SPIN.FASHION Integrates Over 1 Million Real-World Assets with peaq Network, Revolutionizing Luxury and Art

Introduction

peaq, the renowned layer-1 blockchain for Decentralized Physical Infrastructure Networks (DePIN) and Machine Real-World Assets (RWAs), is broadening its ecosystem through an innovative partnership with SPIN.FASHION. This collaboration signifies a transformative era for luxury and art in the digital sphere, as SPIN.FASHION, trusted by industry giants like Kering, Vogue, Galeries Lafayette, and H&M, launches a cutting-edge platform for minting, connecting, and trading next-generation phygital NFTs.

Tokenizing Real-World Assets

At the core of SPIN.FASHION's breakthrough lies its ability to tokenize real-world art and luxury items, converting them into on-chain RWAs with 3D digital twins. This integration not only boosts product authenticity but also introduces immersive extended reality (XR) experiences for consumers, setting a new standard in the digital luxury market.

Smart RFID Tags for Authenticity

SPIN.FASHION's proprietary smart RFID tags enable seamless interaction between physical objects and digital environments. These tags ensure robust supply-chain traceability and authenticity verification, vital for maintaining the integrity of luxury goods in the digital age.

NFTs in the Luxury Market

While brands like Starbucks and Nike have explored NFTs, their greatest potential lies in the art and luxury market where authenticity is crucial. NFTs provide immutable, uncensorable proof of provenance and authenticity, assuring collectors that their high-value acquisitions are genuine works of craftsmanship.

Phygital Reality and Consumer Engagement

As the luxury sector embraces a phygital reality, NFTs are set to redefine consumer engagement by facilitating immersive 3D experiences and novel interactions within the gaming industry. Lor Albrighi, Co-CEO and Founder of SPIN.FASHION, is enthusiastic about leveraging peaq's Modular DePIN Functions to realize the platform's vision of a user-friendly, sustainable, and scalable infrastructure for smart-products.

On-Chain Luxury and Art Innovation

SPIN.FASHION stands out as the premier platform for on-chain minting, sales, and purchase of art, luxury, and cultural artifacts. As a participant in Project Horizon, an EU initiative for circularity, SPIN.FASHION leads the development of compliant NFT-based Digital Product Passports, set to become mandatory for all textile products sold in the EU by 2030.

Public Launch and Future Prospects

Having onboarded over 100 leading brands and creators during its invite-only beta phase, SPIN.FASHION is preparing for a public launch with peaq as its default blockchain in late Q3 2024. The platform currently hosts over 80,000 digital and physical items and aims to expand its catalog to over 1 million items within the next 12 months.

Leveraging peaq’s Blockchain

Utilizing peaq's robust layer-1 blockchain capabilities, SPIN.FASHION integrates Modular DePIN Functions into its core infrastructure. Each RFID tag used by SPIN.FASHION comes equipped with a self-sovereign peaq ID, enabling the creation of phygital NFTs and digital twins on the peaq platform.

Commitment to Traceability and Sustainability

Smart contracts on peaq further support SPIN.FASHION's dedication to traceability and sustainability, facilitating secure Web3-powered transactions and the native launch of its token. Leonard Dorlöchter, Co-founder of peaq, highlights the benefits for the luxury and art industry in joining the Web3 RWA segment, with added traceability and liquidity.

Final Thoughts

As SPIN.FASHION prepares to launch its multifaceted platform, the partnership with peaq sets the stage for a paradigm shift in how luxury and art interact within the digital economy. This pioneering collaboration promises to enrich the cultural landscape with unprecedented accessibility and authenticity.