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Aura CEO: Luxury Industry on Verge of Embracing Crypto with On-Chain Digital Passports

Aura CEO Romain Carrere predicts a significant advancement in the luxury industry’s embrace of cryptocurrency. The Aura Blockchain Consortium, comprising top luxury brands, aims to streamline blockchain adoption. Carrere notes a burgeoning interest in Web3 among luxury consumers, indicating exponential expansion. These revelations were shared by Carrere at the prestigious NFT Paris event, situated close to the renowned Eiffel Tower. Notably, Aura boasts a membership of 40 esteemed brands, including Louis Vuitton, Prada, Mercedes Benz, Dior, Cartier, and Bulgari.

Aura CEO Focused on Preparing Luxury Countries for Regulations

Carrere is presently directing his attention towards readying these enterprises for the forthcoming European Union regulations concerning Digital Product Passports (DPPs), slated for enactment in 2026 or 2027. These passports are integral to a suite of EU mandates designed to foster sustainability in manufacturing practices. They mandate that luxury brands and other European businesses furnish customers with thorough details regarding the sourcing and constituents of their merchandise. Though cryptocurrencies are not explicitly addressed in these regulations, Aura perceives a chance to establish a standardized version of DPPs for luxury brands by harnessing on-chain technology.

Carrere emphasizes that merely meeting the basic mandates of EU regulations through the creation of a digital product passport won’t be satisfactory for customer engagement. Luxury brands under Aura’s guidance are recognizing the promise of on-chain DPPs, drawing from past successful forays into blockchain technology. Carrere envisions a forthcoming scenario where European consumers, accessing the DPP linked to their Louis Vuitton handbag or Dior jacket, will have access to a secure on-chain gateway. This portal will not only certify the product’s authenticity but will also offer supplementary functionalities like loyalty program integration, warranty services, and insurance provisions.

Luxury Brands Consider Different Crypto and On-Chain Approaches

While Aura is establishing a standardized framework for DPPs, the specific on-chain features provided by each brand may differ according to their preferences.

One method involves the integration of physical NFC chips, with select brands opting to embed them within their fashion articles.

Alternatively, some are exploring novel techniques such as AI image fingerprinting. This method scrutinizes high-resolution images at the pixel level to authenticate the product’s origin and integrity.

Carrere sees the commitment of prominent luxury brands to link their products with blockchain networks via Aura as a significant industry milestone.

Despite their intense competition, these brands are putting aside their rivalries to set a standard that benefits the entire luxury sector.

Carrere characterizes this collaborative effort as uniquely transformative.

It’s notable that the NFT market has experienced a recent surge, coinciding with the recovery in cryptocurrency prices.

In October, the trading volume of NFTs spiked by $99 million, soaring to $405 million, marking sales levels not witnessed since August.

Similarly, December 2023 saw a significant milestone for NFT sales on the Bitcoin (BTC) network, surpassing $881 million for the first time in history.

Last month, NFT sales on the Bitcoin chain reached an impressive $881,223,753.92, establishing the highest single-month sales record to date.

This surge included 111,713 buyer addresses and 98,744 seller addresses, both setting new records for the highest number of addresses in a single month.

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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