insurance providers.

For a yearly renewable premium, the unique on-chain insurance and warranty component at its core offers up to 90% coverage against loss, theft, damage and counterfeit products — some of the luxury industry’s biggest challenges. Repairs can be executed directly via the brand of by approved suppliers.

While other luxury brands — Panerai included — are offering optional warranty extensions with their digital passports, actual insurance has, thus far, proved elusive.

While, for now, the Vaultik app allows users to keep track of products purchased from partner brands, going forward, it will also tally their market values so they can be leveraged for resale purposes or as a credit tool.

Further planned enhancements include AR AR functionality, allowing the holder to wear their products in augmented reality and a specialized repairs service, alongside a suite of additional benefits — both specific to Vaultik and as determined by partner brands.

Vaultik is co-founded by former Meta Global Business Marketing Manager Pietro Novelli (he was in charge of luxury, fashion and e-commerce), and Bloomberg Digital Strategist Kunaal Chande. In addition to developing a proof of concept for Burberry earlier this year, Vaultik is also currently working with a range of undisclosed luxury brands.

The Operating Group is a holding company that partners with entrepreneurs to build next generation of technology-driven businesses. Ken Cron, has substantial experience in the gaming industry, previous leading Vivendi Universal Games and Uproar Games. He is also an adviser to the Animoca Brands board of directors.