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 has been around for around two years, but is still in its early stages and only now picking up steam, according to Huobi Research.
- According to Hailan Jia, ZKBox’s PR Director NFT applications of ZK rollups are lacking.
- The biggest ZK rollup protocols have yet to find killer NFT use cases for ZK rollups. Matter Labs’ zkSync announced NFT support in July. 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.
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