If you’ve been keeping pace with the Web3 revolution, you’ll recognize that tokenization is a game-changing force, fundamentally reshaping industries and redefining investment opportunities. Genfinity’s recent panel discussion brought together key innovators at the forefront of this revolution, offering a deep dive into their groundbreaking work and vision.
The panel featured prominent figures from Galileo Protocol, Interlock, Cask Capital, and INTRANA — each bringing unique perspectives and solutions to the table. From reimagining luxury goods through blockchain technology to revolutionizing cybersecurity in the Web3 space, these industry leaders are driving significant change.
Our Panel
Galileo Protocol
Pierre Beunardeau began our interview by expressing his delight in sharing their collective vision for the RWA and tokenization space. Splitting his time between France and Switzerland, Pierre embarked on his entrepreneurial journey in 2014. By 2022, he had co-founded Galileo Protocol alongside his partner, Nathaniel Debache. The inspiration behind Galileo Protocol emerged from several captivating use cases that intrigued Pierre.
Firstly, he was deeply impressed by RealT, a company that tokenized real estate assets. As someone keen on diversifying his investment portfolio through cryptocurrency, Pierre found the concept of fractional ownership particularly appealing. This innovative approach enabled him to invest in real estate globally with the convenience of his MetaMask wallet and two NFTs representing his ownership titles.
Moreover, Pierre was intrigued by the intersection of physical and digital art. He envisioned a system where physical artwork could be accompanied by an NFT on the Ethereum blockchain, not just serving as a traditional ownership title but also functioning as a Digital Twin. This NFT would continuously update and reflect changes in the physical artwork over time, enhancing the art’s authenticity and value.
Furthermore, a personal experience significantly influenced Pierre’s motivation to create the Galileo Protocol. His fiancée often borrowed luxury items online but was frequently concerned about their authenticity — a common issue faced by many in the online luxury market. The challenge of verifying authenticity through easily manipulated PDFs or purchase receipts led Pierre to conceptualize a solution.
Thus, Galileo Protocol was born, aiming to build a digital infrastructure using blockchain technology. This platform sought to elevate the luxury industry by addressing and overcoming the challenges it faced, ensuring authenticity and trust in online transactions.
Interlock
We were also joined by Andrew Ciaccia, Co-founder of Interlock, who brings a wealth of experience to the table with his 15-year background in startup marketing. Before founding Interlock, he had run his own marketing agency. This initial venture laid the groundwork for what would later become Interlock, a company dedicated to revolutionizing security with Web3 technology.
Notably, Andrew highlighted the pervasive issues within the crypto Web3 space. In 2023 alone, approximately $10 billion was stolen from end users, underscoring the rampant nature of hacks and scams in the industry. The primary threat vector for users was malicious websites and web pages capable of hosting malware or employing other nefarious tactics — an issue that traditional Web2 models had largely failed to address effectively.
Moreover, Andrew introduced Interlock’s innovative approach to tackling these challenges. The company sought to incentivize everyday internet users to take an active role in security by sharing security data through their flagship product, ThreatSlayer. This platform also encouraged users to crowdsource threat information when their AI threat detection systems encountered inaccuracies.
Furthermore, Interlock packages this valuable security data into a two-sided marketplace model, offering it as a product known as Threat Intelligence. This approach empowers individuals to contribute to the fight against cyber threats and additionally provides a crucial resource for enhancing online security across the Web3 landscape.
Cask Capital
The Co-Founder of Cask Capital, Adam Parnell, shared a compelling story about the origins of his venture. His team came from a deeply traditional whiskey cask background, and one evening, while enjoying drinks in their office-turned-bar, they began discussing the nature of whiskey cask investments. It was during this conversation that Adam realized whiskey presented a perfect use case for tokenization.
In the UK, whiskey, by law, must be stored in a government-bonded warehouse for at least ten years. This regulation meant that while whiskey represented a high-value product, it was inherently illiquid. This realization prompted Adam and his team to envision a platform that would simplify the process of investing in and trading whiskey.
