Aura CEO: Luxury Industry on Verge of Embracing Crypto with On-Chain Digital Passports
The luxury industry’s involvement with crypto is about to leap forward, according to Aura CEO Romain Carrere.
The Aura Blockchain Consortium is a collective formed by leading luxury brands to establish a unified blockchain approach. According to Carrere, the number of Web3 customers engaged with luxury brands is growing rapidly, exhibiting exponential growth.
Carrere shared his insights at the recent NFT Paris event, held near the iconic Eiffel Tower.
Aura counts luxury giants such as Louis Vuitton, Prada, Mercedes Benz, Dior, Cartier, and Bulgari among its 40 members.
Carrere is currently focused on preparing these companies for the European Union’s anticipated regulations on Digital Product Passports (DPPs) that are expected to come into effect in 2026 or 2027.
DPPs are part of a series of EU regulations aimed at promoting sustainability in manufacturing.
They will require luxury brands and various European companies to provide customers with comprehensive information about the origins and composition of their products.
While these regulations do not explicitly mention cryptocurrencies, Aura sees an opportunity to create an industry-standard form of DPPs for luxury brands by leveraging on-chain technology.
Delve into how luxury brands are utilising blockchain solutions, such as the Digital Product Passport, to provide unprecedented authenticity & transparency throughout the supply chain – both upstream and downstream.
— Aura Blockchain Consortium (@AuraConsortium) February 19, 2024
According to Carrere, simply complying with the minimum requirements of the EU regulations by creating a digital product passport would not be sufficient to engage customers.
The luxury brands guided by Aura are embracing the
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