Venum, a well-known sports fashion brand, has partnered with blockchain firm VeChain to introduce a product line that integrates NFT, NFC, and blockchain technologies at its newly opened store in São Paulo, Brazil.
Collaborating with the UFC, the collection draws inspiration from MMA legends hailing from Brazil, such as Antônio Rodrigo Nogueira (aka Minotauro) and Maurício Milani Rua (aka Shogun).
Each item in the collection uses blockchain technology to ensure authenticity and origin. Through embedded NFC technology, consumers can easily verify these attributes by connecting their devices to the product.
Every piece in this collection is also a unique digital asset, providing consumers with an innovative way to explore Venum’s brand and MMA fighter stories.
VeChain, in its announcement, has also emphasized the practicality of assigning unique IDs to physical products, referred to as a “digital product passport,” which has implications for sustainability in the global economy. This system offers rewards and gamified experiences that incentivize users to opt for reused or recycled products.
Beyond sustainability, NFTs associated with products offer transparency in provenance and authenticity, mitigating the prevalence of counterfeit items. Moreover, original designers may benefit from secondary sales of their products.
Many fashion brands are blending physical and digital elements to offer consumers immersive experiences while championing important causes.
According to blockchain analytics platform Dune’s 2022 year-end report, the fashion NFT sector collectively generated over $245 million in revenue. For instance, Dolce & Gabbana‘s token sales alone yielded $23.68 million, while RTFKT and Nike earned $91.2 million in royalties and brand recognition.