Luxury fashion is TAG Heuer and
Overall adoption likely due to adoption of Web3 technology by the brand’s parent company
In what can be seen as a nod to the degeneration of the Web3 space, LVMH launched its own blockchain, the Aura Blockchain Consortium, on April 4-20 of last year. Its founding members include Prada, Cartier, OTB Group and most recently Mercedes-Benz.
two months ago @Mercedes-Benz Joined the Aura Blockchain Consortium as a Founding Member, Already an Exciting Collaboration
Listen below to hear Mercedes-Benz Chief Design Officer Gorden Wagner and Aura board members discuss their vision for the Aura Blockchain Consortium. pic.twitter.com/NCsUlGVbZh
— Aura Blockchain Consortium (@AuraConsortium) June 24, 2022
With a focus on providing a more immersive, customized and luxurious experience, the group has already started blending blockchain integration into its physical products. Several products from various brands across the consortium already come with physical certificates, augmented by blockchain technology for proof of authenticity.
Other integrations the consortium is working on include traceability capabilities, RFID and NFC utilization, and NFT use cases such as “digital twins”. These are made possible through partnerships with blockchain solutions companies. Temera.
One particular use of tracking is for sustainability. This is another priority the consortium is focusing on through its recent partnership with the Sustainable Markets Initiative.
Aura Blockchain Consortium participates in the SMI Fashion Task Force. Environmental sustainability has been a key value since the founding of the Aura Blockchain Consortium, which aims to harness blockchain technology for a more sustainable future. pic.twitter.com/kvI6d2gke3
— Sustainable Market Initiative (@TheSMI) June 6, 2022
The main goal of the consortium and its strategic partners is to raise the bar for luxury goods, and they aim to do so by offering end-to-end blockchain-based product tracking, from raw materials to consumer goods. I’m here.
In other news, Sotheby’s launches its first art jewelery auction featuring great modern and contemporary artists from the past.
For more information on blockchain, cryptocurrencies, NFTs, and Web3, visit Hypemoon.com.