Paris recently hosted the third edition of NFT Paris, an event highlighting the intersection of blockchain technology with various industries, particularly fashion and luxury brands. Held at the Grand Palais Éphémère, the event attracted thousands of visitors who witnessed firsthand the practical applications of nonfungible tokens (NFTs) and blockchain technology.
The fashion industry embraces Web3 technology
One of the standout aspects of NFT Paris was the significant presence of fashion and luxury brands, demonstrating a growing appreciation for the potential of blockchain technology in revolutionizing the industry.
Brian Trunzo, Vice President and Head of Business Development at Polygon Labs, emphasized the transformative impact of Web3 technology on fashion, citing examples from virtual environments such as Decentraland, CryptoKitties, and Axie Infinity.
Trunzo highlighted the fashion industry’s challenges, including outdated supply chain processes and limited avenues for innovation in product offerings. He noted that Web3 technology allows fashion brands to explore new revenue streams by selling digital items and digitizing various processes, disrupting traditional business models.
Blockchain integration in fashion supply chains
Several major brands, including Nike, LVMH, Prada, OTB, and Mercedes, have begun integrating blockchain technology into their supply chain and product lifecycle management systems. Through initiatives like Nike’s Web3 platform Swoosh and Aura’s blockchain-based product passports, brands are enhancing transparency, authenticity, and customer engagement.
Arianee, a Polygon-powered NFT protocol, has emerged as a key player in the luxury brand space, providing blockchain-based digital passports for products. Pierre-Nicolas Hurstel, CEO of Arianee, highlighted the watchmaking industry’s adoption of blockchain-based digital passports, estimating that 30% of premium watches produced and sold worldwide would feature on-chain product credentials by the end of 2024.
Community-building and engagement in the metaverse
In addition to enhancing transparency and authenticity, fashion brands are leveraging Web3 technology to foster community-building and engagement. Platforms like The Sandbox have attracted major fashion brands such as Gucci, Lacoste, LVMH, and Adidas, rewarding customers with digital assets and NFTs, strengthening brand loyalty and engagement.
Sebastien Borget and Arthur Madrid, co-founders of The Sandbox, highlighted the platform’s role in capturing audience attention and generating earned media through innovative experiences and collectibles.
They emphasized Web3 as an emerging avenue for young fashion designers to explore disruptive ways of launching products and engaging with their audience through NFTs, digitized collections, or metaverse-based experiences.
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