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