Blockchain technology is going mainstream, with technologies that benefit from it, such as NFTs, becoming increasingly popular in the past year. Still, many understandably have a hard time wrapping their head around blockchain technology and its benefits. To put it simply, blockchain is a digital ledger of transactions that are duplicated and distributed across a computer network, ensuring a secure and decentralized record of transactions. Every new piece of information is added to a block, with each block filling up, closing, and becoming part and parcel of the blockchain.
One of the revolutionary aspects of the technology, is that once a block is added to the blockchain, everyone can access and verify it. It’s almost impossible to tamper with, destroy or steal information that is within the blockchain. That’s one reason why things like NFTs and smart contracts have become increasingly popular. Because NFT art, for example, is underpinned by blockchain technology, it is easy to tell which NFT is authentic, with a verifiable link between the creator of the NFT and the owner.
One of the industries that blockchain technology is bound to revolutionize is the fashion industry. Here are three ways how and the company that’s leading the way.
Digital Creative Platforms
One of the ways that blockchain technology is fundamentally changing the future of fashion is through digital creative platforms. Faith Tribe, created by edgy-chic streetwear brand Faith Connexion, is a never-before-seen global fashion platform that rewards creators solely on their creativity, without other factors, such as fashion designers’ location or income level, having an impact on their level of success. Faith Tribe is able to do this through blockchain technology. Its Designer Studio allows creators to design and customize their own digital and physical fashion assets, with these assets being minted into NFTs. Creators can choose a clothing template from more than 10,000 Faith Connexion garments in the company’s archive or create their own designs from scratch. The platform promotes creativity by allowing creators to innovate and experiment with fashion designs without any boundaries and limits.
The benefit of fashion designers’ items being minted into NFTs means that there is an unbreakable link between the item, original creator and current holder and/or buyer of the item. NFTs can be traced and authenticated on-chain, giving designers access to many digital distribution channels. The fact that they are also traced to the original creators makes it easy to verify that they are the first creator of a specific design, giving a peace of mind to creators uploading their designs onto the platform. Since NFTs usually are digital files, it is easy to see which digital file has been duplicated or replicated on the blockchain.
Faith Tribe’s platform will allow creators to sell their digital or physical designs through its exclusive NFT marketplace. Since the platform is all about collaboration, platform participants through a democratic mass-crowd voting system decide which designs will be produced and distributed through Faith Tribe. Once a garment is approved for production, creators have full decision making in a range of areas with Faith Tribe’s support. Creators can decide whether they would like their drop to be one-off, limited production or have open-ended production for sale through their own distribution channels. They can also choose whether they want their NFTs to be accompanied with other perks, such as sketches and videos accompanying the garment, special merchandise and access to their fashion shows. For buyers, this is super exciting. No longer is purchasing an item only about purchasing a physical item. It can now be an experience. For creators, it’s equally exciting and more rewarding to be able to produce a multi-faceted creative good.
One of the other ways that blockchain technology is revolutionizing the fashion industry is through community ownership. Faith Tribe is a decentralized autonomous organization (DAO), which means all platform participants can monitor the platform, allocate funds from the community treasury or vote on proposed modifications and improvements to Faith Tribe’s platform. Faith Tribe’s community coin is what makes this possible. Holders of the coin are able to contribute to the platform’s decisions and will be rewarded through further coins for being more active and dedicated to the network’s developments.
Companies like Faith Connexion, which understand the potential that blockchain technology can have for enhancing the fashion industry, will be leaders in the inevitable thrust towards the integration of blockchain and fashion. The company is doing some other interesting things in this space, such as launching ten exclusive NFTs during the Art Basel Fair in Miami.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice