The Prada and LVMH-backed Aura Blockchain Consortium is rolling out a shared solution for brands to distribute NFTs. But leveraging blockchain for issues like fighting counterfeits and tracing materials is still in its early stages.
As leader of the Aura Blockchain Consortium, Daniela Ott is tasked with persuading brands to join brands such as LVMH, Prada and Richemont-owned Cartier on the shared digital platform which creates ‘product passports’ for luxury goods.
Amid growing concern about the proliferation of counterfeit luxury goods, LVMH is reportedly developing a system to authenticate merchandise using blockchain technology, while rival Kering is advising a non-profit with the same goal.
This week, Ssense said it laid off 138 workers, and MatchesFashion received a $73 million cash injection from its shareholder. From more niche players to giants like Farfetch, the pressure remains high for luxury e-tailers.