A look at LVMH's Blockchain Consortium

Luxury fashion has been one of the biggest adopters of Web3 technologies in recent months with various brands accepting cryptocurrency as payments, along with names like TAG Heuer and Prada launching their own NFT integrations.

The overall embrace is likely due to the adoption of Web3 technologies by the brand’s parent company LVMH and the launch of its very own blockchain solution platform. For those unfamiliar, LVMH (Moët Hennessy Louis Vuitton) is a French luxury goods conglomerate, headquartered in Paris and owns over 70 luxury fashion brands including names like Dior, Fendi, Givenchy, Loewe, Kenzo, Celine, and Tiffany & Co.

In what can be seen as a nod to the degens of the Web3 space, LVMH launched its very own blockchain on 4-20 of last year — the Aura Blockchain Consortium. Its founding members include Prada, Cartier, OTB Group, and most recently Mercedes Benz.

Two months ago @MercedesBenz joined Aura Blockchain Consortium as a founding member & it has already been an exciting collaboration

Listen below to hear Gorden Wagener Chief Design Officer at Mercedes Benz & Aura Board member speak on the vision of the Aura Blockchain Consortium pic.twitter.com/NCsUlGVbZh

— Aura Blockchain Consortium (@AuraConsortium) June 24, 2022

With a focus on providing a more immersive and tailored luxury experience, the group has already begun blending blockchain integrations into its physical offerings. Several products from different brands across the Consortium already have physical certificates accompanying them, providing increased proof of authenticity through blockchain technology.

Other integrations the Consortium is working on include traceability features, RFID and NFC utilization, along with NFT use-cases like a “digital twin.” These and more are being brought to life through a partnership with blockchain solutions company Temera.

One particular use of tracking is for the sake of sustainability, which is another priority the Consortium is focused on through its recent partnership with the Sustainable Markets Initiative.

Aura Blockchain Consortium is joining the SMI Fashion Task Force. Environmental sustainability has been a key value of the Aura Blockchain Consortium since its inception as they aim to leverage blockchain technology at the service of a more sustainable future. pic.twitter.com/kvI6d2gke3

— The Sustainable Markets Initiative (@TheSMI) June 6, 2022

It is a primary goal of the Consortium and its strategic partners to raise the standards of luxury goods and aims to do so by providing blockchain-based product tracking from start to finish — raw materials to consumer goods.

In other news, Sotheby’s launches its first art jewelry auction featuring great modern & contemporary artists of our past.

For more news about blockchain, cryptocurrency, NFTs, and Web3, visit Hypemoon.com.