While I don’t write much about the latest news in the luxury industry, on the other hand, the crypto market has a huge impact on the global supply chain. Specifically, the fashion industry intends to capitalize on the estimated $ 2 trillion. Going forward, in this article, my goal is to introduce you to the best brands at the forefront of this milking process and the innovative technology that will soon make their operations easier.
The future is now for fashion brands:
Since the birth of the fashion industry trend has been the motto. And at this point, nothing seems to be trending more than blockchain technology. Essentially, technology has given industry and the ultimatum; sinks or swims. In the promise of establishing luxury brands that ride the waves of this trend, I would be off-center not to mention Bulgari, as good as Porthole, which launched an e-guarantee allowing customers to authenticate a product via a simple photo taken with a mobile phone. In addition, the latter has also started selling specific timepieces via Bitcoin only, a bold move, but which has generated great interest from collectors around the world.
In an age where sustainability practices are at the forefront of most common sense manufacturing strategies, fashion brands are doing their best to reduce their carbon footprint. As a result, there have been more and more fashion brand owners and billionaires looking for better ways to access the market besides Bitcoin. Without surprise, Prada spA, and Richemont neighborhood has signed an alliance with other fashion brands like LVMH, provide a Blockchain solution to fight against counterfeiting; offering product authentication.
Citing volatility issues, the market behemoths are exploring other ways to store and use their on-chain wealth. The rise of stable coins indexed to national currencies offers such an opportunity, with decentralized financing projects (DeFi) such as Autonomy protocol build progressive and interoperable stable ecosystems, while simplifying the adoption of blockchain technology. International brands can trade these stablecoins between national currencies on the Onomy Exchange, bringing the Forex market of $ 6.6 million per day to the channel.
Volatility can also be sustainably addressed through value preservation mechanisms – in fact, the introduction of the world’s very first adaptive digital currency, NDAU, serves as a complement to Bitcoin in the blockchain space. Accepted on the best financial platforms such as Investview and presented to millions of investors on Bittrex Global, NDAU proves its ability to be an adaptive store of value, capable of preserving wealth while mitigating downside risks.
At the Fashion Institute of Technology, a plethora of professors, including myself, are racing to catch up and figure out how it all works. Moving on, another tech company that will soon thrive in the waters of blockchain technology is NFT technology, NFT’s first build and trade infrastructure with a liquid match engine. Through this ecosystem, users can create, collect, and trade digital collectibles alongside other enthusiasts, without paying exorbitant fees or wasting time trying to find business partners.
This is reorganizing the NFT ecosystem from the ground up, opening the doors for adoption by fashion brands and their customers around the world who have already started dabbling in the space by posting digitized versions of their clothing designs or blockchain-based property tracking services.
Crypto Opportunities: This is where fashion dives deep.
As the crypto market’s side price actions drove interest down, social influencers such as luxury brand owner (Tesla) Elon Musk âflipped the coin,â resulting in a magnanimous transition from $ 178 billion to $ 2,000 billion this year (2021), according to Counter.
The widespread adoption of cryptocurrency, as well as the introduction of new blockchain-based non-fungible tokens (NFTs), has generated massive interest from top brands around the world. I get a pitch at least once a day asking me to cover this topic. Unfortunately, by the time I catch up, something new is happening.
It is no different in the diamond industry, as high-end luxury brands such as some beers partnering with similar major players as well as smaller brands to develop an open source blockchain platform called Tracr; it allows these brands to follow their supply chain from the ground floor to consumers. This is where gets very interesting in the fashion industry. A platform such as a plotter can educate a brand about the intricacies of cotton crop yield. It amazes me to think of how technology can trace all the details of the supply chain.
Another example is Nike; Due to the ability of NFTs to certify uniqueness, Nike adopted this technology and therefore produced digital shoes, which are virtual, unique and tradable representations of real products. This is also the case with Louis Vuitton, who began using NFTs to track the provenance and ownership of luxury goods. Gucci expressed interest in launching its own NFTs, saying “it is only a matter of time,” as reported The block.
Speaking of opportunities, social billionaires preserve their fortunes and maintain their luxury lifestyle by investing in crypto assets and NFTs.
One brand that makes this possible is AXIA. This ecosystem is a complete overhaul of today’s most popular internet services, implemented in a decentralized and secure manner. Its more than 17 apps range from a banking portal to a privacy-focused search engine, all supported by AXIA Coin.
The asset-backed digital currency is described as an effort to âoverturn traditional financial structures, reduce participant costs and advance a more equitable and inclusive business model globallyâ. Thanks to AXIA, users not only preserve the value of their funds through the stability of the AXIA reserve, but are also able to continuously create value through their activity in the network, which generates monetary rewards for themselves and for others.
Among the sea of ââdecentralized technologies and investment platforms for index strategies, Phuture Finance stands out from the head and shoulders!
As seen on Bitcoin.com, “Phuture Finance Raised $ 1.5 Million in Seed Funding to Launch Indexing Protocol on Ethereum.” His private fundraising as part of his funding round included leading blockchain investors including NGC Ventures, SevenX, