NFT Paris, held at the Grand Palais Éphémère in France’s capital, showcased the practicality of nonfungible tokens (NFTs) and blockchain technology in various industries, attracting a large number of visitors. Cointelegraph had the opportunity to speak with key figures in the blockchain and mainstream adoption sectors.
Fashion took center stage at NFT Paris, with attendees displaying their impeccable style and appreciation for technology driving innovation in the industry. Brian Trunzo, Polygon Labs’ Vice President and Head of Business Development, spoke with Cointelegraph about the integration of fashion brands with Polygon’s Ethereum-scaling layer-2 ecosystem. Trunzo, a former attorney and fashion brand founder, has been exploring the potential of NFTs and blockchain since 2017. The exhibition showcased examples of digital ownership in virtual environments, such as Decentraland, CryptoKitties, Axie Infinity, and League of Legends in-game skins.
Trunzo emphasized that while the fashion industry is seen as avant-garde and progressive, its underlying processes, from supply chain to design and retail, are outdated and slow. He stated that brands can disrupt the industry by selling digital items or digitizing and improving processes. Polygon has collaborated with major brands in the US, Europe, and Asia, including Nike, which has developed its own Web3 platform called Swoosh. Trunzo praised the work of brands like LVMH, Prada, OTB, and Mercedes, who are leveraging blockchain for supply chain and product lifecycle management, highlighting the use of Aura tags authenticated on the blockchain.
Watchmakers have also embraced blockchain technology, with Arianee’s NFT protocol leading the way in the luxury brand space. Pierre-Nicolas Hurstel, CEO of Arianee, stated that the watchmaking industry has widely adopted blockchain-based digital passports. By the end of 2024, he estimates that 30% of premium watches produced and sold globally will have on-chain product credentials. The Arianee protocol aims to establish a circular relationship between brands, products, and consumers, with a focus on privacy-preserving functionality.
Arianee Chairman Frédéric Montagnon highlighted the benefits of the protocol, including the ability to track maintenance history, insurance, provenance, and previous ownership of an item, as well as access to exclusive products and experiences through Web3 functionality.
Fashion brands are also leveraging Web3 for community building, with The Sandbox being a prime example. The platform has partnered with major fashion brands like Gucci, Lacoste, LVMH, and Adidas to reward customers with digital assets and NFTs. The Sandbox’s co-founders, Sebastien Borget and Arthur Madrid, see Web3 as a means to engage customers, build loyalty, and capture attention through social media and audience interaction.
Overall, NFT Paris showcased the increasing impact of Web3 and blockchain technology on various industries, with fashion, watchmaking, and community building being key areas of focus.