Notably, whiskey had consistently outperformed the S&P 500 over the past 30 years, making it a remarkably stable investment. Yet, despite its impressive track record, barriers to entry persisted. These included the prevalence of scams, the necessity to understand which whiskeys to invest in, and the importance of having a solid exit strategy.
Subsequently, Cask Capital sought to address these challenges by creating a system based on tokenization. Investors could purchase tokens representing whiskey casks, and the platform provided an easy mechanism for converting these tokens back into fiat currency, allowing investors to realize their profits seamlessly.
Furthermore, Adam hinted at exciting developments on the horizon. Cask Capital planned to introduce a range of innovative financial products built around whiskey as an investment, aiming to further enhance opportunities in this lucrative and stable market.
INTRANA
INTRANA Corporation, under Court Welty’s leadership, is a chain-agnostic platform offering consumer and enterprise solutions with a strong emphasis on compliance. INTRANA’s platform allows users to access modular solutions tailored to different enterprise needs, including the tokenization and trading of assets on both primary and secondary markets.
Moreover, INTRANA bridges the gap between blockchain technology and traditional financial systems. The platform connects with legacy databases from banks, financial advisory firms, brokerages, and insurance companies. Significantly, this integration enables the tokenization of various products, policies, and assets, facilitating their self-custody for the first time and easing their transfer.
Furthermore, Court highlighted INTRANA’s collaborations with prominent organizations. The company works closely with Quant Network’s senior leadership and Constellation Labs to develop their Metagraphs. INTRANA’s innovative approach has earned them the Stardust Collective Grant, and Court also served as the chair of the financial product tokenization workgroup at the National DigiFoundry.
Navigating the Evolving Landscape of Tokenization
Genfinity posed a thought-provoking question to the panel, seeking insights into the present state of the industry and the emerging trends shaping its future. The discussion opened up to a round-robin conversation, inviting panelists to share their perspectives on the impact of tokenization and other noteworthy industry shifts.
Adam from Cask Capital: Mastering the Tokenization Surge and Industry Challenges
Adam from Cask Capital jumped right into the conversation, his thoughts clearly focused on this pressing topic. When Cask Capital launched a year ago, the team had conducted an exhaustive search within the industry, scrutinizing every aspect for any sign of tokenized duty-suspended alcohol goods. The result was strikingly clear: there was nothing. It was as though they had discovered a hidden opportunity. The team realized that by moving swiftly, they could be the first to market with this innovative concept, and they were convinced they had something truly groundbreaking.
However, the landscape shifted dramatically in the following months. A plethora of startups began emerging, all aiming to tokenize duty-suspended alcohol goods, whether in casks or bottles. This surge was part of a larger trend where everything was being tokenized — real estate, financial products, and beyond. Despite this influx, Adam and his team remained vigilant. They observed significant investments flowing into similar ventures and kept a keen eye on potential competitors.
The core challenge lay not just in the tokenization model itself but in navigating the complexities of traditional industries. For instance, the whiskey industry in Scotland, with its rich tradition spanning over a thousand years, was resistant to change. These were sectors that did not easily accept new technologies or embrace innovation.
Subsequently, Cask Capital not only boasts a robust tokenization model but also a strategic go-to-market plan, both of which are crucial in persuading deeply entrenched industries to embrace their innovative approach.
Furthermore, Adam pointed out the importance of distinguishing between genuine and opportunistic tokenization efforts. He emphasized that evaluating tokenization products required understanding whether the creators had a deep connection with the product they were tokenizing or if they were simply trying to capitalize on any asset that could be tokenized. This discernment was crucial in a rapidly evolving industry.
As the tokenization landscape continues to develop, staying ahead of the curve while respecting traditional practices is seen as essential for success.
