NFC chips create a bridge between physical and digital products. These chips are expected to flood the fashion and luxury industry ⬇️
Definition : NFC (Near Field Communication) is a short-range wireless communication technology, allowing the exchange of information.
By combining NFC chips with NFT, fashion and luxury brands can offer their customers a seamless end-to-end experience that connects the physical and digital worlds.
3 reasons to add NFC chips for fashion and luxury brands:
1️⃣ - Proof of Authentication: the NFC chip can attest that the physical product is from the brand and delivers an NFT that serves as proof of authenticity. This technology will accelerate and lower the costs of authentication processes for second hand actors: StockX and Vestiaire Collectif for example
2️⃣ - Link between physical and NFT: the purchase of a physical product gives access to its digital twin. The NFC chip associated with the physical product allows to obtain an NFT usable in virtual and/or gaming worlds as a “skin” (= costume of an avatar). The new digital products marketplace of Nike “.SWOOSH” mentions it in its communication
Analysis of “.SWOOSH” here ⬇
3️⃣ - Data on the 2nd market: at each resale of the physical product, the chip can be re-scanned in order to transfer the NFT which serves in this case as a proof of ownership. The transfer of NFT to other customers on the 2nd market will allow to generate customer and product data: number of sales by product category on the 2nd market, customer consumption habits (by analyzing its other brand NFT) for example.
💡 3 uses cases of NFC chips mixing web3 and fashion and luxury industry:
1️⃣ - Nike & RTFKT for their first co-branded physical product, sold Air Force 1 with NFC chips offering a first physical experience that will probably be extended on Nike’s “.SWOOSH” platform. Below is the video of the demonstration of the link between NFC chip and NFT made in RTFKT.
2️⃣ - NFT collection founders Azuki sold 8 NFTs linked to 24-karat gold-plated skateboards with a chip that facilitates the transfer of ownership of the item. Thanks to these technologies, the sale of luxury and art objects can do away with trusted intermediaries.
3️⃣ - Gmoney, an influential player in the NFT ecosystem has launched its phygital brand 9dcc. Its first collection of t-shirts is linked to NFTs via NFC chips. Gmoney, unlike traditional brands, “designs for the secondary market.”
Join me 👉 metaversboi
