July 3, 2024

SPIN.FASHION joins the peaqosystem

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In a nutshell: SPIN.FASHION is joining the peaqosystem to build a platform for minting, connecting, selling, and purchasing art, luxury, and culture objects on chain. The integration is set to bridge the gap between digital commodities and real-world art and luxury products, creating new, real-world use cases for NFTs. Not only will a whole class of art and luxury items soon receive their own peaq IDs, but you’ll also be able to purchase those items natively on peaq.

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A fresh spin on NFTs

The Web2 world has long proclaimed that NFTs are done, dead, and buried in their own irrelevance. A certain someone by the name of Louis Vuitton would beg to differ. And here’s the cool thing about the NFT in question: This time, it’s not another monkey pic. This time, it’s an actual jacket that you can wear IRL, not in the Metaverse. And it’s just one example of a new trend in the fashion and luxury world — phygital NFTs, on-chain tokens representing unique real-world objects.

How do you mint a jacket on chain, though?

Enter SPIN.FASHION — the leading platform for minting, connecting, selling and purchasing art, luxury, and culture objects on-chain.

As part of Project Horizon, an EU funding program for circularity projects, SPIN.FASHION is co-creating the framework for fully-compliant NFT-based Digital Product Passports, which will be mandatory for all textile products sold in the EU by 2030. In its closed invite-only beta pilot phase, SPIN.FASHION already onboarded more than 100 brands and creators. Its platform is currently home to over 80,000 digital and physical items for art and luxury enthusiasts and is set to onboard over 1M items in the next 12 months.

Leveraging peaq as the layer-1 blockchain for its platform, SPIN.FASHION will use a variety of peaq’s Modular DePIN Functions as part of its core infrastructures. It will use self-sovereign peaq IDs as the identity standard on the platform, outfitting every RFID tag — a smart tag placed on luxury and art objects and connected with their on-chain passports — with a peaq ID. It will enable creators to mint phygital NFTs on peaq and to use peaq as the home for digital twins of real-world art and luxury items. SPIN.FASHION will also use peaq as the backbone of its traceability and circularity system, deploying smart contracts on peaq to enable Web3-powered luxury trade, and it will launch its token natively on peaq.

But that’s not all. In the future, the peaq integration may also provide the digital backbone for SPIN.FASHION-powered XR (extended reality) experiences.

“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. On peaq, we are building the most user-friendly, sustainable, and scalable minting infrastructure for smart-products in the industry. It’s exciting to see regulation stepping in to kick off the new RWA-Based DePIN circular economy. 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.”

— Lor Albrighi, Co-CEO & Founder of SPIN.FASHION.

“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. 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.”

— Leonard Dorlöchter, co-founder of peaq

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