While the Web2 world has declared that NFTs are dead, Louis Vuitton thinks otherwise. Roll out Phygital NFT — A jacket that you can wear in the real world, not just in the Metaverse. This product is just one example of a new trend in fashion and luxury where on-chain tokens represent unique physical items. Spin fashion, Leading platforms for minting, connecting, selling and purchasing art, luxury and cultural goods on-chain have joined forces. small, Bringing luxury to Web3 rails with Layer 1 blockchain for DePIN and Machine RWAs.
EU-compliant and serving companies like Kering, Vogue, Galeries Lafayette, and H&M, SPIN.FASHION is building an industry-leading smart product operating system platform to mint, connect, and sell the next generation of Phygital NFTs. Tokenizing physical art and luxury goods and turning them into on-chain RWAs with 3D digital twins for immersive extended reality (XR) experiences.
SPIN.FASHION provides the only end-to-end software and hardware solution, including an exclusive smart RFID (radio frequency identification) tag, that allows businesses to build digital experiences and interact with customers in new ways, delivering immersive product and brand experiences. The tag enables supply chain tracking for definitive proof of the authenticity and provenance of objects, connecting the physical world with on-chain data via IoT networks. It will also leverage peaq to build a large-scale circular economy model, making the art and luxury industries more sustainable.
at From Starbucks to NikeWhile many brands have taken an interest in NFTs, the technology’s greatest potential is undoubtedly in the art and luxury goods market, where authenticity is the name of the game. Acting as immutable and censorship-proof proof of provenance and authenticity, NFTs give collectors and connoisseurs the assurance that their desired object—whether it’s a luxury watch, a luxury car, or a coveted piece of art—is not a counterfeit, but a precious work of high craftsmanship. As the luxury world moves into digital reality, they can play a bigger role in the industry, enabling a range of immersive 3D experiences and interactions with the gaming industry.
SPIN.FASHION is a leading platform for minting, connecting, selling and purchasing art, luxury and cultural objects on-chain. As part of Project Horizon, an EU funding program for circularity projects, SPIN.FASHION is co-developing a framework for a fully compliant NFT-based digital product passport that will be mandatory for all textile products sold in the EU by 2030, with an estimated 62.5 billion DPP SPIN.FASHION, the global go-to-wear destination for the next 5 years, has already onboarded 100+ brands and creators into its closed, invitation-only beta pilot phase and will launch to the public with peaq as its primary chain in late Q3 2024. The platform already has over 80,000 digital and physical items for art and luxury enthusiasts and plans to onboard over 1 million items in the next 12 months.
SPIN.FASHION utilizes peaq as the platform’s layer 1 blockchain and uses various peaq modular DePIN features as part of its core infrastructure. Self-sovereign peaq IDs As the platform’s identity standard, we will equip all RFID tags (smart tags attached to luxury goods and artwork and linked to the on-chain passport) with the peaq ID. This will allow creators to mint phygital NFTs on peaq and use peaq as a digital twin home for their physical artworks and luxury goods. We will also use peaq as the backbone of our traceability and circularity system, deploying smart contracts on peaq to enable Web3-based luxury goods transactions and natively launching tokens on peaq. In the future, peaq integration can also provide a digital backbone for SPIN.FASHION-based XR experiences.
“We are excited to leverage peaq’s modular DePIN capabilities to build some of the core functionalities of SPIN.FASHION and make it the primary chain of choice for our luxury brands, artists and creators. At peaq, we are building the most user-friendly, sustainable and scalable smart product foundry infrastructure in the industry,” said Laure Albrigi, Co-CEO and Founder of SPIN.FASHION.
“It’s exciting to see regulation stepping in to kick-start a new RWA-based DePIN circular economy. We’ve been building towards this vision for nearly a decade, and the implementation of an on-chain DPP seems to be the trigger for a butterfly effect that will reshape the world,” Albriggi added.
According to Leonard Dorlöchter, co-founder of peaq, “The luxury and art industries have a lot to gain by joining the Web3 RWA segment, benefiting from greater traceability and liquidity.”
Leonard added: “With its flair for innovation, EU compliance and extensive network of industry partnerships, SPIN.FASHION is well positioned to become a Web3 gateway for the creative community and we are excited to see them build out their multi-faceted platform at peaq.”
Also read: How are luxury brands using NFTs and the metaverse?