Codes of Culture: Presented by Future+

Future+ presents Codes of Culture: 

To kick off NFT Paris, Future+ hosted the first edition of a global summit series called Codes of Culture.  Located at Hotel le Marois, on Feb. 22th, Codes of Culture summit hosted a vibrant forum of innovators, c-suite executives, partners, and members to discuss the intersection of luxury, culture, & technology. 

With Over 300 participants, the summit offered rich, diverse content and thought leadership shared across the day to both speakers and attendees. The exchange of ideas marked a pivotal moment in the evolution of the creative and tech industries and the history of Web3. If you want to be a part of upcoming Future+ events, apply for a membership here.

Here are the key Insights :

Key Insight 1: Luxury purchases are expected to become increasingly digital in the coming years. Additionally, generative AI has become a revolutionary force that offers a personalised experience to consumers.

The Future+ Paris Summit, “Codes of Culture” kicked off with a conversation between Ian Rogers, CXO of Ledger, and Seth Goldstein, Founder of Bright Moments.

In addition to discussing his career at LVMH and in digital music, Rogers shared his view on the future of digital luxury. “I personally believe that if you fast forward 20 years, fully 50% of luxury purchases will be pure digital and probably 100% of luxury purchases will come with a digital component,” said Rogers. “The impetus for buying an NFT is identical to the impetus for buying a luxury watch…absolutely no one buys a luxury watch to tell the time…You buy one because you appreciate the aesthetics, you appreciate the craft.” 

Seth Goldstein, who founded Bright Moments during the pandemic in Venice Beach, explained the unique personalization that digital luxury offers. Partnering with Maison Drucker–the distinguished company that makes all the cafe chairs in France–Goldstein described: “you can get four chairs and you know that this design is yours, and that maybe you were there with the artist in Paris when that algorithm first generated that design. Now you have four chairs in your living room and then your kids inherit those chairs and that's valuable. And that I think that is luxury.”

Key Insight 2: The rise in digital art marks a shift in consumer identity, self-expression, and engagement across technology and fashion. 

Technological innovations, specifically in AI, are enhancing digital craftsmanship and its prominence. Jean-Michel Pailhon, Co-Founder of Grail Capital, explained that the estimated growth in the digital art market is set at roughly 1 trillion over the next decade.

Similarly, digital art is becoming increasingly relevant to Gen Z, reflecting their consumer preferences. “60% of Gen Z believe that actually the way that they present online is more important than the way they present in their physical lives,” said Daniella Loftus, Founder of DRAUP.  “The way that digital fashion is actually going to evolve is people understanding what it means for digital fashion to be its own medium. So it’s in the same way that when we transitioned from theatre to television…and now we have TikTok, which is its own completely unique format. And we're going to see the exact same thing with digital fashion.”

According to the Future+ 2023 insights report, understanding artistic craft is crucial to ensuring generative AI produces high-end results. Generative AI is not only being utilised as a medium to produce top-notch results, but also to minimise inherent biases and work towards creating a more inclusive and expressive environment across technology, fashion, and other creative industries. 

Key Insight 3: Innovations in strategy and data are enhancing business practices and the overall customer experience.

Ward de Kruiff, Global Head of Web3 and Metaverse at EPAM Systems, expressed his view on the future of technology in business. “I think the beauty of the era we live in today is that we can start a customer journey digitally, virtually, and in real life,” said Kruiff. “I think it's up to the brand to decide what's most important…and that's the beauty of the technology we can leverage.”

AI and other technological advancements are also improving overall customer experience and corporate transparency simultaneously. According to the Future+ insights report, AI can aid brands in being honest about their sustainable practices.

Jonathan Siboni, CEO and Founder of Luxurynsight, described innovations in data intelligence and how they can alter business strategy. “When you have three layers of data, you can create a predictive system that tells you the revenue you could do per store or you should do based on machine learning,” said Siboni. “Then you compare to actual sales versus the machine learning. If you're close to hundred percent…you will see your business totally differently.”

Similarly, advancements in blockchain technology have enhanced security and overall privacy. Samir Addamine, CEO and co-founder of absolutelabs.io, explained how the highly anonymized nature of blockchain is “probably the most secure way to own and and do things.”

Motivating businesses and other entities to embrace advancements in technology is a step towards improving consumers' overall experience across all industries.

Key Insight 4: The evolving innovations in digital passports and product identities marks a shift towards a new business model. 

