Luxury brands have been breaking new ground in the web3 space since 2019, when digital fashion brand The Fabricant partnered with blockchain game developer Dapper Labs to create the “first purely digital clothing” built on blockchain technology.
Since then, various iconic brands such as Louis Vuitton, Prada, and McLaren Automotive have experimented with emerging web3 technologies to pave the way for luxury NFTs. Even amid market volatility, high-end products remain one of the most suitable use cases for NFT technology due to their focus on rarity and inherent scarcity.