Galileo Protocol’s Vision for Tokenizing Luxury and Real-World Assets
Galileo Protocol’s CEO spoke with enthusiasm about the expanding scope of tokenized assets, noting that it was rapidly moving beyond cryptocurrency. With significant developments like BlackRock’s ETF initiative, the tokenization landscape has begun to encompass real-world assets such as real estate, stocks, government bonds, commodities, and even luxury goods. “This is where our focus has shifted,” he explained. “We are navigating and evolving within these markets to address the unique challenges of the luxury industry.”
To effectively develop a suite of products for the luxury sector, Pierre emphasized the importance of understanding the industry’s pain points. Today, there was a strong emphasis on sustainability, technical integration, and the convergence of Web3 technology, the Metaverse, and artificial intelligence. Notably, luxury brands were increasingly adopting sustainable practices in response to customer demand for ethical and eco-friendly products. Brands like Gucci, with their Off The Grid collection, demonstrated this shift by using recycled materials and promoting mindful consumption.
Moreover, European regulatory frameworks have begun mandating greater transparency from luxury brands regarding their products. Pierre illustrated this with examples such as Chanel and its efforts to ensure supply chain transparency, particularly concerning raw materials sourced from regions like China, which could affect brand reputation and consumer trust.
Shifting Luxury Demographics: Embracing Digital Engagement and Cryptocurrency
Pierre also highlighted the changing demographics of luxury consumers. The younger generation, now the primary buyers of luxury products, demanded more than just physical goods. They sought digital interactions with their purchases, such as virtual experiences in the Metaverse or digital passports. This evolving expectation was prompting brands to create new ecosystems to meet these demands.
Furthermore, Pierre provided examples of traditional brands embracing cryptocurrency and tokenization. Ferrari had recently started accepting cryptocurrency payments in Europe, reflecting the growing acceptance of digital currencies. As of 2024, approximately 600 million people globally used cryptocurrency, with the U.S. leading in mass adoption. Brands accepting cryptocurrency were witnessing substantial returns on investment and attracting new customers.
Additionally, Breitling also exemplified innovation in the luxury sector. The brand introduced digital passports on the blockchain for every product sold. By integrating an NFT chip into their products, Breitling allowed customers to access detailed information, including product characteristics, warranties, and lifecycle data, simply by tapping their smartphones. This approach provided full transparency and met the needs of today’s luxury buyers, who demanded both physical and digital assurance.
Adapting to Technological Advancements and Compliance in a Changing Landscape
Court Welty of INTRANA addressed the evolving technological landscape with a focus on the ongoing challenges and opportunities. He noted that traditional business models and evaluation methods had remained largely unchanged. As the technology moved beyond conceptual stages and into practical application, it was crucial to identify not only those who possessed the technology but also those who understood how to implement it effectively.
Court highlighted the significance of addressing every detail, including micro-regulations and consumer safety. This increased transparency was extending to financial products and investments, offering a chance to empower individuals in unprecedented ways. The founder pointed out that even highly secure institutions, such as the Pentagon and the Federal Reserve, had experienced data breaches, underscoring the need for improved security measures.
Technological advancements, such as Constellation’s Metagraphs, were emerging as solutions to these challenges. These technologies provided environments that allowed traditional businesses to integrate modern technology, tokenize legacy data, and offer essential services to those lacking development teams.
As the demand for compliance and safety grew, businesses would increasingly need these technological solutions. This shift was not just about meeting regulatory requirements but also about ensuring data protection and consumer trust in a rapidly changing world.
Evolving Cybersecurity Measures and Their Impact on Web3 and Beyond
Discussing the evolving landscape of cybersecurity, Andrew drew on examples from both the past and recent developments. He began by recounting a notable incident from two years ago. In late 2021 and early 2022, OpenSea faced significant criticism due to a surge in scams and hacks. Consequently, the company formed an NFT Security Group, a coalition aimed at advancing security practices and policies across the industry.
Fast forward to more recent events, and the trend of increasing security measures continues. A few weeks ago, ConsenSys, the creator of MetaMask, acquired a company similar to Andrew’s but with a more Web2 focus. Notably, this acquisition was intended to integrate enhanced security features into MetaMask, providing users with improved protection. This move highlighted a broader trend where enterprises, recognizing the escalating threat of cybercrime, are working diligently to bolster their defenses and safeguard their users.
