South Korean online shopping platform SSG.com, which is part of the Shinsegae department store chain, will begin issuing digital guarantees minted as non-fungible tokens (NFTs) for luxury products. The NFTs use the minting platform on the Klaytn blockchain, developed by GroundX, a subsidiary of the largest Korean social network Kakao.
Purchasing luxury items online comes with a series of risks, particularly about whether it’s authentic.
Digital warranties give customers additional peace of mind when purchasing luxury brands. It can also provide the purchasing history, warranty period, and other item information. In the case of SSG.com, the warranty card includes the item’s serial number and is sent to the customer’s smartphone.
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