The Week In Facts #81
Newsletter Outline
Mobility: Drake Reveals Crypto Casino Stake's Rebranded F1 Racing Team
Digital Product Passport: Digital Product Passports: How Fashion Can Share the Product Journey
NFT: Solana NFT Sales Skyrocket, Topping Ethereum in Monthly Volume for First Time
Luxury: Frédéric Arnault Named CEO of LVMH Watches in Newly Created Role
AI: Nikon, Sony, and Canon Pitch a New Way to Fight Deepfakes
Fashion: Chapter 2’s Kenneth Loo on What to Expect from Fashion Tech in 2024
Drake Reveals Crypto Casino Stake's Rebranded F1 Racing Team Source
Grammy Award-winning rapper Drake has announced the two-year naming sponsorship of the Sauber Formula 1 (F1) racing team by crypto gambling site Stake, starting in 2024.
The team, now dubbed the Stake F1 Team, previously transitioned from being sponsored by Alfa Romeo. Drake, a spokesperson and frequent bettor on Stake, shared the news on social media.
The team's new car design has not been revealed yet. This sponsorship marks the continuation of Stake's journey in Formula 1, with the brand taking a more prominent role in headlining the team.
The Stake F1 Team will operate under this name until 2026, after which it will rebrand to become Audi’s factory team. Drake's involvement with Stake has been notable, including livestreaming his gambling activities and sharing his bets on the platform.
The State of Fashion 2024 Report: Sustainability Regulations in the EU Fashion Value Chain
The "State of Fashion 2024" report highlights the urgent need for the fashion industry to adapt to new sustainability regulations. With the EU leading the charge, the industry faces a significant shift towards more sustainable practices. The report emphasizes the importance of the EU's Strategy for Sustainable and Circular Textiles, which aims to create an industry that respects environmental and social rights.
Key aspects of the upcoming regulations include the Ecodesign for Sustainable Products Regulation (ESPR), which sets design standards for recyclability, durability, and the use of hazardous substances, and the requirement for Digital Product Passports.
The report also discusses the need for standardization in corporate environment, social, and governance (ESG) disclosures, and the challenges brands face in meeting these new standards. The impact of these regulations is expected to extend beyond the EU, particularly affecting textile manufacturing in Asia.
Solana NFT Sales Skyrocket, Topping Ethereum in Monthly Volume for First
Solana's NFT market has achieved a significant milestone, surpassing Ethereum in monthly sales volume for the first time in December 2023. According to CryptoSlam, Solana's NFT sales reached approximately $366.5 million, slightly edging out Ethereum's $353.2 million.
This surge in Solana's NFT market is attributed to a combination of factors, including a dramatic increase in unique buyers and sellers, and a significant rise in total NFT transactions.
Solana's recent price jump may have contributed to the value of its NFT sales spike, but the increase in unique traders and transaction volume indicates a broader momentum around the network.
This development marks a notable shift in the NFT landscape, highlighting Solana's growing prominence in the digital collectibles space.
Frédéric Arnault Named CEO of LVMH Watches in Newly Created Role
Frédéric Arnault has been appointed CEO of LVMH Watches, a newly created role overseeing Hublot, Tag Heuer, and Zenith. His appointment, effective since January 1, reflects LVMH's focus on strengthening its position in the watchmaking industry.
Arnault's tenure at Tag Heuer, where he became CEO in 2020, was marked by strategic partnerships, product innovation, and a push into digital realms, including NFTs.
Under his leadership, Tag Heuer saw significant sales growth, positioning it to join the €1 billion watch brands club. Arnault's new role involves overseeing an estimated €1.7 billion business, with LVMH's watches and jewellery division generating €10.6 billion in 2022.
This move is part of a broader reshuffle within the division and aligns with the Arnault family's roles in the LVMH empire, emphasizing their focus on luxury and hard luxury segments.
Nikon, Sony, and Canon Pitch a New Way to Fight Deepfakes
Major camera manufacturers Nikon, Sony, and Canon are proposing a novel approach to combat deepfakes: embedding digital signatures in real photographs.
This initiative aims to certify the digital origin of each photo by integrating key metadata like date, time, GPS location, and photographer details. The signatures, cryptographically secured, will be included in images taken from high-end mirrorless cameras.
Nikon plans to launch this feature in its upcoming professional mirrorless cameras, Sony will issue firmware updates for current models, and Canon intends to debut cameras with built-in authentication in 2024.
The "Verify" open standard for interoperable digital signatures will support this effort, allowing online verification of photo authenticity.
This strategy differs from watermarking AI-generated images, focusing instead on directly authenticating real photos at their origin.
Digital Product Passports: How Fashion Can Share the Product Journey
The fashion industry is increasingly focusing on sustainability, with consumers showing a willingness to pay more for durable and sustainable products. Digital Product Passports (DPPs) are emerging as a key tool in this shift, offering a blockchain-based solution for end-to-end traceability.
These passports enable companies to record and share comprehensive product information, such as origin and carbon footprint, throughout the entire lifecycle. The data collected can range from material origins to manufacturing operations and distribution channels.
DPPs are expected to play a major role in creating a more sustainable future by adding visibility, trust, and knowledge of material flows within global supply chains.
The implementation of DPPs is seen as a first step in an innovation journey that will create new interconnected ways of working, facilitating customer interactions and promoting circular business models.