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Galileo Protocol is a peer-to-peer community platform that utilizes QRC-20 and QRC-721 tokenization technology. It allows brands, owners, and customers to discover, browse, purchase, and create pNFTs (physical Non-Fungible Tokens) tied to physical assets. These pNFTs provide a solution to the problem of counterfeiting in the luxury goods market by certifying the authenticity of the physical asset through tokenization on a public blockchain. The estimated global value of counterfeit goods is over 500 billion dollars. Galileo's pNFTs serve as a digital representation of the physical object and offer advantages such as uniqueness, traceability, immutability, and security. The Galileo protocol enables the tokenization of real-world assets into NFTs, which can be obtained using fiat or cryptocurrencies. The platform offers various services, including an open-source marketplace, faster and cheaper transactions, currency and pNFT transfer, a wide variety of pNFTs to collect, redemption and escrow system, fiat and crypto payment options, and a DeFi lending protocol. The LEOX token serves as a utility token within the Galileo ecosystem, facilitating digital currency usage and providing governance rights. Galileo Protocol aims to address three main issues in luxury asset markets: the need for diversification, the ability to invest in physical assets using cryptocurrencies, and the prevention of counterfeit goods. By fractionalizing pNFTs, Galileo provides liquidity opportunities for illiquid assets and lowers the barrier to entry for retail investors. The platform also reduces administrative burdens through the automation of tasks and offers potential savings in payment processing, logistics, and tracking through smart contracts.
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