Gold Backed Utility
Established in 1996, Asia Broadband, Inc. (Ticker: AABB) is a high-margin resource company focused on the production, supply, and sale of precious and base metals to primarily Asian markets.
In March 2021, Asia Broadband launched a gold-backed cryptocurrency, using $30 million of its gold bullion as collateral with the goal of becoming a worldwide standard of exchange that is secured and trusted thanks to its unique mine-to-token vertical integration.
In the fall of 2022, the company decided to expand its digital asset footprint by starting the due dilligence process of launching an NFT project on the Ethereum blockchain. By Q2 of 2023, the company had continued its “gold-backed” model for its newly created NFT collection titled “Golden Baboons Mining Club”.
With the coins ($AABBG tokens) the company backs each token with 1/10th of a gram of gold while the NFTs are backed by 1/2 a gram of gold. Having an asset backed utility is nearly unheard of in the Web3 space and its what sets this project apart from others. To add additional fun and value for collectors, the company has 10 legendary NFTS backed by 1 troy ounce (nearly $2000).
Now that the Golden Rascals have arrived in February of 2024, the company continues to grows their newly formed intellectual property by adding a mischeivious group of greedy characters named “Golden Shorts Rascal Club”. Like the original collection, these Solana based NFTS will also be backed by the same 1/2 gram and include 10 additional legendaries backed by 1 troy ounce.
The company wishes to add that it wants collectors to trade their NFTs just like every other collection where the value of the NFT is mainly based on demand, collectibiility, aesthetics and rarity. Collectors can hope for not only the crypto to increase in value but now gold also. The gold adds (in essence) a “higher floor” vs the other 99% plus NFTs out there. Take a sports card, if one takes away the collectibility aspect from it, its backed by nothing and is only a piece of this cardboard at the end of the day, our utility gives it some value regardless with the asset backing.