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1. What is Baxus?
Baxus is a marketplace platform on Solana with peer-to-peer trading mechanism designed for trading rare fine wines. Baxus can also be considered one of the platforms applying blockchain technology to tokenize real-world assets (RWA), providing users with ownership rights and authenticity verification.
The project is built and developed on Solana and has received direct investment from Solana Ventures.
2. Operating mechanism of Baxus
The operation model of Baxus is quite simple. With just a few basic steps, users can sell their wines on the Baxus marketplace:
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Step 1: Users need to deliver their rare wine products directly to the Baxus team for appraisal. Baxus will have a team of experts to assess and price the value of the wine bottles, authenticate them, and mint digital copies of the wine bottles: digital ownership certificates for users.
Users' wines will be stored and fully insured for the first 2 years in Baxus's vault. Its is controlled temperature and humidity to maintain quality.
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Step 2: Once approved, users can start listing the products on the marketplace and allow other traders to execute buy and sell orders with lower fees compared to traditional costs. Users don't necessarily have to buy the entire bottle but can purchase fractions and own a portion of the wine bottle.
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Step 3: Users can track the wines and their price changes in real-time.
Where does Baxus revenue come from?
As Baxus is a marketplace model, the main revenue of the project comes from transaction fees on the platform. Currently, the fee is set at 10% of the total order value.
3. Tokenomics
Baxus has not launched its token or provided detailed information on tokenomics yet. Updates will be provided once official information is available from the project.
4. Development team
Baxus is developed by Todd Wiesel, who previously led whisky business operations at Dalkeith Brokerage, one of the largest whisky trading companies globally.
Todd identified the whisky market as a potential opportunity, with a market capitalization of up to 85 billion USD per year, and whisky collectors tend to accept custody risk - they really like someone to look after and manage their whisky for them—so they can trade more easily with partners faster and more efficiently. While RWA is a truly prominent niche, this potential market has not been extensively explored. Therefore, Todd, along with other core members including Carrie Kellar (CTO) and Finian Sedgwick (COO), co-founded Baxus.
5. Investors and Partners
In early May 2024, Baxus announced a successful raise of 5 million USD, led by Multicoin Capital, one of the top-performing investment funds during the previous bull run season.
Additionally, prominent names participated in Baxus's Seed round funding, including direct investment from Solana Ventures, Narwhal Ventures, and FJ Labs.
Moreover, the project has received support and trust from well-known KOLs and leaders from major web3 funds and companies such as Alex Kehaya and Austin Federa (Solana Ventures), Carl Vogel (6th Man Ventures), Frank Chaparro (The Block), Mert Mumtaz (Helius), Tim Won (Elixir Protocol),...
6. Development roadmap
There is no detailed information about the development roadmap. Updates will be provided once official information is available from the project.
7. Ecosystem
Website: https://www.baxus.co/
Twitter: https://twitter.com/baxusco
8. Conclusion
Above is all the detailed information about the Baxus project - a pioneer in developing the first marketplace for bringing the wine market onto the blockchain. The project have a good relationship with the Solana Foundation and has support and backing from Multicoin Capital. The project's founders also have many years of experience in operating and managing at the world's largest whisky company, which can be considered a USP for Baxus in this market.
It is hoped that the article provides useful information for users about this project. The content is for informational purposes only and not investment advice. Investors should conduct their own research (DYOR) and make their own assessments before deciding to invest in any project
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