Redefining the fashion industry; WEB3

A quick definition of Web3; “an online ecosystem based on blockchain.”

Yes, we wanted to talk about what this definition is in a single sentence before explaining how the fashion industry has or will get its share from Web3. This includes NFTs, the metaverse, and more.

Initially, the use of blockchain technology was mostly financial and included cryptocurrencies (like Bitcoin and Etherium), initial coin offerings (ICOs), and decentralized finance. But over the last year, we’ve seen the rise of other Web3 elements as we said before.

This actually weakens the monopoly in fashion at some point. According to Forbes; a key principle of Web3 is decentralization: putting ownership in the hands of individuals instead of big companies. This also applies to creatives. In theory, Web3 enables creatives to own and monetize their work—a true creator economy. Web 2.0, which is the current version of the Internet, has many things but privacy and security are not necessarily one of them. One major criticism of Web 2.0 is that it is highly centralized, most of it is controlled by large tech corporations like Google, Meta, Microsoft, etc. Enter Web 3.0 where the real power will lie in the hands of its users rather than the platforms.

How this will affect the fashion industry?

Web3 is giving rise to a true creator-centered economy by democratizing the digital fashion industry. Pretty much anyone can become an independent designer and start a digital label. In fact, many independent designers and labels are making millions designing virtual clothes, skins, and accessories for Web3 games like Guild of Guardians, and Skyweaver as well as regular gaming platforms like Roblox and Fortnite. Samuel Jordan, Mishi McDuff, Xinyue Li, Republique, The Fabricant, Ouroboros, and DressX are some of the biggest names in the digital fashion space right now. They not only design their own collections for Web3 platforms but are also helping traditional fashion
houses like Balenciaga, Gucci, Louis Vuitton, Stella McCartney, Ralph Lauren, Burberry, Coach, Adidas, Nike, Bulgari, and many others enter Web 3.0.

The other thing for every brand in the industry is that NFTs can be the fashion industry’s weapon to fight counterfeits by recording the purchase and manufacturing history of a product on the blockchain. Authentication is one of the most important functions of the fashion resale market. It is also the most secretive and difficult part of the industry. And for good reason—luxury brands lose an estimated $100 billion every year due to counterfeiting.

The world of Web3 and related technologies could potentially revolutionize the way we work, shop, and entertain ourselves. So, it’s imperative for us to get a good understanding of these technologies and their implications. Web 3.0 has massive potential. Fashion brands are in a race against each other to market themselves and to sell to those customers.

Ladies and gentlemen, the future is now!