Moreover, it became evident that consumer concern over security was influencing enterprise behavior. Companies were increasingly prioritizing security as a key selling point, particularly in the Web3 space, which often intersects with DeFi and financial transactions. The stakes were high: a single security breach could devastate a brand.
Andrew pointed to the recent situation with CrowdStrike as a case in point. Although CrowdStrike had not suffered a direct breach, the company experienced a 13% drop in value due to related issues, underscoring the critical importance of maintaining robust security measures.
Furthermore, Interlock’s CMO highlighted the unique challenges of Web3 compared to traditional Web2 environments. In Web2, users could address issues like credit card fraud by contacting their bank and potentially recovering their funds. In contrast, the self-custody aspect of Web3 meant that once funds were lost due to a hack, they were irretrievable, illustrating the double-edged sword of decentralized financial systems. This stark difference shows the urgent need for enhanced security measures and the impact they could have on user trust and brand integrity.
Tech Showcases: Innovations and Insights from Genfinity’s Panel
ThreatSlayer: Revolutionizing Web Security with AI and Crowdsourcing
Andrew proudly shared that ThreatSlayer boasts over 20,000 daily active users, with the majority of them actively sharing data through their accounts. He explained that ThreatSlayer seamlessly integrates with major browsers such as Google Chrome, Microsoft Edge, Brave, and Opera. Users can easily download it from their browser’s store and set up an account to get started.
Once installed, ThreatSlayer operates quietly in the background, scanning every webpage visited without interrupting the user experience. This passive protection is crucial, as intrusive security tools can often lead users to disable them. Notably, ThreatSlayer tackles this challenge by employing an AI-driven threat detection engine that assesses the safety of each site in real time.
Additionally, ThreatSlayer harnesses a crowdsourced approach to enhance its security capabilities. By creating an account, users contribute to a collective pool of security data. Importantly, ThreatSlayer only collects URL data and does not gather any personally identifiable information. This data is then aggregated and sold as Threat Intelligence — a high-value product in a multibillion-dollar market. Currently, many established security solutions, such as Google Safe Browsing, purchase threat feeds similar to those generated by ThreatSlayer’s user base.
ThreatSlayer’s mainnet-connected version introduces a sophisticated crowdsourcing mechanism. This upgrade allows users to stake tokens on webpages that the system may miss or misclassify, earning rewards for accurate contributions. In cases where users attempt to manipulate the system by submitting malicious links, tokens are returned to the community pool. Subsequently, this incentivizes active participation and ensures the platform’s security remains robust.
Galileo Protocol: Transforming Luxury with Blockchain and Digital Passports
Pierre reflected on the journey of developing their protocol, emphasizing how it aimed to elevate the luxury experience. At the core of their strategy was a B2B-to-C approach designed to enhance customer interactions with luxury items. The luxury industry faced significant challenges, notably counterfeiting and supply chain inefficiencies. For instance, a few years back, Chanel’s outsourcing of raw materials from China severely damaged its reputation and eroded customer confidence.
Pierre explained that their goal was to tackle these issues by creating solutions that addressed both B2B and B2C needs. He noted that counterfeiting was a massive problem, costing around $500 billion annually and significantly affecting luxury brands. Moreover, inefficiencies in supply chain transparency were another challenge they aimed to resolve with their suite of products.
The Role of pNFTs in Luxury Products
Central to their solution was blockchain technology, which formed the backbone of their product suite. Pierre described how they utilized physical non-fungible tokens (pNFTs) — digital passports for luxury products. These pNFTs served as certificates of authenticity, replacing traditional paper-based documents prone to forgery. Thanks to the immutable nature of blockchain, the digital passport guarantees the authenticity of luxury items while also enhancing the customer experience.
