Luxury Brands Embrace Crypto to Engage Customers and Comply with Upcoming EU Regulations
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Luxury brands like Louis Vuitton, Prada, Mercedes Benz, etc. are embracing crypto and web3 capabilities to engage more customers. Brands have been experimenting with NFTs, metaverses, etc.
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Aura Blockchain Consortium is helping luxury brands prepare for upcoming EU regulations requiring Digital Product Passports (DPPs) that provide supply chain details.
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Aura is encouraging brands to make DPPs more engaging by harnessing blockchain tech for features like authentication, warranties, insurance, loyalties, etc.
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Brands are adding NFC chips or using AI image fingerprinting to link physical products to digital passports. This will help prove authenticity.
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Major competing luxury brands are collaborating through Aura to create an industry standard for on-chain product passports that provide utility to customers.