"Look Labs translates the scent of Cyber Eau de Parfum into an NFT artwork making it the world's first digital fragrance," explained the studio.
The physical Cyber Eau de Parfum is a unisex perfume that will be launched later this month.
Alongside the scent, Look Labs created 10 digital artworks backed by NFTs, which act as blockchain-based certificates of authenticity.
Digital scent is "extracted digital reflection of a physical scent."
To create the artwork the studio used near-infrared spectroscopy (NIRS) – a method to measure the molecular vibrations of physical objects – to extract the wavelengths of the perfume, bottle and label.
The NIRS produced a reading of the perfume, which was recorded in form of spectrum data to detail the molecular makeup of the perfume.
Look Labs incorporated the data into a limited-edition digital artwork that was created in collaboration with Montréal-based digital artist Sean Caruso.
"The digital scent is the so-called extracted digital reflection of a physical scent," Look Labs founder Jodan Katzarov told Dezeen.
"In this particular case, we visualised the scientific data as artwork."
"Potentially if we have a machine that can convert back those molecular reflections, we can recreate the scent back or, we can have an AI algorithm that can 'decode' the scent and reproduce it in the near future," Katzarov explained.
The digital artworks took cues from the physical packaging of the perfume and has a photorealistic render of the perfume bottle, rotating on a platform.
The NIRS wavelength data is represented through a colourful graph and is paired with a looping code type graphic.
"For the NFT, I was inspired by the original packaging and bottle of the Cyber Eau de Parfum," said Caruso.
"I wanted a photorealistic render of the bottle with the illuminated label and the NIRS data represented as a colourful spectrogram, contrast to the Gigeresque styled platter."
The artwork incorporating the digital fragrance was listed on NFT auction site Rarible with a suggested price of 10 Ether, roughly $20,960.
Purchasers of the NFT artwork are able to redeem a special edition of the physical fragrance, Cyber Eau de Parfum which incorporates a printed electronic label that is represented in the digital artwork.
"I believe there is a huge market potential for digital fragrances that will come in the form of NFT pieces presenting the feeling of the scent," Katzarov said.
"Imagine something like a 'Pokemon' card that represents what the perfumer wanted to represent with the scent."
"I think if every fragrance comes with an NFT it will help limit the number of counterfeit fragrances," he added
"As well most of the fragrances are seen as valuable items, the NFT will add additional collectable value."
Look Labs was founded in Berlin and focus on developing innovative products in the beauty and lifestyle industries, through combining traditional craftsmanship with new technology.
Recently, artist Krista Kim minted and sold Mars House, a 3D model of a home as an NFT which fetched the artist $500,000.
Other digital objects recently sold as NFT's include these pieces of virtual furniture that can be used in open world metaverse's like Minecraft, Decentraland and Somnium Space.