This past weekend at NFT Paris, steps from the Eiffel Tower, dozens of high-level executives from the world's top fashion, automotive, watch and alcohol brands mingled with cryptocurrency thought leaders to discuss the future of the luxury industry on-chain.
These brands have spent the past three years dipping their toes into various blockchain-powered experiences, starting with Immersive online metaverses to Drops are very limited Of special products designed for NFT holders.
Soon, though, he says Roman CarrierCEO of the Aura Blockchain Consortium – a group founded by leading luxury brands to forge a unified approach to blockchain technology – the luxury industry’s relationship with cryptocurrencies is set to soar.
“Web3 clients [of luxury brands] “It's growing so fast, it's enormous,” Carrere said. Decryption On the floor of the Grand Palace Short term In NFT Paris this weekend. “That's why we're increasing our Web3 functionality and tools – because we're seeing more customer engagement.”
Carrere runs Aura, whose 40 members include luxury giants including Louis Vuitton, Prada, Mercedes Benz, Dior, Cartier and Bulgari. Much of executives' attention is currently focused on preparing these companies for 2026 (or perhaps 2027), when new EU regulations on… Digital product passports The DPPs are expected to enter into force.
The user scans an NFC chip embedded in a bag from luxury Italian fashion house Tod's, to access an Aura-powered Digital Product Passport (DPP) linked to the item. Courtesy: Todd/Aura
DPPs, part of a package of EU regulations designed to promote sustainability in manufacturing, will soon require luxury brands (among many other types of European companies) to provide customers with detailed information about the origins and composition of their products. While the rules say nothing about cryptocurrencies, Aura is seizing the opportunity to create an industry standard model of DPPs for luxury brands that will leverage on-chain technology.
“If you create a digital product passport only [addressing the minimums of] “Under EU regulation, you're not going to get the customer engagement you're looking for,” Carrier said. “The customer is looking for an additional experience.”
Luxury brands under Aura's direction, encouraged by the response to previous experiences on the chain, are all there. Soon, Carrere says, European customers won't just get basic supply chain information when they arrive at the DPP associated with their Louis Vuitton handbag or Dior jacket. Instead, they will have a secure on-chain portal at their fingertips – one that proves the unique authenticity of their luxury product, and allows them to navigate the many features associated with it.
“Loyalties, guarantees and insurance are going to be really big,” Carrier said of the features currently being integrated into on-chain DPPs for Aura member brands.
The user scans the unique QR code-shaped face of the H. Moser & Cie watch to access the DPP associated with the item. Courtesy: H Moser & Cie./Aura
Thanks to Aura, as DPPs become the law across Europe, on-chain authentication is now also an industry standard for luxury goods. How luxury brands choose to incorporate on-chain DPPs into their products is up to them; Many choose physical tailoring NFC chips “In their fashion elements,” Carrere says. Others are opting for new technologies such as AI-powered photo fingerprinting, which scans high-quality images of products – down to the pixel – to verify provenance and authenticity.
While Aura is creating a unified framework for these companies' DPPs, the on-chain features for each offering will vary based on each brand's preferences, Carrier said.
But still, the fact that so many leading brands have committed to connecting all their products to blockchain networks – and that these competing brands are doing so in concert with each other, via Aura – is a major development for the luxury industry, he believes. .
“They can be fierce competitors,” Carrier said. “But now they are merging together to create the standard for all luxury [industry], for the common good. “It's something unique.”
Edited by Andrew Hayward
