How high fashion is waking up to blockchain’s possibilities

Our increased use of online services over the past 18 months has undoubtedly contributed to the establishment of the blockchain. Like other industries around the world, the fashion world is awakening to the opportunities offered by these technologies. From the global payment form to the steady production of reports – not to mention the dramatic rise of fashion NFTs – the potential seems endless.

So, what blockchain programs can we expect to see the fashion world take over? And what barriers need to be lifted before the blockchain can be identified? Let’s take a closer look.

‘This will be $ 1500, or 0.029 BTC

A growing number of retailers around the world – including Microsoft, Starbucks and Tesla – are now accepting cryptocurrency as a form of payment. However, in recent weeks, the German mansion Philipp Plein has made history and become a leader The first fashion brand to accept 15 types of cryptocurrency as payment.

In many ways, high fashion is the best way to use cryptocurrency. First, since most high-end fashion designers sell their products worldwide, they already take the risk of their exchange by agreeing to pay in a few international brands. Likewise, they may see the volatility of crypto as a barrier to implementation than other vendors.

The issue of complexity has been plaguing crypto since the advent of technology. However, the increase in real world operations for cryptocurrency, as well as the responses that are coming out as stablecoins (crypto currency linked to traditional or material support) seems to be ready to solve this problem in the coming years.

Again, due to overcrowding, many networks, very popular Ethereum, encountering unexpected fines and sometimes eye irrigation, also known as “gas” fines. Although there are alternatives to paying for these, they are still able to buy cheaper products using more expensive crypto. The high cost of high fashion means that gas bills often represent the smallest portion of any purchase price.

The promotions that are going on here, called Ethereum 2.0, has been set up to eliminate the highest gas interest rates on the network, enabling it to reach thousands of objects per second. Once these changes are implemented, it is likely that many fashion brands will start to accept Ethereum as a paid form. Currently, there are several 2-layer Ethereum networks that can stream online events at an affordable price.

Opening the chain structure

Fashion companies around the world have developed a reputation for impeccable chains and unstable designs. From running fashion retailers like Boohoo, naming names such as H&M and even top brands (Dior and Saint Laurent to name a few) thousands of companies have experienced corporate violence in recent years.

As a result, consumers are more likely to know more about ESG (environmental, cultural and leadership) of their favorite brands. In fact, a a recent McKinsey study found that 67% of fashion buyers consider the use of fixed items to be a key factor when shopping.

In response, a number of brands are using blockchain solutions to demonstrate their ESG insights. For example, earlier this year, fashion companies around the world including Prada, Cartier and LVMH signed a memorandum of understanding to create Aura Blockchain Consortium.

The purpose of the Consortium is to develop a blockchain solution, open to all major brands around the world, that will ensure that traffic can be tracked by documenting information about the tools and services used to create anything. When purchasing an item, customers will receive a digital, blockchain-based “encrypted certificate of guarantee.” Each item will have a unique identifier, such as a virtual device (NFC) or password, which will be associated with a blockchain-protected certificate. Since blockchain content cannot be modified or manipulated, this solution has the added benefit of combating fraud, persistent risk and risk in high fashion.

The rise of digital games

While the idea of ​​spending real money on real clothes may seem strange to many, the growing popularity of digital fashions is another indication that consumers’ perceptions of personal identity are changing. You no longer need to have something to own.

Often, digital sportswear is sold as NFT (unallocated token) using cryptocurrency token like Ethereum, Bitcoin or digital assets, e.g. PIP fruitlab fruit. Each NFT has a unique identifier, stored on the blockchain, which means that it cannot be changed or modified.

Real clothing continues to make real sales in so-called “brands.”metaverse, ”An online site where users can gather and play games. Burberry is the only brand that has produced a number of NFT weapons, worn by the protagonists of the world’s most popular video game, the Blankos Block Party. Gucci also made digital clothing for several games, including Pokémon Go and The Sims 4. Most notably, however, the brand made headlines earlier this year when it opened “Gucci Garden” on the Roblox game platform. The folded purse, originally priced at 475 Robux (or US $ 6), is said to have sold for 350,000 Robux (or about US $ 4,000).

Multiplying cases for using NFTs

Video games are just one of many ways in which NFT fashions are gaining ground. As the form of NFT changes, expect to see fewer ads with celebrities, as well as more brands thinking about how NFTs can add value to their business continuously. For example, as part of a campaign to promote its Fall / Winter 2021 collection, Gucci sold NFT a video that he made to accompany the current show. The sale, which took place at Christie’s, was a turning point in the history of art and fashion.

Similarly, the RTFKT shoe company tends to close the gap between physical and digital events with its “NFT” dots. The items in the group are available as physical items as well as NFTs that can be worn during the game.

Looking to the future, will fashion become a vehicle that ultimately makes blockchain ubiquitous? Considering the extent of our digital lives has grown in the last 18 months and the rise of globalization, this idea does not seem as small as it could two years ago.

As is the case in the fashion world, new blockchain innovations launched by high-end fashion houses today will go down to other retailers tomorrow. In the coming years, we can expect more nations to accept cryptocurrency as a payment, and many are looking to develop blockchain solutions to address fixed and accessable problems. In addition, we will see an increase in the popularity of NFTs’ digital fashions – which are opening up a new way of displaying and developing ways to increase the cost of machines. We are witnessing the start of this exciting business, and given the growing interest in money around the world, it seems that it is still in its infancy.

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