NFT news and archive

Nike faces five million dollar lawsuit over closure of crypto business

Nike is facing a proposed class action lawsuit in regards to the closure of its cryptocurrency business, RTFKT. Plaintiffs in the case are accusing the sportswear giant of leaving them with significant losses after the platform’s shuttering caused demand for their non-fungible tokens (NFTs) to wane. Filed with the Eastern District of New York,...

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Nike Shuts Metaverse Fashion Company Rtfkt: Last Collection in January 2025

Nike is shutting down Rtfkt, its metaverse fashion company known for digital sneakers and NFTs. In January 2025, Rtfkt will release one final collection, Blade Drop . The company itself announced the news via X (formerly Twitter). Summary • Nike is shutting down its metaverse fashion subsidiary, Rtfkt, in January 2025 after a final collection...

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Reju and NFT: The Circular Partnership the Industry Needed

Reju, a leading textile regeneration company, has partnered with Nouvelles Fibres Textiles (NFT), a French pioneer in end-of-life textile recovery. This collaboration aims to establish a complete circular ecosystem for textile waste in France, reflecting a shared vision to revolutionize the textile sector’s approach to waste and sustainability....

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Can blockchain and NFC chips put an end to counterfeiting and idea theft in the fashion industry?

The fashion industry is facing a double threat: a rise in counterfeiting that eats into their profits and a fast-fashion culture that copies designs with impunity. But blockchain offers a glimmer of hope. Or rather, a concrete answer. Blockchain: Tracking a fashion item’s entire journey A blockchain is essentially “a large, public, distributed...

FashionPress Release

NFTs: luxury retail’s new frontier

Luxury lawyers Maria Luigia Franceschelli and Ghada Qaisi Audi examine the viability of digital and ‘phygital’ asset strategies in an evolving luxury world. NFTs have triggered tremendous interest among brands for the past few years. The concept of owning a digital object that can be sold, traded or taken somewhere else was not possible before...

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Mango wins NFT copyright case in Spanish courts

In a significant legal development, Mango emerged victorious in a lawsuit filed by the Spanish copyright society VEGAP for copyright infringement. The lawsuit pertained to the generation of NFTs (Non-Fungible Tokens) based on the artistic creations of three highly regarded Catalan artists which Mango showed in the US. For the opening of a Mango...

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Business|Interview

Chapter 2’s Kenneth Loo on what to expect from fashion tech in 2024

“I can see aspects of how we’re going to implement technology to allow us to fix what I think we can all agree on as those in the fashion industry is a pretty broken system,” Kenneth Loo said in a conversation with FashionUnited on the future possibilities of Web3 and emerging tech. Through such systems, the co-founder and chief executive of the...

Fashion

Pinko launches digital twins collection

Italian fashion brand Pinko is set to launch 'The New Love Bag Collection,' featuring an authentication system through digital twins. In collaboration with Temera, a company that provides IoT solutions to the fashion industry, a collection of over 630 thousand pieces will use an NFC cryptographic tag for authentication, allowing customers to...

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Web Summit: IWC Schaffhausen on the tokenization of physical products and loyalty

Lisbon - How are efforts in leveraging blockchain, NFTs, and tokenization enhancing customer experiences, building loyalty, and adapting to changing market trends? It is this question that IWC Schaffhausen has attempted to answer through the ongoing integration of new digitally enhanced initiatives at the company. Speaking at tech conference Web...

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Fashion

Nobody’s Child introduces digital product passports

Womenswear brand Nobody’s Child is taking a step towards greater transparency with the launch of digital product passports to empower customers to make more conscious and informed choices. The technology, created by Fabacus, launches today, September 6, with the Nobody’s Child x Happy Place Collection with Fearne Cotton, where each piece will...

Fashion

Dior elevates sneaker authenticity with Digital Twin and NFT integration

Dior has unveiled its latest B33 sneaker drop, accompanied by a cutting-edge digital twin. In a move to enhance the footwear's authenticity, the French luxury house has embedded an NFC chip beneath the sole of the right shoe. This innovative feature provides the sneakers with an elevated digital certificate of authenticity. The limited series of...

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Hermès wins case to permanently block ‘Metabirkins’ NFTs

The highly reported ‘Metabirkins’ case that has drawn attention and sparked discussions in both the Web3 and fashion worlds over the past year could finally be coming to a close. Luxury giant Hermès has been granted its request to permanently block artist Mason Rothschild from selling the Birkin-esque non-fungible tokens (NFTs) after a jury...