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HomeUpcoming NFTWhy Luxury Brands Like Farfetch Are Partnering With Ledger

Why Luxury Brands Like Farfetch Are Partnering With Ledger

Ledger Enterprise, the B2B arm of the Web3 security organization, is powered by Salesforce, TIME, farfetch.

With over 6 million devices sold worldwide since its launch in 2014, web3 natives are no strangers to Ledger’s self-custody security solution.

The organization’s hardware wallets (most recently Ledger Stax) allow individuals to offline or cold store the private keys needed to move assets. In other words, you can buy and sell cryptocurrencies and NFTs.

In short, this kind of self-storage provides a safer alternative to outsourcing key storage to servers controlled by external organizations that can be hacked or mismanaged. My device has never been hacked.

The company’s B2B arm, Ledger Enterprise, does the same at the macro level, giving web2-native companies the tools to integrate web3 technologies and the infrastructure they need to operate securely within the new paradigm. help to build.

Earlier this month, the company announced a partnership with Salesforce on the technology front, and partnerships with TIME and Farfetch on self-custody.

“It’s about the scalability factor,” says Alex Zinder, Global Head of Arm. “We take these experiences and extend them with the right governance and compliance tools you need to run your business.”

Examples include cryptocurrency financial management (how to securely buy and hold currency, writing smart contracts and issuing NFTs to create inventory and deliver it to retail consumers). It drives user engagement and adoption,” he adds Zinder.

This mass adoption of web3 technology is, of course, the name of the game. Consider the cryptocurrency that luxury marketplace Farfetch began accepting in October. ”

We are a publicly traded company with regulatory requirements,” said Nina Patel, Farfetch’s director of innovation, retail and Web3, who said they needed to manage this in an “enterprise-friendly” way.

The self-custody capabilities granted by Ledger, plus internal governance with multiple approvals for the movement of funds ticked all the boxes.

But Ledger’s one-stop shop feature was also appealing, says Patel. She considered other security solutions like currency coinbase, but that didn’t work for digital assets and often involved executives with wallets, she said. .

No specific details have been revealed about possible future NFT-based projects, but Patel said the next phase should be “bridging web2 and web3 for fashion and luxury.” I’m here.

Already in the space, Farfetch has launched a pre-order campaign for 2021. 3D digital assets created by DRESSX Applies to influencers who have avoided shipping physical merchandise, using Threedium to create 3D versions of Burberry accessories earlier this year.We’re also getting augmented reality outfits Want to Now integrated into the Browns Fashion site for virtual try-on of luxury watches.

Farfetch also partners with Outlier Ventures on the web3 startup accelerator. Dream Assembly Base Camp We aim to contribute to the development of the industry.

Regarding specific web3-based initiatives, Patel believes the greatest potential lies in product identity, provenance, and authenticity, as opposed to the product’s digital twin itself.

“We ask what additional value blockchain can unlock for individuals,” she says, also referring to loyalty program tokenization and community building.

“We see this as another revolutionary moment. How web3 technology can change the game in the same way marketplaces did for retail.”

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