Hey Exclusivity!
Meet Attestability.
A major Luxury Goods Manufacturer provided customers with tokenized proof of the authenticity of the products they purchase, for assured exclusivity.
A major Luxury Goods Manufacturer provided customers with tokenized proof of the authenticity of the products they purchase, for assured exclusivity.
Counterfeit but seemingly accurate copies undermine the brand value of luxury goods. Consumers unknowingly purchasing the fake product are being duped by an overpriced forgery, while also forming negative opinions about authentic brand. A travel and designer bag manufacturer tokenized the data associated with their offerings using NFTs, to address this challenge.
A rapid rise in the number of counterfeits is undermining the exclusivity of luxury goods – the basis of their value.
In many instances fake luxury products come with warranty certificates that are difficult to identify as counterfeit.
Consumers purchasing fake luxury products are disappointed with the quality – wrongly associating it with the real brand.
The luxury travel and designer bag manufacturer took a blockchain and NFT-based approach to create a ledger of product authenticity. Data, from manufacture to purchase of each product, was represented by unique NFTs to verify its genuine nature.
Each luxury travel and designer bag were
issued its own NFT, guaranteeing authenticity
and origin details.
Tokens were minted for online purchases and
QR scans were used for token transfers
for offline purchases.
A private wallet was issued to customers
for storing and managing of the NFTs generated
by their purchases.
NFT based unique identification of luxury travel and designer bags gave each individual product a built-in validation of all materials and steps involved in the manufacturing process.
The company was able to protect brand reputation by reducing the counterfeits customers were exposed to by 37%.
A streamlined warranty process reduced operating costs by 24% and led to a 65% increase in customer satisfaction.
By using blockchain technology and NFTs, the company was able to protect its reputation as an authentic luxury brand.
The use of blockchain technology and NFTs gave the brand a modern and contemporary image among its customer base.