According to the WBCSD, a digital product passport (DPP) is a tool for gathering and sharing product data surrounding production, sustainability, and more. The goal of the DPP is to create transparency on business practices and the lifecycle of products.

Natasha Franck, Founder and CEO of EON, highlighted the importance of DPP’s in business practices. When a DPP is created, “that product can be ID'd universally wherever it goes in the world, and…share and exchange data to all the downstream business processes,” said Franck. “The goal is to capture all that lifecycle data and then actually tax brands based on the circular performance of those products.” 

Similar to the transparency that DPP’s are creating, Pierre-Nicolas Hurstel, CEO and co-founder of Arianee, described how the collection of data enhances business practices. “The great opportunity offered by decentralised ledgers, blockchains, and tokenization technologies is the possibility to create data that is distributed to the user instead of being collected,” said Hurstel. “[This] doesn't mean that the person who distributes, doesn't get rights, doesn't get the possibility to understand and read and follow; it's just that the data is now controlled by the user.”

Additionally, Jake Gajdamowicz, CEO and co-founder of Uniqly, touched on product engagement. “I think many brands right now are exploring and innovating and trying to figure out…how to work with users…how to engage them in a new way,” said Gajdamowicz. “This is just another point of contact between the brand and the customer, right? It’s something new, something fresh and the brand can engage with their users.”

Improvements in technology reflect growing opportunities for businesses to establish increasingly positive relationships with their customers. Companies now have the ability to clearly communicate their business practices, establishing trust with consumers and a sense of corporate responsibility.

Key Insight 5: Luxury experiences, personalization, and integrated circular models are all pivotal to the future of retail.

Consumers are searching for human connection and emotion from businesses, especially in a technologically dominated world, according to Mintel’s 2024 Global Consumer trend report. 

Ella Gould, Head of Sustainability and Innovation at Selfridges, described how technology can positively foster this sense of human connection. “I think about our business and the technology and the progress that we have, despite the fact that it can mimic reality so much better,” said Gould. “I don't think we're ever going to lose that human desire for that physical connection. So I see both of these elements and sides of luxury very much working in tandem and enhancing each other in a way.”

Nick Vinckier, Director of Corporate Innovation at Chalhoub Group, explained the pivotal role consumers play in allowing technology to advance. “I think technology is ready, the willingness is there, but you can only go as fast as the customer allows you to go as well. And that takes time,” said Vinckier. 

Similarly, Anabel Maldonado, Founder and CEO of PSYKHE AI, described the importance of using AI as a tool to deliver strong customer service. “I think three key things there, moving away from mechanical optimization to true personalization is one way, really creating consistent, flawless customer service. And I do think genuinely AI is the only way to really achieve that.”

Combining business practices with artificial intelligence reflects an opportunity to continue enhancing consumer experience based on changing preferences in retail and a multitude of other industries. 

Key Insight 6: Blockchain is the future of improving security and business practices across a multitude of industries.

As Colm Woods, Managing Director of CW8 Communications, highlighted in his LinkedIn post, luxury products are becoming increasingly connected through secure, blockchain technology. Web3 is also helping elevate the consumer’s overall experience, combining digital access with products and their benefits. 

Blockchain has begun to play a key role in the creation of products within the luxury industry. “Private blockchain has to be used to save any step of the creation of the product,” said Guido Mengoni, Marketing & Advisory Director at Temera. “For a specific market…blockchain in this case is really mandatory to be sure about what you are selling and what you are buying, because right now in luxury, the value of the item is really similar to a watch or to a car also.”

Additionally, Vanessa Grellet, Managing Partner at Aglaé Ventures, described the vast progress that has been made in using technology within the luxury sector. “A few years ago, the question was: should we have an Instagram account?” said Grellet. “So we've come a long way. And so this is the kind of the next generation of client engagement and things that the next generation of clients are very well versed in.”

Technological innovations–and the openness of consumers and businesses alike to implement them in their daily practices–reflects the personalization and transparency the luxury industry has begun to espouse.

Conclusion

With a phenomenal turnout, Codes of Culture by Future+ successfully hosted a variety of individuals from companies at the forefront of creativity and innovation. Thank you to our event sponsors for making the summit possible. We look forward to hosting upcoming events this quarter, and in the future. 

Don’t just witness the future —shape it with Future+. Apply for a membership today and unlock outstanding opportunities.