New accessories brand aims to redefine luxury NFTs – WWD

Sometimes a bag is just a bag, a storage place for the marbles of daily life. But when it’s an exotic leather bag, handcrafted by a Swiss atelier and authenticated by blockchain, it’s a Steel – a statement from a new American accessories company that promises a new version of the luxurious NFT experience.

With an eye for blending old-fashioned craftsmanship with new technology, the Palm Beach, Florida-based company describes itself as modern, timeless and artisanal. The proposition begins with an heirloom selection of handbags – the art-driven brand calls them “sculptures” – and accessories, all hand-stitched from start to finish by Steel’s Switzerland-based atelier. The range, which features French leather or exotic skins such as crocodile, ranges in price from $480 to more than $12,000. The company is also planning limited drops and custom orders through Farfetch’s private customer service.

From there, old-world tradition meets new virtual technology, bringing luxury to the virtual world.

Each sculpture comes with a digital twin, with non-fungible tokens minted on the Polygon Blockchain, and according to founder and creative director Nicole Steel, the brand makes the process of claiming them less daunting thanks to familiar technologies like QR codes and Apple Wallet.

“The consumer experience, which I’m very passionate about, is providing accessibility and not letting the average luxury buyer be intimidated by blockchain and Web 3.0 technology,” said founder and creative director Nicole Steel in an exclusive interview.

She wanted to offer a more natural path into the technology, so she carefully crafted each step of the process. “They receive the product, scan [the QR code] and then they literally link their physical product to the blockchain information that is recorded for that product specifically,” she continued. “After that, they get an email verifying their information — they are who they say they are, the owner of the product … and the information is then downloaded to Apple Wallet.”

The mention by Apple is reminiscent of a decision reported in early December to block apps like Coinbase Wallet from sending NFTs without handing over a 30 percent cut. The situation is remarkable, because support from the world’s best mobile platforms would go a long way in making the technology more mainstream.

However, Steel created a model that uses a ubiquitous iOS feature, Apple Wallet, without breaking the tech company’s rule. The brand used Apple’s PassKit API to create what it calls a “passport” for owners, which is akin to the physical authenticity card that usually comes with luxury goods. It slips into the mobile wallet “just like a plane ticket,” the founder said.

In fact, the pass acts as a membership card that gives access to real activities, parties and other special events. Of course, owners can choose to forego digital goods and memberships, and simply enjoy the real steel products themselves.

The collection includes handbags and Apple Watch cuffs: Icon Mini Sculpture, Icon 28 Sculpture, Everywhere Sculpture, RockStar SmrtKuff and Day to Night SmrtKuff.

Stål debuts an exclusive Everywhere sculpture made of porous crocodile and a clasp encrusted with 213 pave diamonds set in 18K gold in Paris, as featured in Farfetch’s Holiday Gift Guide. It is available through Farfetch’s private client stylists, as well as steelamericanluxury.com. Other products will arrive in selected stores and contemporary art galleries worldwide next year.