Wednesday, June 12, 2024

Brands may build new business models using blockchain-enabled digital fashion

As the world moves to the blockchain, the world as we know it now will become very different. For instance, it would be completely feasible to have digitized spaces for every human activity. The reflection of this idea is already being seen in the Decentraland and Sandbox metaverses. People are not only buying plots but also setting up digital businesses that deal entirely in digital items. However, a completely new and practical use case has not been explored much. Megan Kaspar of Magnetic recently spoke about the same with Cointelegraph. Magnetic is a fashion brand built on the blockchain. They are coming up with a use case of NFTs that will directly translate to commercial success in the physical world.

According to Kaspar, NFTs are the perfect tool for creating prototypes and testing out new styles. However, it would go to a much deeper level than computer-generated images and projections. Instead, NFT fashion will give a glimpse of everything that the brand needs to know. It will reflect customer reaction, target demographics, pain points, and a host of other factors. Kaspar calls this the digital-first model, where not only designs but fashion trends are first tried in their digital versions. It saves cost on multiple fronts – supply chain, distribution, storage, inventory management, and so on. Kaspar told Cointelegraph that she is hopeful about the future of this innovation. As more fashion companies get into the world of NFTs, they will automatically explore this use case. Over time, it will change the way fashion brands release new lines and ideas.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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