Non-fungible tokens (NFTs) may be disrupting the trillion-dollar fashion industry, but NFTs are just one piece of a much larger puzzle that is revolutionizing the industry. Rather, blockchain technology as a whole remains a game changer for the fashion industry.
While blockchain-based supply chains served as some of the first use cases for how the technology could help detect fraudulent items, digital wearables that are built on blockchain networks are now coming into play. Megan Kaspar, co-founder and CEO of Magnetic—a private cryptocurrency and blockchain investment and incubator firm—told Cointelegraph that digital fashion is a very powerful use case for blockchain technology. However, he noted that many brands remain unaware of the value that blockchain can provide in terms of creating new business models.
The rise of digital fashion and its impact To explain the huge opportunities that blockchain can bring to today’s fashion world, Kaspar noted that all brands will initially move to a “digital-first” model in the near future:
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