It is a well known fact that individual NFTs have often sold for hundreds of thousands, if not millions of dollars over the years. Whether it’s a particularly rare piece from collections like the Bored Ape Yacht Club or a new piece from an acclaimed artist like Beeple, high-value NFTs are a prominent feature of Web3.

As NFTs have gradually established a warm relationship with luxury goods, several brands that specifically cater to the luxury markets have become firmly established in the NFT space. But it goes beyond simply entering a market prepared to shell out considerable amounts of cash. NFTs also offer users who regularly make four, five, or even six-digit transactions with incalculable security thanks to the blockchain.

But does it stop there? Hardly. Here are four luxury brands that have used everything NFTs have to offer to improve their ability to serve their customers.

Arity is a Colombian luxury conglomerate that looks forward to bringing its decades of combined experience to Web3. Through its affiliated jewelry retailer, it has storied origins dating back to the early 20th century. But after all this time as a player in an industry that is becoming increasingly competitive due to ever-growing scarcity of resources, it has worked to modernize its operations to give itself an edge over its competitors. His solution? Blockchain technology, particularly the use of NFTs.

“We think that NFTs are the best example for [immortalize] our process and jewelry design,” Arity co-founder Ismael Fleing said in an interview with nft now. “When we extract a rough gem from our mines, it is unique.” The problem is, once these gems are cut and processed into jewelry, they technically no longer exist. By minting these stones as NFTs, Arity seeks to immortalize each stone mined from its mines. This isn’t just for show, either. As part of the minting process, every detail related to the stones mined is recorded and minted on the blockchain, a step that certainly helps bolster security as the stones pass through Arity’s supply chain. .

Thanks to Arity’s decision to go the extra mile by documenting the gemstones mined from their mines, Arity also believes that NFTs can play a critical role in adding more value to their trustless products. “For gemstones, the location they come from adds value to the gem,” said Arity co-founder and CEO Daniel Martin. “That’s why traceability is so important in this industry,” he said. In addition to adding value to gems, NFTs can also help reduce the sale of unethically sourced gems and precious metals in the future. No more blood diamonds? It’s certainly a lofty goal, but it’s definitely possible.

When a hacker broke into Beeple’s Twitter account in May 2022 to launch a phishing scam, the hacker took advantage of the fact that the luxury clothing brand had built considerable trust and goodwill in the community during the last year thanks to his thoughtful approach to implementing NFT into his online presence.

start things was louis the game, a 2021 mobile game that allowed players to participate in a collecting marathon in a virtual world filled with iconic LV prints. Of course, some digital collectibles that players could acquire in-game were postcards that doubled as full NFTs. In-game sweepstakes also gave players the chance to win one of ten NFT PFPs representing the player character Vivienne in licensed LV gear.

Doubling down on its NFT-powered online strategy, in April 2022, the fashion titan announced several new NFT rewards available to players of louis the gamein celebration of its more than 200 years of history.

The Tokyo-based jewelry brand recently embraced a growing trend in the luxury goods market, launching a limited run of NFT digital jewelry featuring the brand’s iconic smiley design. Starting its public sale in November 2022, EYEFUNNY’s 1,152 pieces of NFT jewelry were up for grabs.

So what’s in it for the owners of these NFTs? The opportunity to participate in a raffle for pieces of physical jewelry from the real world. At the time of writing, the raffle winners are scheduled to be announced on the official EYEFUNNY website, and they will be able to collect any winnings they may have at EYEFUNNY physical stores in Tokyo, Japan, along with a yet-to-be seasonal location. advertise in Paris, France.

Christie’s, Sotheby’s and more

When Beeple sold his iconic Everydays piece at Christie’s auction house in March 2021, considerable progress was made in legitimizing the sale and purchase of NFTs in the public eye. The price tag he ended up getting certainly helped. Selling for a staggering $69.3 million, other auction houses quickly began to move to accommodate this rapidly growing trend in the art world.

Since then, the auction house has helped manage career-making sales for some of the most beloved artists in the space today, including FEWOCiOUS, Diana Sinclair and Refik Anadol, to name a few. Not to be outdone, Sotheby’s has also made strides to ingratiate itself with the emerging NFT art market over the years. In particular, it hosted the Quantum auction, the first NFT ever made. Other century-old auction houses like Bonhams have also run their own auctions in the space for all sorts of charitable causes.

As these legacy brands grapple with what shapes up as a Web3 future, a lot of emphasis has also been placed on ensuring that these NFT sales take full advantage of blockchain technology’s greatest advantage over traditional data systems: security. . For example, Christie’s has been leading the charge in establishing a fully on-chain platform for all of its NFT sales going forward. Let’s hope this added security translates to more life-changing opportunities for artists in the future.