The pNFT functions as a certificate of authenticity and also as a digital invoice. This innovation allows brands to offer token-gated experiences, providing exclusive content and interactions through the pNFT. Pierre noted that while security tokenization involved putting luxury items into custody and issuing NFTs as investment vehicles, their focus was on the digital passport aspect of the pNFT.
The digital passport included all relevant details about the luxury product, such as warranty information and supply chain data, encrypted within the pNFT. This provided customers with a proof of purchase and the ability to verify the authenticity of their items both online and offline. For example, by scanning a QR code or using an NFT chip embedded in a product, customers can access the digital passport on their smartphones.
He also discussed the potential for the pNFT to reflect the lifecycle of physical assets, such as cars. As the car’s mileage and maintenance records evolved, the pNFT could be updated to reflect the current condition of the asset.
Furthermore, he introduced their tracking tool, which allowed users to enter the serial number of a luxury item, like a Rolex, to verify its authenticity. This feature was particularly useful in the second-hand market, offering buyers reassurance by displaying the digital passport and ensuring the item’s legitimacy.
Overall, Pierre highlighted how Galileo Protocol’s initiatives in market utilization, transparency, and exclusive access were reshaping the luxury industry by providing enhanced security and customer engagement.
Blending Tradition with Innovation: Cask Capital’s Approach to Whiskey Investment and Tokenization
Adam described his business, Cask Capital, in a straightforward manner, emphasizing its simplicity. He explained that the company aimed to keep all Web3 elements discreet, focusing on a Web2 presentation. The marketplace offered whiskey casks divided into two main categories: new-make spirits and rare whiskeys.
New-make spirits referred to fresh barrels of pale liquid straight from the distillery, representing the lower end of the market. This category was more suited for long-term investments, where significant profits could be realized over time. Conversely, rare whiskeys, which he finds more exciting and intriguing, catered to those seeking quick returns. Adam provided examples from their website: a 24-year-old cask from 1990, valued at $114,000, contrasted with older, exclusive casks priced around $8,000. Buyers could invest in these casks, hold them for a year, and then resell them through the platform.
Moreover, the co-founder pointed out a key feature of their business model: their deals with suppliers potentially guaranteed a 12% annual yield on most of the new-make spirit stock. Although a 12% return might not seem thrilling compared to the volatile gains of cryptocurrencies like Bitcoin and Ethereum, Adam noted that it provided stability, especially when the crypto market plateaued.
Looking ahead, he revealed an upcoming innovation — a whiskey-backed inflationary token. Instead of purchasing tokenized whiskey casks, investors could buy a token directly tied to whiskey, offering a fixed 12% inflation rate. Scheduled for launch across multiple exchanges, this token promised a stable and reliable yield. Investors could hold the token for any duration, from a single day to ten years, with the potential of a consistent 12% return.
Overall, Adam conveyed the essence of Cask Capital’s approach with clarity: a blend of traditional whiskey investments and innovative tokenization aimed at providing stable, reliable returns, particularly as the cryptocurrency bull run reached its peak.
Transforming Assets and Media: INTRANA’s Vision for Tokenization and Digital Integration
Court provided a comprehensive overview of his company’s services, illustrating their broad scope and future ambitions. Initially, he emphasized their core offerings: asset tokenization and media transformation. Essentially, the company’s services transform traditional assets into digital tokens and modernize media for broader consumer appeal. Moreover, the company was on the verge of launching a marketplace, with alpha testing scheduled for its community members, including a unique collection known as the Chupacabras.
Notably, Court highlighted the company’s dual approach, combining modular solutions for businesses with in-house products. These included fine art paired with physical items, tracked off-chain through their proprietary technology. Their system used master QR codes and other tech tools to facilitate interactions on-chain, ensuring a seamless integration into enterprise applications.
Furthermore, Court described the user experience on their platform. Upon visiting the site, users could sign in with their traditional financial institutions, banks, or advisories. The platform offers advanced analytics and the capability to tokenize assets. Through their collaboration with DigiFoundry, users could express US dollars in a chain-agnostic manner, ensuring compatibility across various networks. Importantly, this service was designed as a non-profit entity, focusing solely on providing value without profit.
