I see fewer people acknowledging that the physical fashion we know today will also be impacted by blockchain technology
Blockchain enables provenance for any item bought, traded, or sold. While this is more straightforward in the digital realm, it also applies to the physical world by linking a garment or item to an NFT on the blockchain. This allows brands and consumers to authenticate and track products with ease
Think about a Chanel bag coming with its own digital twin, an NFT that verifies its authenticity and traces its journey from the atelier to the closet. The NFT would be embedded into the item itself through NFC technology, which I love to describe as a bridge between devices, in this case, between the digital and physical worlds
This not only combats counterfeiting but also introduces a new layer of storytelling that brands can leverage
The Aura Consortium, created by LVMH, is a prime example of this, using blockchain to provide precisely these capabilities
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