WISeKey International Holding Ltd (SIX: WIHN, NASDAQ: WKEY), a Swiss based cyber security, IoT, AI platform company, today announced that it is supporting luxury brands’ efforts to NFT their products as unique, digital assets, unalterably registered on a blockchain, that can be bought and sold like any other product or commodity. As the world of luxury goods intersects with the digital realm, WISeKey’s trystednft technology is ushering in a new era of authentication and representation. By leveraging the groundbreaking concept of NFTs (non-fungible tokens), luxury brands can now create a unique digital footprint for their products on the blockchain.
NFTs, gaining monumental traction in the art and collectibles domain, are distinctive digital assets that symbolize ownership or proof of authenticity of a unique item, using the revolutionary blockchain technology. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs are non-fungible, signifying each token’s distinctness and non-interchangeable nature. Beyond digital art and collectibles, NFTs have vast potential, tokenizing assets ranging from digital artwork, music, videos, virtual real estate, in-game virtual goods, domain names, to tangible assets such as real estate and luxury goods.
The underpinning of NFTs lies in blockchain technology, predominantly on platforms like Ethereum. However, other chains, including Binance Smart Chain and Flow, are also housing NFT transactions. Ensuring the distinctiveness, origin, and permanence of NFTs, blockchain technology embeds each token with a unique identifier and ownership details, ensuring easy verification and nullifying unauthorized duplications or alterations.
Capitalizing on this, WISeKey provides a seamless bridge between luxury items and the digital metaverse. Luxury brands, without the need for a physical product, can now create unalterably registered NFTs on a blockchain, a move aligned with the digital preferences of the younger generation.
Notably, WISeKey’s VaultIC154 NFC secure element can be integrated into luxury items, enabling secure authentication when accessed by an NFC device. Furthermore, the technology grants brands the prowess to issue, validate, and adjust digital certificates of authenticity, fortifying against counterfeiting. The groundbreaking collaboration with Dior’s B33 sneaker, embedding NFC chips and NFTs, exemplifies the innovation, offering both product authentication and exclusive consumer perks.
WISeKey’s innovation heralds a paradigm shift in luxury product authentication, positioning luxury brands at the digital forefront, readying for a future where tangible and digital realms intertwine seamlessly.
WISeKey, a global pioneer in combining dual-factor authentication with blockchain technology, ensures the security of luxury mechanical watches. As of now, it safeguards over 2.5 million luxury timepieces. Since 2010, WISeKey has partnered with luxury watch manufacturers to deploy its distinctive technology. Using its VaultIC154 NFC secure element, WISeKey integrates semiconductor tags into these luxury items (bags, watches, jewellery, accessories, perfumes, etc etic.
These capabilities empower brands to: 1. Issue storage devices with a digital certificate of authenticity. 2. Verify the authenticity of the digital certificate as needed. 3. Update the status of the digital certificate’s validity when necessary. Initiate the dematerialization of a product and its Digital Twin transformation into a corresponding Non-Fungible Token (NFT).
These tags, akin to an embedded ePassport, can be affixed to any product. When tapped by an NFC-enabled phone, they securely authenticate and trace the item, registering its identity on the blockchain ledger. This innovative approach has earned WISeKey a US patent, which can be explored here. In addition, WISeKey offers a groundbreaking concept: the Product Watch Birth Certificate. This digital identifier is comparable to a product’s birth certificate, replete with details such as its manufacturing date and company. By transitioning into a “Trusted Object” on the Internet, it equips the luxury product with a robust digital identity, furnishing verifiable data throughout its lifecycle. The essence of this Product Birth Certificate lies in its unique cryptographic key pair. While its public key is shared openly as part of the certificate, the private key operates in the background to validate the IoT device’s identity and guarantee data’s cryptographic integrity. This private key is the very crux of the IoT device’s identity.