Building a Unified On-Chain Valuation Framework: Court’s Vision for Asset Integration and Compliance
Court also touched on their broader vision, referencing the ongoing work with the Quant Network and notable institutions such as the European Central Bank and the Bank for International Settlements. Their efforts aimed to create a robust framework for accurately valuing assets. This initiative sought to address the current reliance on secondary tokens for valuation and establish a stable asset for more reliable valuation processes.
In essence, the goal was to integrate every cent, peso, and unit of value into a unified, on-chain system. This ambitious vision included digital bonds, bills of lading, and letters of credit. He noted that while their company had been planning for two and a half years, other firms like Constellation Labs and Quant had been preparing for even longer.
INTRANA’s founder concluded by emphasizing the simplicity and accessibility of their technology. Their platform was designed to cater to small and medium-sized businesses, large enterprises, and government institutions, ensuring compliance and preventing isolation within singular databases. By offering a user-friendly implementation of technology, the company aimed to promote economic freedom and facilitate seamless integration into global financial systems.
Future Milestones and Strategic Plans: Upcoming Innovations and Expansions from Key Industry Players
Cask Capital
Adam shared that they were preparing for the launch of their inflationary token, though they had yet to finalize a name. Set to be released within the next six months, the token promised a stable and reliable investment opportunity. Adam encouraged anyone seeking a secure investment option at the peak of the bull run to consider this new token, which could possibly deliver a consistent return of 12-14%.
Galileo Protocol
Regarding future milestones, Galileo Protocol is developing a marketplace designed to bridge traditional brands with the crypto community. This platform would allow users to spend USDT and other cryptocurrencies on physical products, while providing traditional brands with a new marketing and distribution channel. They were also working on white-label solutions enabling luxury brands to accept cryptocurrency payments and issue certificates of authenticity like pNFTs for physical products.
Pierre emphasized their commitment to enhancing user-friendliness in blockchain technology. Recognizing that current methods often required users to download a MetaMask wallet, they sought to simplify interactions by allowing brands to send pNFTs via email. Subsequently, the email credentials would act as the security key for accessing Web3 wallets, thus improving the overall customer experience.
Moreover, Pierre underscored their approach to making blockchain technology invisible to the end user. He compared it to how consumers use iPhones or credit cards without concern for the underlying technology. Their goal was to develop pNFTs — digital passports — that provided clear, tangible benefits to users without highlighting the blockchain technology behind them.
Interlock
Andrew highlighted several recent milestones, underscoring their rapid progress and growing influence. Their platform received notable recognition with a feature in Forbes, highlighting their appeal to traditional media. They successfully launched an ambassador program, now boasting 70 ambassadors and engaging 20 international communities. Additionally, they completed rigorous penetration testing for ThreatSlayer, akin to a smart contract audit, but for their product. The results, along with the fixes implemented, will be shared in the coming weeks.
Looking ahead, Andrew shared exciting developments: a new version of ThreatSlayer would be introduced to their test group imminently, and they were gearing up for their mainnet launch. Moreover, they were on the cusp of rolling out their first version of security staking, a feature allowing users to flag misclassified pages and earn rewards for accurate submissions.
INTRANA
Court expressed his enthusiasm for the upcoming launch of their platform, eagerly anticipating its go-live moment. Looking ahead, he outlined plans to expand access beyond initial testers, including the Chupacabras, to a broader audience. This expansion would include the introduction of financial advisory services, brokerage IDs, and full utilization of the platform’s capabilities.
Court also hinted at several major announcements on the horizon, though he chose to keep the details under wraps for now. These upcoming revelations promised to add further excitement to their initiatives.
Stay Tuned
In conclusion, the Genfinity panel provided a rich exploration of how tokenization is reshaping industries and investment landscapes. By harnessing blockchain technology, each panelist is driving transformative changes in their respective fields. Stay tuned to the Genfinity website for more developments as they unfold.
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