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SEOUL — South Korea’s major fashion retailer LF has adopted a non-fungible token-based product authentication service for customers who buy luxury goods through the retailer’s online shopping mall.
A non-fungible token (NFT) is a blockchain-based digital token containing the necessary information to verify and authenticate an object or a non-fungible asset in the real world. Each token is given unique identification hash values so that they can be used as an unhackable digital certificate.
LF said that the company will issue “LFmall Guarantee,” an NFT-based digital certificate, for luxury goods sold through its online shopping mall. Each certificate will have a unique serial number with the purchase history of the product. The digital certificate can be transferred to another person if the luxury good is sold through a secondhand market. LF will refund 300 percent of the price if the NFT-issued luxury item is found to be a copycat product.
“LFmall Guarantee service is a digital certification service which luxury goods customers can trust,” LF’s luxury goods division manager Choi Eun-young said in a statement on May 2.