NFTs
SPIN.FASHION Partners with peaq to Transform Over 1 Million Art and Luxury Items into Next-Gen Phygital NFTs with Smart ID Tags
While the Web2 world has declared NFTs obsolete, Louis Vuitton thinks otherwise, as roll out a phygital NFT — a jacket you can wear in real life, 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.MODA, the leading platform for minting, connecting, selling and buying art, luxury and cultural objects on-chain has joined Easter, the layer 1 blockchain for DePIN and Machine RWAs, to bring luxury on the Web3 tracks.
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 next-generation phygital NFTs. It tokenizes real-world art and luxury objects to transform them into on-chain RWAs with 3D digital twins for immersive extended reality (XR) experiences.
SPIN.FASHION offers the only end-to-end software and hardware solutions, including proprietary smart radio frequency identification (RFID) tags that enable businesses to create digital environments and interact with customers in new ways, delivering immersive product and brand experiences. The tags also enable supply chain traceability for tangible proof of an object’s authenticity and provenance, connecting the physical world and data across the chain through an IoT network. It will also leverage peaq to drive a circular economy model at scale, with the aim of making the art and luxury industry more sustainable.
In Starbucks for NikeNumerous brands have flirted with NFTs, but the technology’s greatest potential lies arguably in the art and luxury market, where authenticity is the name of the game. Acting as immutable and uncensorable proofs of provenance and authenticity, NFTs grant collectors and connoisseurs the confidence that the objects they desire—a luxury watch, a luxury car, or a coveted piece of art—are not fakes, but valuable works of high craftsmanship. As the luxury world moves into a phygital reality, they could play an even bigger role for the industry, enabling a variety of immersive 3D experiences and interactions with the gaming industry.
SPIN.FASHION is the leading platform for minting, connecting, selling and buying art, luxury and cultural objects on-chain. As part of Project Horizon, an EU funding programme for circularity projects, SPIN.FASHION is co-creating the framework for fully compliant NFT-based Digital Product Passports, which will be mandatory for all textile products sold in the EU by 2030, with an estimated 62.5 billion DPPs for apparel needs globally in the next five years. SPIN.FASHION has already onboarded over 100 brands and creators in its invite-only closed beta pilot phase and will launch to the public with peaq as the default network in late Q3 2024. Its platform already hosts over 80,000 digital and physical items for art and luxury enthusiasts and is scheduled to onboard over 1 million items in the next 12 months.
Leveraging peaq as a layer-1 blockchain for its platform, SPIN.FASHION will use a variety of peaq’s modular DePIN functions as part of its core infrastructure. It will use self-sovereign Peak IDs as the identity standard on the platform, equipping each RFID tag — a smart label placed on luxury and art objects and connected to their on-chain passports — with a peaq ID. It will enable creators to mint phygital NFTs on peaq and use peaq as the home for digital twins of real-world art and luxury items. It will also use peaq as the backbone of its traceability and circularity system, deploying smart contracts on peaq to enable Web3-powered luxury commerce and launching its token natively on peaq. In the future, peaq integration could also provide the digital backbone for XR experiences powered by SPIN.FASHION.
“We are excited to leverage peaq’s Modular DePIN Functions to build on some of the core functionality of SPIN.FASHION and use it as the primary chain of choice for our luxury brands, artists, and creators. At peaq, we are building the most user-friendly, sustainable, and scalable minting infrastructure for smart products in the industry,” said Lor Albrighi, Co-CEO and Founder of SPIN.FASHION.
“It’s exciting to see regulation stepping in to usher in the new RWA-based DePIN circular economy. We’ve been building this vision for almost a decade, and the application of on-chain DPPs seems to be the trigger for a butterfly effect that will reshape the world,” Albrighi added.
According to Leonard Dorlöchter, co-founder of peaq, “The luxury and art industry has a lot to gain from embracing the Web3 RWA segment, with the added benefits of increased traceability and liquidity.”
“With its flair for innovation, EU compliance and vast network of industry partnerships, SPIN.FASHION is well-positioned to be the Web3 gateway for the creative community, and we are excited to see it build its multi-faceted platform on peaq,” added Leonard.
Read too: How are luxury brands leveraging NFTs and the metaverse?