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In a statement released earlier this year, Blake Lezenski, program manager at Outlier Ventures, said, “Web3 can have a tremendous impact on the fashion industry and luxury retail, creating a new form of identity expression<\/strong> that helps redefine a deeper experience for consumers.”<\/em><\/p>\n <\/p>\n He added, “Blockchain-based digital solutions<\/strong> also have the potential to positively address the industry’s biggest problems, such as counterfeit luxury goods, pollution from fast fashion consumption, or waste created by design prototyping.”<\/em><\/p>\n <\/p>\n However, the class of 2023 is taking an unexpected turn<\/strong> in favor of solutions offering web2 use cases.<\/strong><\/p>\n <\/p>\n According to Vogue Business, this decision can be explained by a change in perception about web3<\/strong>. Indeed, in Meta’s opinion – which had contributed to an unprecedented craze for the metaverse – this model could wait 5 to 10 years before maturity. Even if web3 still offers very promising use cases for the sector.<\/p>\n <\/p>\n Carol Hilsum, general manager of product innovation at Farfetch, told Vogue Business, “Rather than a pure Web3 strategy – focused on independent Nft strategies – companies are now looking to build a community around Web3 principles and technologies while integrating them with their Web2 technology block.”<\/strong><\/em><\/p>\n <\/p>\n As a reminder: Web 2 is characterized by the possibility for the user to consult content (web1) and publish it himself on a blog or social network. Web 3<\/strong> adds an ownership brick with monetization via blockchain technology<\/strong> (NFT, avatar…). Thus, in Web3, the user can not only produce his content but also prove the authorship of his works and receive the related royalties.<\/p>\n <\/p>\n In this context, Carol Hilsum identifies four trends<\/strong> within this second cohort: substantial infrastructures and tools, data infrastructures, community tools (such as Discord for luxury), and the maturity of the tokenization use case focused on loyalty programs.<\/strong><\/p>\n <\/p>\n On this last loyalty program<\/em> dimension, three representatives (out of six) can be found within this promotion: Decommerce, Me Protocol, and Nettle.<\/p>\n <\/p>\n Decommerce<\/strong> allows brands to co-create the future of commerce with their communities. They can host, engage and reward their communities through immersive experiences on their sites and apps.<\/p>\n <\/p>\n For its part, Me Protocol<\/strong> offers a blockchain infrastructure “that enables open and frictionless loyalty rewards exchange between brands.”<\/p>\n <\/p>\n Nettle<\/strong> is presented as the next step in the evolution of digital compensation and loyalty rewards. As such, the Nettle team has a unique blend of expertise and experience at Facebook, Moonpay, Discovery Channel, and American Express.<\/p>\n <\/p>\n For its part, Solaire<\/strong> is building a Web3-based commerce infrastructure to connect and automate the retail industry.<\/p>\n <\/p>\n Wovn<\/strong> powers Web3 commerce for designers, businesses, and brands.<\/p>\n <\/p>\n The Class of 2023 also highlights a pure blockchain<\/strong> application, namely Numbers Protocol.<\/strong> This solution ensures transparency in digital media tracking, authentication, and provenance.<\/p>\n <\/p>\n <\/p>\n Farfetch also highlights 3D modeling and augmented reality (AR) solutions<\/strong> in line with its Virtual Try On services, which are all the rage in China<\/a>, like a generative AI solution like Curie – selected in the first promotion – that it offers on its e-commerce site.<\/p>\n <\/p>\n![\"\"](\"https:\/\/luxus-plus.com\/wp-content\/uploads\/2023\/05\/Farfetch_3D_Assets_VTO.jpg\")