Non-fungible tokens are shaking up the art world, and now the use of NFTs are also being explored in luxury consignment.
Irvine reseller Marque Luxury said it’s working on creating an NFT that could be used to ensure the authentication of the items it sells across its lifespan.
NFTs use blockchain technology to create a digital code that verifies an item is the one and only of its kind. That technology could be useful for resellers of luxury handbags, apparel and other pricy goods where end users want peace of mind that what they’re investing in is real.
Marque said it’s working with New York-based Entrupy Inc., which offers companies help with authentication using artificial intelligence, on an NFT. The technology would be part of the Marque Verified Pre-Owned Program.
The NFT would come with authenticity verification and grade on the merchandise’s condition.
Marque founder and President Quentin Caruana called the technology a step in “modernizing the industry.”
The additional layer of authentication would be available to Marque’s retail buyers, who acquire goods from Marque and then resell through their online or in-store channels, in addition to members of Marque’s mentorship program.
Irvine-based Taco Bell Corp. sold digital taco art in March in the online marketplace Rarible. There was also Irvine-based Obey Clothing artist Shepard Fairey’s NFT collaboration with hip hop producer Mike Dean, which sold nearly $90,000 in the 15 minutes the works were available for sale.