In a groundbreaking move to revolutionize the luxury and art industries, SPIN.FASHION has chosen to join the peaq ecosystem in an effort to develop innovative smart-product experiences for companies like Vogue and H&M.
SPIN.FASHION will leverage peaq to bring over 1 million connected real-world assets (RWAs) to the leading layer-1 blockchain.
The Power of peaq
peaq is a prominent permissionless and borderless layer-1 blockchain designed to power DePINs across a wide variety of industries. Its ecosystem boasts more than 25 applications and services over half a million machine RWAs consisting of devices, vehicles, robots, and more.
Through the peaq network, SPIN.FASHION seeks to onboard over 1M digital, physical, and “next-generation phygital” items.
A New SPIN on Luxury, Culture, and Art
SPIN.FASHION is a rapidly-growing platform for minting, connecting, and buying and selling luxury goods, culture items, or art on-chain. SPIN.FASHION is the exclusive platform offering end-to-end software and hardware technology. This technology includes proprietary RFID tags that connect on-chain to deliver unique, immersive 3D experiences for owners of products from brand partners.
Using art as an example, the owner of a specific piece can rest assured of the object’s authenticity through supply chain traceability, while also connecting the physical item to a digital NFT on-chain that enables the owner to interact with the creator or brand in incredible new ways.
Let’s Get Phygital
Major brands have already begun experimenting with NFTs that combine real-world goods and digital counterparts, highlighting the long-term potential of the phygital experience. This innovative tech is especially welcome in the luxury and art space, where owners demand proof of authenticity and a sense of ownership that extends beyond simply owning the item itself.
SPIN.FASHION will leverage peaq to enable the next phase of phygital adoption for collectors and connoisseurs across the globe. The platform brought in over 100 brands and creators during its pilot, and already features more than 80,000 digital and physical items, with further plans to substantially grow its footprint.
The Future of Digital Twins
To this end, the SPIN.FASHION and peaq integration will equip new luxury and art drops with RFID tags with peaq IDs – the platform’s proprietary identity standard. Creators can then mint “digital twin” phygital NFTs on peaq and take advantage of peaq’s Modular DePIN functions.
peaq will also power SPIN.FASHION’s traceability and cirularity system, and offer smart-contract functionality that enables Web-3 powered luxury trade. With more R&D, peaq could also power XR experiences for SPIN.FASHION in the future through this groundbreaking partnership.
SPIN.FASHION and peaq Speak Out
“We are thrilled to leverage peaq’s Modular DePIN Functions to build some of SPIN.FASHION’s key functions and use it as the main chain of choice for our luxury brands, artists, and creators,” says Lor Albrighi, Co-CEO & Founder of SPIN.FASHION. “We have been building for this vision for almost a decade, and the application of on-chain DPPs seems to be the trigger for a butterfly effect that will reshape the world,” Albrighi continued.
“The luxury and art industry stands to gain a lot from joining the Web3 RWA segment, with the added benefits of greater traceability and liquidity,” added Leonard Dorlöchter, co-founder of peaq. “With its knack for innovation, EU compliance, and a vast network of industry partnerships, SPIN.FASHION is well-positioned to be the Web3 gateway for the creative community, and we are thrilled to see it build its multi-faceted platform on peaq.”
Conclusion
Luxury and art products will connect to Web3 in astonishing new ways, thanks to SPIN.FASHION tapping peaq as the platform of choice for the next generation of phygital experiences.
To learn more, check out the official peaq website, or visit spin.fashion.