Guwahati Mail

With increasing popularity of NFT, major international fashion luxury brands, media and other institutions are quietly grabing share in the field of NFT this year. The luxury on-chain NFT is gradually becoming a fortune password across dimensions, and is also regarded by more and more people as the next wealth channel.

Following Sotheby’s announcement of $20 million investment in Mojito, UK EARL INTERNATIONAL AUCTION LTD, another giant of the world’s top ten auction houses, also officially announced the marriage of Reva, a start-up enterprise in the field of digital art collection.

Now Givenchy, Gucci, BURBERRY, LOUIS VUITTON and other major fashion luxury goods have all started large-scale cross-border layout of NFT.

Kering, which Gucci belongs to, began to focus on the blockchain a few years ago. Since the birth of blockchain technology, it has the characteristics of transparency, auditability, credibility and low cost, which just meet the “trust and uniqueness” needs of luxury goods for digitization.

Take LVMH as an example. In 2019, LVMH group announced the launch of the first luxury blockchain platform Aura on May 17, which was jointly developed by LVMH, Microsoft and New York blockchain software technology company ConsenSys. Since then, LVMH has become the first luxury group to use blockchain technology to track and verify the authenticity of products on a large scale.

“Every step of the product life cycle is recorded, which tells a new and transparent story.” LVMH said in the announcement. Using this platform, consumers can view the extremely detailed information of products, including product history, digital certificate, distribution path and salesperson. The brand side can check the product sales in real time, predict the future demand, and predict excessive sales in time. For quality control, these data will also provide more insight into supply chain decision-making for brands.

The existence of NFT is not only popular in the blockchain industry, but also touches the high point of luxury trading again. NFT’s unique and non replicable technology creates “scarce” value, which is precisely the core of luxury goods.

Most of these transactions come from the art market, including specialized high-end non-fungible token collectors.

REVA is not only a traditional and established enterprise, but also a whale in the current market. Today, the value of REVA is $500 million and the operation rate of GMV is $5 billion. It is not difficult to imagine that the next wave of NFT market will jointly create more than $13 billion in value.

REVA, as a high-end non-fungible token auction house, produces high-quality products and has extraordinary value as a collection. For example, CryptoPunk, BAYC, First Supper and other high-end NFT collections have made many non-fungible token achieve higher economic value than themselves in REVA, and become the top non-fungible token at the “Hermes” level in the virtual world. In REVA, these non-fungible tokens can become famous works that are enduring and spread for centuries. The longer they last, the more advanced they will feel. In short, REVA wants to do more. Becoming a high-end non-fungible token auction house is only a small step.

REVA expects to be transformed into NFT in the future. It not only realizes the trading platform of non-fungible token, but also hopes to provide more perfect services for auction and collection of other artworks, collections, music (including the whole album of King Leon), books and other texts, video clips, virtual “metaland” and other game contents.

News sources:

Reva And Mojito, Who Can Represent The Typical Case of Digitization of Traditional Auction Houses

CryptoCNN: http://www.cryptocnn.co/news/Reva_And_Mojito__Who_Can_Represent_The_Typical_Case_of_Digitization_of_Traditional_Auction_Houses/

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