How The Fashion Industry Benefits From Web3, Blockchain Technology, NFTs, And The Metaverse
In the past ten years, our lifestyle has been heavily digitized and revolutionized by technology. The fashion industry is not an exception. In this blog post, we talk about the technologies and innovations that could impact and change the fashion industry and fashion sustainability. Let’s deep dive into the potentials of NFTs, blockchain technology, digital fashion, 3D design, and so much more.
We have long entered what we call the digital and technological age. New innovations and technologies are constantly being introduced to our lifestyles. How will these affect the fashion industry and fashion sustainability?
With the ongoing changes when it comes to trends, entrepreneurs are challenged to be creative, innovative, and up-to-date with all the changes that are happening in the industry in order to maintain a successful business.
Here are some new trends that we have to look out for (explained in layman’s terms):
Web 3.0 - a revamp of the world wide web-based on blockchain technology
Blockchain technology - a next-level security system that records and encrypts information to make it more secure
Cryptocurrency - a form of internet money that utilizes blockchain technology (e.g. Bitcoin)
NFTs (Non-fungible Tokens) - digital collector items that utilize blockchain technology as well
Metaverse - virtual and augmented reality
This list is just the tip of the iceberg. There are many more technologies that are being introduced every day. Let’s explore their impact through the lenses of fashion, specifically, fashion sustainability.
At present, the fashion industry currently runs on a linear business model - it’s a cycle of taking, making, and disposing. This model could not keep on going because we are sending millions of tonnes of textile waste to landfills and it’s not sustainable for the future. Hence, we introduce the concept of circularity and this is what we’re striving for in the name of fashion sustainability.
This is where digitization and innovative tools would be of great help when it comes to moving towards a more purposeful model. Here are some exciting innovations that could help us move towards fashion circularity:
Subscription Models - concept of rental clothing
Swap / Take Back Programs - gives a platform for brands to make money on products without making new materials
Resale - a brand receives a commission whenever a product is sold to another person, incentivizing the reusing of products
Digital Fashion - utilizes AR/VR technology to replace physical clothes
Traceability Supply Chain - the concept of transparently tracing and managing textile products across a supply chain
3D Design and Printing - makes use of 3D technology to greatly reduce textile waste
