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Coach and GQ China to Release Six NFTs on Ethereum
The launch will mark Coach’s first foray into digital tokens.
Updated May 11, 2023, 7:07 p.m. Published Sep 24, 2021, 7:30 a.m.
Coach and GQ China’s content teams are working with Singapore startup ZKBox to release six limited-edition NFTs, according to a statement shared with CoinDesk.
- This is Coach’s first foray into NFTs, following in the footsteps of other luxury brands and celebrities.
- The brand worked with GQLab, GQ China’s content development team, to create “a unique interactive NFT experience,” the statement said. To win one of the six NFTs, fans can mix and match designs and submit their ideas through China’s Twitter-like platform Weibo.
- ZKBox is using zero-knowledge (ZK) rollups, a technology that promises to scale Ethereum on layer 2, while keeping layer 1 decentralization and security intact. Rollups have been around for around two years, but are still in their early stages and are only now picking up steam, according to Huobi Research.
- The biggest ZK-rollup protocols have yet to find killer NFT use cases for the technology, ZKBox’s Hailan Jia said. Matter Labs’ zkSync announced NFT support in July, and Loopring only released NFT support in August, saying it is looking for use cases.
- ImmutableX, another ZK-rollup-based NFT protocol, raised $60 million earlier in September and is focused on gaming.
- Accounting firm Ernst & Young released its own ZK rollup-based protocol in July.
- Rollups, including another type dubbed optimistic, will be the “cornerstone” of Ethereum scaling, wrote Vitalik Buterin in January.
Read more: Dolce & Gabbana’s NFT Collection Said to Attract Bidding Interest From DAOs
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