NFT Investments unveils maiden investment in fashion technology firm AEON International
The company said it invested US$1mln in AEON through an oversubscribed funding round, joining other significant investors including an NYSE-listed Chinese ecommerce giant.
Based in Hong Kong and operating across Europe, the US and the Asia Pacific, AEON uses digital solutions to support and innovate supply chain processes in the luxury fashion sector, with clients including Louis Vuitton, Givenchy, Gucci and Michael Kors.
AEON also offers non-fungible token (NFT)-based verification technology which is being used to strengthen product authentication for designer goods and combat luxury counterfeiting, while its business division, AUTHENTIQUE, is applying NFT technology to open new revenue streams through minting unique fashion NFTs and by using smart contracts written into NFTs to grant original product manufacturers ongoing royalties for each physical product resold.
Meanwhile, NFT also announced that it will pay the salaries and bonuses of its board and management team entirely in cryptocurrency with immediate effect, adding that the salaries will be converted from fiat currency to Ether at the sport rate on the last day of the month.
“AEON is a pioneer in fashion technology that is leading the way in demonstrating the concrete benefits that NFTs can bring the fashion industry. The market opportunity for NFTs in the industry is huge, beyond using NFTs to establish digital ownership and verify the transfer of luxury products, AEON is also advancing the frontier of digital-first fashion products using NFTs. We expect this to be a growing future market and are delighted to support AEON alongside a roster of high calibre investors”, NFT Investments executive chairman Jonathan Bixby said in a statement.
“NFT Investments’ DNA and growth is based on digital currencies and assets, so it is perfectly appropriate that our team is showing its conviction in the long-term value of crypto by receiving their emoluments in cryptocurrencies. I am delighted to be a part of the first company worldwide to achieve this milestone”, he added.