Last weekend, at NFT Paris, just a stone's throw from the Eiffel Tower, dozens of high-level executives from the world's top fashion, auto, watch, and alcohol brands met with crypto thought leaders to explore the future of on-chain luxury goods. We discussed.
Over the past three years, these brands have dipped their toes into various blockchain-powered experiments. Immersive online metaverse to Super limited drop Special product made for NFT holders.
But soon say romain carrereCEO of Aura Blockchain Consortium, a collective founded by leading luxury brands to create a unified approach to blockchain technology, says the relationship between the luxury goods industry and cryptocurrencies is set to take a significant level up.
“Web3 customers” [of luxury brands] It’s growing really fast and exponentially,” Carrere said. Decryption On the floor of the Grand Palais ephemeral At NFT Paris this weekend. “That's why we're increasing the functionality and utility of his Web3, because we're seeing more customer engagement.”
Carrere runs Aura, which boasts a membership of 40 major luxury brands, including Louis Vuitton, Prada, Mercedes-Benz, Dior, Cartier and Bulgari. Much of management's focus is now on preparing these companies for 2026 (or perhaps 2027), when new European Union regulations will apply. digital product passport (DPP) is scheduled to come into force.
Users scan an NFC chip embedded in a bag from Italian luxury fashion house Tod's to access the Aura-backed Digital Product Passport (DPP) associated with that item.Provided by: Tod's/Aura
DPP is part of a package of EU regulations designed to promote sustainability in manufacturing, and will soon require luxury brands (among many other European companies) to provide details about the origin and composition of their products. The plan is to require companies to provide relevant information to customers. Although the regulations say nothing about cryptocurrencies, Aura sees an opportunity to create an industry-standard format for DPP for luxury brands that utilizes on-chain technology.
“When creating only a digital product passport” [addressing the minimums of] If you follow EU regulations, you won’t get the customer engagement you’re looking for,” Carrere said. “Customers want more experiences.”
Buoyed by the response to past on-chain experiments, luxury brands under Aura's guidance will jump in en masse. European customers will soon not only get basic supply chain information, but also supply chain information when they access Louis Vuitton handbags or DPPs related to Louis Vuitton handbags. Mr. Carrere says. Dior jacket. Instead, customers will have a secure on-chain portal at their fingertips. This proves the unique authenticity of the premium product and allows you to operate several features associated with it.
“Loyalties, warranties and insurance are going to be huge,” Carrere said of the capabilities currently built into on-chain DPP for Aura member brands.
Users scan the unique QR code-style watch face of H. Moser watches to access the DPP associated with the item. Provided by: H Moser & Cie./Aura
Thanks to Aura, on-chain authentication is also poised to become an industry standard for luxury goods as DPP becomes law across Europe. It's up to luxury brands to decide how they want to incorporate on-chain DPP into their products.Many people choose to sew physically NFC chip Mr. Carrere says that he is incorporating it into fashion items. Other companies are opting for new technologies like his AI image fingerprinting, which scans high-quality photos of products pixel by pixel to verify provenance and authenticity.
Aura is creating a unified framework for these companies' DPPs, but the on-chain capabilities each offers will vary depending on each brand's preferences, Carrere said.
But despite this, the fact that so many big brands are working on connecting all their products to blockchain networks, and these rival brands are working together and connecting with each other through Aura. He thinks it's a huge step forward for the luxury goods industry. .
“They can be fierce competitors,” Carrere said. “But now they are working together to create the standard for all luxury goods.” [industry], for the greater good. It's something unique. ”
Edited by Andrew Hayward
