TL;DR

• Solana Labs just introduced their ‘web3 gateway’ for luxury brands, which lets buyers log their purchases (both first and secondhand), and reap loyalty benefits in return.

Full Story

We wear the same cheap, brand-less black t-shirts every day…

But even basic schlubs like us can recognize this is a smart idea.

Solana Labs just introduced their ‘web3 gateway’ for luxury brands.

Basically, it allows buyers to log their purchases of luxury goods — both first and secondhand — and reap loyalty benefits in either situation. While the luxury brands can get a better understand of their customers buying habits.

Which is cool.

But it’s not why we think this is a smart idea.

No. It’s a smart idea because the crypto space is full of wealthy users looking for a place to spend their new found wealth, who are also obsessed with status symbols (hi NFTs 👋).

The easier a luxury brand (or any business) makes it for cashed-up folks to spend their money → the more money they’re likely to make as a result.

(The real opportunity here lies in the fact that so few businesses accept crypto).

Bravo Solana.

Bravo.