Reimagining the Luxury Goods Market
By harnessing blockchain and web3 technology, luxury brands can prove the authenticity of their products, improve their supply chain operations and forge stronger relationships with their customers — via NFTs, Digital Product Passports, blockchain loyalty programmes and more.
Sustainable Manufacturing & Raw Material Provenance
By utilising blockchain in luxury goods production, data can be gathered at the point of raw material extraction and at each stage of the manufacturing process. When used in conjunction with innovations such as blockchain Digital Product Passports, luxury brands can:
- Comply with environmental regulations, justify product sustainability claims, and prove that their raw material procurement practices are in line with ESG standards
- Create recycling, reuse, and repair programs to increase product longevity and maintain prosperous customer relations
Digital Assets & NFTs
Unique digital assets such as NFTs are augmenting the offerings of luxury brands beyond their physical products. They provide the basis for unique digital experiences and an opportunity to engage an increasingly tech-savvy customer base. Retailers can:
- Reward loyal customers with exclusive online experiences and perks such as limited-edition collectibles
- Prove ownership and authenticity of goods by providing a Digital Twin or Digital Product Passport, linked to a physical asset
- Create fully digital product ranges to expand their offering into the Metaverse
Combating Counterfeits & Facilitating Resale Markets
By implementing blockchain in luxury resale markets, brands can provide a tamper-proof certification of authenticity for each product. This can be transferred to new owners after resale via a Digital Product Passport. This helps protects buyers from fraud, and gives luxury brands valuable data on resales. DPPs can:
- Empower customers by giving them an active role in authenticating their purchases and determining resale value
- Use smart contract coding to track an individual product as it is sold and resold, delivering valuable insights into product popularity
Protokol's Services for Luxury Brands
Web3 Development
