LVMH integrates blockchain technology into luxury fashion

Luxury fashion has been one of the biggest adopters of Web3 technologies in recent months with various brands accepting cryptocurrency as payments, along with names such as TAG Heuer and Prada are launching their own NFT integrations.

The general embrace is likely due to the adoption of Web3 technologies by the brand’s parent company LVMH and the launch of its own blockchain solutions platform. For those who don’t know, LVMH (Moët Hennessy Louis Vuitton) is a French luxury goods conglomerate, headquartered in Paris and owning over 70 luxury fashion brands including names such as Dior, Fendi, Givenchy, Loewe, Kenzo, Celine and Tiffany & Co.

In what could be seen as a nod to the degenerates of the Web3 space, LVMH launched its own blockchain on 4-20 last year – the Aura Blockchain Consortium. Founders include Prada, Cartier, OTB Group and most recently Mercedes Benz.

Two months ago @MercedesBenz joined the Aura Blockchain Consortium as a founding member and it has already been an exciting collaboration

Listen below to hear Gorden Wagener Chief Design Officer at Mercedes Benz & Aura Board Member talk about the vision of the Aura Blockchain Consortium pic.twitter.com/NCsUlGVbZh

— Aura Blockchain Consortium (@AuraConsortium) 24 June 2022

With a focus on providing a more immersive and tailored luxury experience, the group has already begun blending blockchain integrations into its brick-and-mortar offerings. Several products from different brands across the consortium already have physical certificates accompanying them, providing increased proof of authenticity through blockchain technology.

Other integrations the consortium is working on include traceability capabilities, RFID and NFC usage, along with NFT use cases such as a “digital twin.” These and more are brought to life through a partnership with blockchain solutions company Temera.

A particular use of tracking is for sustainability, which is another priority the consortium is focusing on through its recent partnership with the Sustainable Markets Initiative.

Aura Blockchain Consortium joins SMI Fashion Task Force. Environmental sustainability has been a key value of the Aura Blockchain Consortium since its inception, as it aims to leverage blockchain technology in the service of a more sustainable future. pic.twitter.com/kvI6d2gke3

— The Sustainable Markets Initiative (@TheSMI) 6 June 2022

It is a key goal of the consortium and its strategic partners to raise the standards of luxury goods and aims to do so by offering blockchain-based product tracking from start to finish – raw materials to consumer goods.

In other news, Sotheby’s is launching its first art jewelery auction featuring great modern and contemporary artists from our past.

For more news on blockchain, cryptocurrency, NFTs and Web3, visit Hypemoon.com.