The Future of Fashion Tech
The Future of Fashion Tech
And how it could dramatically increase sustainability within fashion.
H I D E T H E L A B E L - J U N E 2 0 1 9
Blockchain is a buzzword that you may have heard being thrown around over the last few years, but until now, rarely has it been associated with fashion. All that is about to change.
Last week the world’s first digital blockchain dress sold for $9,500 and has been dubbed “An Extremely online dress” by Dazed
Blockchain for those not up to date is the technology the underpins digital currency (Bitcoin, and other cryptocurrency). The technology allows digital information to be distributed, but not copied. That means each individual piece of data can only have one owner. Ethereum is one of the open-source platforms that blockchain is created and the Ethereum Summit was where the soon to be iconic virtual dress digital dress was recently auctioned.
Called “Iridescence”, the virtual garment made by Dutch start-up The Fabricant– auctioned on the Ethereum cryptocurrency blockchain in collaboration with net artist and creato Johanna Jaskowska, and Dapper Labs. Using a combination of 2D garment pattern-cutting, 3D design, and rendering software, the hyperreal haute couture clothing item, appears to shimmer and float in mid-air – virtually, that is. - Dazed
It seems that very soon CGI influencers such as the likes of Lil Miquela and Blawko22 will soon become old news. It’s now all about digital fashion and bespoke virtual garments are being created and sold for much more than your regular luxury goods. “Global brands in the real world are vying to enter the digital-only fashion space to forge deeper engagement with Gen Z consumers,” says Dapper Labs in a statement.
Norweigan company Carlings debuted a fully digital unisex collection in collaboration with CGI influencer perl.www that lets influencers pick a look from their collection and for around 20-30 Euro, have it digitally ‘fit’ on them by their team of digital 3D designers. Once ‘fitted’ the image is then sent over so you can upload to your IG.
The collection itself is a reaction to reports that reveal many influencers are buying looks to take a single photo for instagram, and then returning them. Asos have reacted to this by launching a new returns policy to combat serial returners even threatening to deactivate accounts of those who do not stick to the policies.
As these type of garments only exist digitally, there is zero impact on the environment – meaning you can do your bit for sustainability whilst “influencing” and not only that - all of the proceeds from the collection go to @wateraid
Luxury Fashion is Learning to Love Blockchain
“Amid growing concern about the proliferation of counterfeit luxury goods, LVMH is reportedly developing a system to authenticate merchandise using blockchain technology, while rival Kering is advising a non-profit with the same goal.” - BOF
LVMH, the world’s largest luxury group, is planning to use blockchain technology to track luxury goods and prove their authenticity, blockchain news site CoinDesk reported last week.
The platform, with code name “Aura,” is expected to go live some time in June with Louis Vuitton and Parfums Christian Dior and then rolled out across the group’s other 60+ luxury brands and competitors.
Although the whole project has been developed under a veil of secrecy - a source a CoinDesk said “To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”
The global knock-off market is huge, The Global Brand Counterfeiting Report 2018 estimates that the losses suffered due to global online counterfeiting has amounted to 323 Billion USD in the year 2017, with luxury brands incurring a loss of 30.3 billion dollars through internet sales.
The rise of online resale sites is creating a new market for counterfeits that has resisted traditional methods of policing.
With Blockchain technology allowing us to permanently records transactions in a digital, tamper-proof database by distributing information across a network of computers rather than being controlled by a single entity, it ensures that information cannot be altered or deleted.
Simply expressed, blockchain is the digitalization of trust and trust is becoming increasingly important for today’s consumers - particularly millennials and even more so when it comes to transactions involving high-end luxury items.
With new apps such as Arianee who offer an augmented digital identity of all of the valuable objects you own, allowing you to learn of the origin or transfer ownership all via your mobile phone.
Blockchain technology can help to combat counterfeiting and Arianee intends to contribute in a major way. Arianee’s ultimate vision is to become the world’s leading proof-of-authenticity protocol for all of the valuable goods that exist in the world.