New business models are possible for digital fashion brands through blockchain technology
Blockchain technology continues to be a game-changer for the fashion industry. NFTs are one part of the bigger enigma of blockchain technology as a whole. Blockchain technology is proving advanced capabilities in Web3 e-commerce and sustainability as a "digital-first" model disrupts the fashion sector.
Digital clothing devices embedded in blockchain networks are now replacing the supply chains built on the blockchain, which served as many of the earliest examples of how technology could assist in detecting rogue items. A growing subculture of digital fashion includes the digital modeling of real-world clothing, the sharing of designs for real and digital clothing on blockchain networks, and even the rendering of digital clothing onto real persons.
Managing director of Magnetic, a private investment and incubation company in blockchain and crypto, Megan Kaspar, told Cointelegraph that digital fashion is a great example of a blockchain technology that brands are unaware of. According to Kaspar, all brands will switch to a "digital-first" model in the future as a result of blockchain.
“This is where collections are first created digitally, whether inside or outside a company. The first digital process reduces time, energy, and capital, all of which are no longer necessary to pre-produce collections. The digital collection can then be superimposed on the photo through digital tailoring.”
Blockchain networks also offer transparency. Kaspar noted, for example, that limited edition fashion products are appealing to some consumers. Therefore, when items are digitized and sold as NFTs, it is possible to determine how many exist on a blockchain.
It's believed that digital fashion will eliminate people's desire for real, tangible clothes one day. Self-repetitive outfits will become less important.
Due to the growing popularity of NFTs, more retail companies are partnering with, or acquiring, startups that specialize in creating virtual fashions and collectibles.
Fashion blogger Danielle Loftus predicts that the industry will evolve to more software-driven projects that would include a "digital backend." Designers and retailers will be able to upload their designs online or to the blockchain, then sell NFTs derived from those designs.
CBW - External Analyst