Cryptocurrency is such a big deal that multiple industries are starting to take note. The fashion industry has emerged as one of the industries to take cryptocurrency to the people and do it attractively.
Blockchain Is Being Used in the Fashion Industry
Fraud is prevalent in the fashion industry with problems such as vendors not delivering the high-quality samples they promised, or counterfeit outfits being sold all over the internet. This is the main reason why Martine Jarlgaard has entered into a partnership with Provenance, a blockchain startup.
For each of the items she creates, Jarlgaard has created a token. The token holds the item’s history from when it was made to when it is sold. Customers can access this information by using an NFC-enabled device or scanning a QR code.
Anti-counterfeit applications of blockchain are useful in helping prevent fraud in addition to streamlining asset and supply chain management.
These applications also improve customer experiences by creating verifiable records of each item sold. The tokens used on each item can let customers learn about the material’s composition, where the material was grown or manufactured, the chemicals used for bleaching, as well as the condition of the factories and workers who created the item.
Cryptocurrency Is Inspiring Fashion
At the New York Fashion Week in 2018, a model walked the runway wearing a bitcoin-inspired outfit. Experts agree that it was just a matter of time before cryptocurrency started inspiring fashion. Some of the other items inspired by cryptocurrency include crypto lifestyle brands, biometric rings that let you manage your security data, and a wristband that allows for payment using cryptocurrency.
Revolutionising the Way Payments Are Made
Fashion industry experts agree that cryptocurrencies such as bitcoin will change the way payments are made in the retail industry.
Bitcoin and other cryptocurrencies have always done this to industries they intersect with, notably the casino industry. Many online casinos are adopting bitcoin and other cryptocurrencies, with the number of games one can play using bitcoin increasing by the day as evidenced by the list of bitcoin games by Bitcoingg.com.
This type of disruption is coming to the fashion industry with Cyankart saying they will start accepting bitcoin as payment. They are the first fashion store in India to do this. Another fashion industry player doing this is Bitfash which acts as an intermediary between shoppers and retailers as it is now allowing shoppers to purchase high-end items using bitcoin.
Launching Their Own Cryptocurrencies
Players in the fashion industry are also launching their own cryptocurrencies. A notable example is FashionTV. FashionTV has an audience of over a billion people and it has launched FTV Coin Deluxe. The decentralised platform will allow models to get direct access to the fashion industry without having to go through agencies and other third parties.
FashionTV will also launch a hardware wallet that will let users store their private keys. The wallet will also let them send, receive and store FTV coin Deluxe coins in addition to allowing them to provide an electronic business card.
There are a lot of applications of blockchain and cryptocurrency in the fashion world, ranging from helping prevent fraud, easing supply chain issues, or using both as inspiration for different designs. With the intersection of cryptocurrency, blockchain, and the fashion industry, maybe we will see the mass adoption of cryptocurrency soon.