Why the global fashion industry needs NFTs
Source: Inevitable
In making the case of why the global fashion industry needs NFTs, the author discusses a number of current market challenges.
In 2019, counterfeiting accounted for 70% of the $4.5 trillion market for luxury fashion.
Beyond the loss in sales, counterfeit goods reduce customer trust and tarnish brand’ reputation.
Finally, fake products can pose risks to consumer safety and health while ignoring the brand’s commitment to corporate social responsibility and sustainability.
If the major fashion designers, led by Dolce and Gabbana and RFKT Studios, were initially interested in the metaverse to target the younger audience, NFTs together with the blockchain, can guarantee the integrity and the conformity of the brand, its universe, and the customer journey.