Artists, designers, and luxury brands are demonstrating the practicality of nonfungible tokens (NFTs) and blockchain technology in the real world. NFT Paris, held in France’s capital, attracted thousands of visitors and showcased the increasing impact of Web3 on various industries. Cointelegraph had the opportunity to speak with key individuals who are at the forefront of the intersection between blockchain technology and mainstream adoption.
NFT Paris embraced the fashion world, reflecting the city’s reputation as a fashion capital. Attendees displayed impeccable taste and style, coupled with a growing appreciation for the technology driving innovation in the industry. Brian Trunzo, Vice President and Head of Business Development at Polygon Labs, discussed the exhibition hall with Cointelegraph. Trunzo, a former attorney and founder of a successful fashion brand, now focuses on onboarding fashion brands to Polygon’s Ethereum-scaling layer-2 ecosystem.
Trunzo had been consulting for large brands and exploring NFTs and blockchain use cases since 2017. He pointed out examples like Decentraland, CryptoKitties, Axie Infinity, and League of Legends, which exhibit digital ownership and highlight the potential within virtual environments. Trunzo noted that while the fashion industry is considered avant-garde and progressive, its underlying processes, from supply chain to design and retail, are outdated and inefficient. He added that the idea of selling digital items or digitizing and improving processes is disrupting the industry’s ruthless nature, where growth and margins are paramount.
Polygon has directly engaged with major brands worldwide, including Nike, which has developed its own Web3 platform called Swoosh. Trunzo also mentioned the fascinating advancements in supply chain and product lifecycle by LVMH, Prada, OTB, and Mercedes. These brands are using technology like Aura, which provides digital product passports authenticated on the blockchain, creating a mind-blowing experience for customers.
Arianee, a Polygon-powered NFT protocol, has established itself as a significant player in the luxury brand space. Its protocol powers product passports and NFT functionality for renowned brands. Pierre-Nicolas Hurstel, the CEO of Arianee, believes that the watchmaking industry has fully embraced blockchain-based digital passports. He predicts that by the end of 2024, 30% of premium watches produced and sold globally will have on-chain product credentials. The Arianee protocol aims to create a circular relationship between companies, products, and consumers, supported by privacy-preserving functionality.
Frédéric Montagnon, the chairman of Arianee, highlighted numerous benefits for brands and customers. Arianee’s app allows users to track an item’s maintenance history, insurance, provenance, previous ownership, and also offers Web3 functionality, such as exclusive access to products or experiences.
Fashion brands have also recognized the community-building potential of Web3, with The Sandbox being a prime example. The Sandbox has partnered with over 10 major fashion brands, including Gucci, Lacoste, LVMH, and Adidas, to reward customers with digital assets and NFTs. The platform serves as a means for loyalty, engagement, community building, and capturing attention through earned media and audience engagement.
In conclusion, NFT Paris has showcased the significant impact of NFTs and blockchain technology on various industries. The fashion world, in particular, has embraced this technology, with brands exploring new avenues for growth, engagement, and community building. The future looks promising as more brands and industries recognize the potential of Web3 and its ability to revolutionize traditional processes.