Ugoki to Develop a Domestic Marketplace for Trading Ugoki Watches

The renowned watch designers Ugoki, will be rolling out a collection of NFT watches dubbed "The First Night in Nihon". The collection consists of 5 distinct designs; Tokyo, Kyoto, Osaka, Nagoya, and Narita. Ugoki infused each design with the feel and beauty of the Japanese cities.

The inaugural collection has a total of 1000 watch pieces, split evenly among the 5 unique designs (200 units per design). Admirers interested in the watch can mint them on Ugoki.io. Successfully minting the watch means possessing the NFT artwork on an ANGO Crypto Wallet.

Interestingly, these NFTs have an ingenious feature. An owner of one of the five Ugoki Watch designs can redeem them for an actual real life copy. The option of possessing the NFT in a wallet, as well as a real life copy begs the question of how it can be resold on a secondary marketplace.

This article will clarify the concept of selling a redeemed Ugoki NFT.

Redeeming Ugoki NFTs

Owners of the NFT may decide to request for a physical copy on Ugokiwatches.com. After making an order, Ugoki ships a physical watch matching the design on the requesting user's wallet to their location. Note that the NFT will be locked on our platform while the watch redemption is ongoing, to prevent it from being sold on a secondary marketplace.

By owning an Ugoki watch, persons become full members of the Ugoki community, obtaining access to exclusive events and spaces in the Metaverse, as well as the opportunity to partake in profit-sharing

Selling the Redeemed Ugoki NFTs

Redeemed watches can't resell like regular NFTs anymore. The physical watch attached to them complicates the process. After transferring the digital artwork to a buyer via an NFT marketplace, there is no guarantee that the seller will also hand over the real life watch.

The Ugoki team has devised a transparent, secure means of performing transactions involving redeemed NFTs.

The Domestic Ugoki Marketplace

The Ugoki Domestic Marketplace will serve as a platform for trading redeemed Ugoki watches. Here, interested buyers and sellers of an Ugoki watch can meet, agree on a price, and successfully exchange Ugoki watches for cryptocurrencies. In this case, the Ugoki team will act as intermediaries, overseeing the entire transaction to ensure a secure, fair and seamless transfer of ownership. They incorporate a safety mechanism for ensuring that no one is cheated out of the deal.

After an agreement is reached between both parties, the exchange of assets goes through the Ugoki management. Ugoki locks the buyer's crypto in escrow and doesn't release it to the seller until they receive the watch.

the buyer sends the watch to Ugoki. On receiving it, the Ugoki team prepares the watch for the new owner, polishing and revamping the watch to ensure it is good as new. Afterwards, the watch is shipped down to the new owner within 3 months.

Watch owner interested in selling their watch can enlist it on our in-house market place at Ugoki.io