Blockchain-enabled digital fashion creates new business models for brands
A “digital-first” model is disrupting the fashion sector, as blockchain technology shows advanced capabilities in Web3 e-commerce and sustainability. Nonfungible tokens (NFT) may be disrupting the trillion-dollar fashion industry, but NFTs are just one piece of a much larger puzzle that is revolutionizing this sector. Rather, blockchain technology as a whole continues to be a game-changer for the fashion industry. While blockchain-based supply chains served as some of the earliest use cases of how the technology could help detect fraudulent items, digital wearables being built on....
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Major brands like Gucci are mulling whether to create nonfungible tokens based on their wares. Fashion giants may be the next globally recognized brands to enter the expanding NFT metaverse.According to Vogue Business, several premium fashion houses are moving closer to releasing their own nonfungible tokens.The move follows the emerging trend of creating digital twins of products and services in the lifestyle and entertainment markets, such as art pieces, music, pop culture merchandise, among others.Fashion NFTs for gaming and virtual reality is already a thing, with several companies....
While major fashion brands are going all in on the metaverse and NFTs, brands native to the Web3 space are heading back to physical reality for visibility. Web3 fashion is subverting the narrative at New York Fashion Week (NYFW) this fall. Fashion brands native to the Web3 space will be premiering in real life (IRL) at a two-day show put on by Nolcha Shows.Nolcha Shows has been actively curating events for 14 seasons. Still, this year there will be a Web3 edition featuring Web3 native brands, along with a panel on Web3's impact on the fashion industry's future.In the last few years,....
Luxury fashion brands are launching NFT collections, but will the concept resonate with the fashion industry at large? It’s no surprise that nonfungible tokens (NFT) have been dominating the crypto market this year. The booming digital asset class generated over $2.5 billion in sales within the first six months of 2021, demonstrating unheard-of financial gains for artists, brands and content creators across the globe. The rise of metaverses has also impacted the adoption of NFTs, as the world is moving closer toward visions of a future defined by augmented reality. As such, NFTs are....
A London fashion designer has collaborated with the Blockchain startup Provenance to give much-needed transparency to the consumer fashion industry. Martine Jarlgaard has created a digital token for every item of clothing she creates, allowing full details of its history from before creation to the point of sale to be visible to the customer. “Technology will be what helps to reconnect us to the people and the places involved, and that information will increase consumer expectations, which will put more pressure on the big companies,” she told Forbes in an interview this week. A trial of....
From Dolce & Gabanna to Giuseppe Zanotti, major fashion companies took to Ethereum-run Decentraland to interact with new consumers in this virtual experiment. This past weekend, Decentraland hosted the Metaverse Fashion Week, or MVFW, a four-day digital fashion event that staged wearables on virtual runways, organized discussion panels and housed shopping experiences. A lineup of both legacy luxury labels and digital brands participated including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder and Elie Saab. Meanwhile, digital-native fashion houses Auroboros, DressX and republiqe....