Nfts
SPIN.FASHION Joins Peaq to Transform Over 1 Million Art and Luxury Objects into Next-Generation Phygital NFTs with Smart ID Tags
While the Web2 world has declared NFTs obsolete, Louis Vuitton thinks otherwise because it takes place 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 objects. SPIN.MODE, the leading platform for minting, connecting, selling and buying art, luxury and culture objects on the chain has joined peq, Layer 1 blockchain for Of pine and Machine RWAs, to bring luxury to the Web3 rails.
Compliant with European standards and serving companies such as Kering, Vogue, Galeries Lafayette and H&M, SPIN.FASHION is building a cutting-edge smart product operating system platform for creating, connecting and selling next-generation phygital NFTs. It tokenizes real-world art and luxury objects into on-chain RWA 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 innovative ways, delivering immersive product and brand experiences. The tags also enable supply chain traceability for tangible proof of authenticity and provenance, connecting the physical world and supply chain data via an IoT network. It will also leverage peaq to power a large-scale circular economy model, aiming to make the art and luxury industry more sustainable.
From Starbucks has NikeCountless brands have flirted with NFTs, but the technology’s greatest potential arguably lies in the art and luxury market, where authenticity is the name of the game. Functioning as immutable and uncensorable proof of provenance and authenticity, NFTs give collectors and connoisseurs the assurance that the objects of their desire – a luxury watch, a high-end car, or a coveted piece of art – are not fakes, but high-quality works of value. As the luxury world embraces a phygital reality, they can 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 creating, connecting, selling and buying art, luxury and culture on-chain. As part of the Horizon project, 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 DPP for the apparel needed worldwide over the next five years. SPIN.FASHION has already onboarded over 100 brands and designers in its invite-only closed beta pilot phase and will launch to the public with peaq as the default channel in late Q3 2024. Its platform already houses over 80,000 digital and physical items for art and luxury lovers and is expected to onboard over 1 million items over the next 12 months.
Leveraging peaq as the Layer 1 blockchain for its platform, SPIN.FASHION will utilize a variety of peaq’s modular DePIN functions as part of its core infrastructure. It will utilize self-sovereignty peaq identifiers As an identity standard on the platform, each RFID tag (a smart label placed on luxury and art objects and connected to their on-chain passports) will be equipped with a peaq identifier. It will allow creators to mint phygital NFTs on peaq and use peaq as a hosting place for digital twins of real-world art and luxury objects. It will also use peaq as the backbone of its traceability and circularity system, deploying smart contracts on peaq to enable Web3-based luxury commerce, and launch its token natively on peaq. In the future, the peaq integration could also provide the digital backbone for SPIN.FASHION-based XR experiences.
“We are excited to leverage peaq’s modular DePIN features to build some of SPIN.FASHION’s key features and use it as the backbone of choice for our luxury brands, artists, and creators. On 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 is exciting to see regulation stepping in to launch the new DePIN circular economy based on RWA. We have been working towards 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,” added Albrighi.
According to Leonard Dorlöchter, co-founder of peaq, “the luxury and art industry has much to gain by joining the RWA Web3 segment, with the added benefits of improved traceability and greater liquidity.”
“With its knack for innovation, EU compliance and extensive 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 multifaceted platform on peaq,” Leonard added.
Read also: How are luxury brands leveraging NFTs and the metaverse?