LF’s online store will offer an NFT-based luxury goods authentication service

[Courtesy of LFmall]

SEOUL — Leading South Korean fashion retailer LF has adopted a non-fungible, token-based product authentication service for customers purchasing luxury goods through the retailer’s online mall.

A non-fungible token (NFT) is a blockchain-based digital token containing the information necessary to verify and authenticate a non-fungible object or asset in the real world. Each token is given unique identifying hash values ​​so that it can be used as an unhackable digital certificate.

LF said the company would issue “LFmall Guarantee”, an NFT-based digital certificate, for luxury goods sold through its online mall. Each certificate will have a unique serial number with product purchase history. The digital certificate can be transferred to another person if the luxury product is sold on a second-hand market. LF will refund 300% of the price if the luxury item issued by NFT turns out to be a copycat product.

“The LFmall Guarantee service is a digital certification service that luxury goods customers can trust,” LF luxury goods division director Choi Eun-young said in a May 2 statement.

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