Coach and GQ China are releasing six limited edition NFTs in cooperation with Singapore startup ZKBox, CoinDesk reported. ZKBox worked on an ‘interactive and unique NFT experience’ with GQ China’s content development team. Fans of the brand can mix and match designs and send them via Weibo, the Chinese equivalent of Twitter, for a chance to win one of the NFTs.
The use case of zero-knowledge rollups
ZKBox is one of many companies using zero-knowledge (ZK) rollups. This technology promises to keep decentralization and security intact while scaling Ethereum on Layer 2. Although the tech has been around for at least one year, it’s just beginning to gather momentum.
Both ZK and ORU (optimistic) rollups are becoming the solution of choice for Ethereum’s transaction bottleneck issue. The move to rollups was prompted by a gas price hike owed to a rise in user activity. They move transactions off-chain, thereby increasing the number that can be settled on the Ethereum blockchain. After being moved, they are bundled and sent back for settlement.
NFT applications of ZK rollups ‘lacking’
NFT applications of ZK rollups are lacking according to Hailan Jia, ZKBox’s PR Director. Major protocols like zkSync, ImmutableX, and Loopring are still looking for suitable NFT use cases for ZK rollups. zkSync and Loopring announced NFT support in July and August respectively. Earlier this month, gaming-focused ZK rollup-based NFT protocol ImmutableX raised $60 million in a funding round. In July, Ernst & Young released its own ZK rollup-based protocol.
Treading in the footsteps of luxury brands
This is Coach’s first experience with NFTs. They are following in the footsteps of other luxury brands, such as Dolce&Gabbana. Several DAOs expressed an interest in bidding for D&G’s flagship non-fungible token collection, “Collezione Genesi”, which was launched on Ethereum layer 2 Polygon with the luxury marketplace UNXD.
These NFTs manifest the most celebrated high-fashion foray into the world of digital art. The collection features “The Impossible Tiara,” two crowns, three jackets, and two bespoke dresses. Buyers will get access to the VIP world of Dolce&Gabbana among other perks.
Jamie Burke, CEO of Outlier Ventures, commented the D&G collection:
“The price might be prohibitive to individuals. I suspect [the potential buyer] might either be a DAO or a community with a social token…something like access to the D&G network will be very valuable to a community, especially if it can be shared amongst them.”
