Exploring Fashion and Blockchain at NFT Paris: A Glimpse Into Web3's Impact on the Industry
Summary:
NFT Paris, in its third year, saw thousands of participants exploring the practicality of nonfungible tokens and blockchain technology. Cointelegraph interacted with pioneers in blockchain technology and its mainstream integration. Brian Trunzo from Polygon Labs discussed the intersection of fashion and growing tech, while Arianee CEO Pierre-Nicolas Hurstel projected that 30% of premium watches would have on-chain product credentials by 2024. The event also highlighted fashion brands' use of platforms like The Sandbox to foster web-based community building.
NFT Paris, marking its third year, successfully gathered thousands of participants to the French capital including artists, designers and luxury brands, all showing the practical use of nonfungible tokens and blockchain technology. Held in the Grand Palais Éphémère, adjacent to the Eiffel Tower, the event highlighted the rising influence of Web3 on various fields and sectors. Cointelegraph talked to the pioneers of blockchain technology and its mainstream integration.
Paris, a city often recognized for fashion, saw the same creative spirit during NFT Paris. Attendees displayed their impressive style while showing interest in the transformative technology within the industry. Brian Trunzo, the vice-president and business development head of Polygon Labs, talked to Cointelegraph while exploring the exhibit hall. Having worked as a lawyer and started a profitable fashion brand, Trunzo now manages the introduction of fashion labels into Polygon's Ethereum Layer-2 ecosystem.
Trunzo, who advised major brands and researched NFTs and blockchain applications from 2017, believes the digital property in Decentraland, CryptoKitties, and Axie Infinity, coupled with in-game skins of League of Legends, signifies the vast potential of these online spaces. With fashion being a forward-thinking industry, he suggests that its backbone - supply chain, design, and retail - are actually aged and inefficient.
Trunzo noted that the fashion field, which prioritizes growth and profit margins, is being challenged by the concept of selling digital products or enhancing process digitization. According to him, many brands, including Nike, are already pushing progress by developing their own Web3 platforms. He also mentioned LVMH, Prada, OTB and Mercedes which are making strides with their supply chain improvements, made more impressive by blockchain authentication.
The blockchain-based digital product passports, provided by Aura’s tech, may seem strange to consumers now, but Trunzo foresees this altering as blockchain technology becomes more prevalent.
NFT protocol Arianee, powered by Polygon, has made its mark in the luxury brand arena. Its protocol facilitates product passports and NFT functionality for several top-tier brands. Pierre-Nicolas Hurstel, the CEO of Arianee, said in NFT Paris that the watchmaking industry is welcoming blockchain-based digital passports. He predicts that by the end of 2024, 30% of premium watches globally will carry on-chain product credentials.
Hurstel explained that the protocol was designed to establish an ongoing connection between brands, items and their various owners while ensuring data privacy. He added that many brands have found numerous advantages by using the Arianee app which allows them to monitor an item's maintenance, provenance, and previous ownership, and even gives special access to select products or experiences.
Fashion labels are also tapping into the web-based community-building aspect, using platforms like The Sandbox. Co-founders of The Sandbox, Sebastien Borget and Arthur Madrid, shared that major fashion companies - Gucci, Lacoste, LVMH and Adidas - are rewarding customers with digital assets and NFTs. They view The Sandbox as a platform for brand loyalty, engagement and community expansion.
Madrid mentions that Web3 serves as a fresh space for fashion designers, especially the younger ones, to explore innovative ways of launching products and capturing their audiences. This includes launching NFTs, art, digitized collections or metaverse-orbiting experiences or collectibles.
Published At
3/4/2024 5:11:25 PM
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