Overview

In a nutshell...

In-Trust Krugerrands

What is a krugerrand?

A krugerrand is a Gold bullion coin minted in South Africa. It contains precisely one Troy ounce of gold per coin with trace amounts of copper alloy. This is to make the coin more durable and leads to it having a slight red colour.

How can I be certain the krugerrand exists?

Open Earth Labs keeps a public record of the krugerrands it keeps. These are all indexed and allocated to a single Krugerrand NFT. The holder of this NFT is entitled to exchange this NFT for the actual Krugerrand held in trust with Open Earth Labs.

How do I buy one?

You can purchase a Krugerrand NFT on a secondary market such as OpenSea. If you wish to mint a new Krugerrand NFT then you will need to make use of The Elementals to purchase a Gold Ingot which can be used to mint a new Krugerrand NFT.

Does a Gold Ingot cost the same as a Krugerrand?

The Gold Ingot found in The Elementals is typically minted for 70% of the cost of a Krugerrand. This is done since the control of Krugerrand NFT supplies are limited initially and not all Gold Ingots will become Krugerrand NFT's. The Gold Ingot does act as a pseudo-allowlist for Krugerrand minting events with only holders of a Gold Ingot being afforded the ability to mint a Krugerrand.

Are there any minimum requirements?

In order for the holder of the NFT to exchange the NFT for the underlying Krugerrand they will need to be fully KYC'ed with Open Earth Labs. This is done to prevent money laundering and tax evasion.

Is my Krugerrand safe?

All Krugerrands kept in trust by Open Earth Labs will be stored at trusted vaults with all being insured.

Is there a limited supply?

Currently Open Earth Labs will control the supply of Krugerrand NFT's into the market. This is to study the behaviour of this ownership title in the market.

Why would I buy this instead of an actual Krugerrand?

This is merely a different ownership model. Purchasing the Krugerrand itself and keeping it secure is a complex process with risks such as counterfeiting, theft and fraud. The Krugerrand cannot be insured unless stored in a vault so the ownership becomes semi-liquid. Through owning the underlying asset as an In-Trust digital representation the asset is more secure and liquid. You will be able to trade the asset more easily and can rest assured that the asset is legitimate and safely stored.

Why are you doing this?

We wish to put forward a use case for In-Trust digital ownership. Gold has always been a safe-haven asset and the blockchain allows for this asset to be more simply owned and secured.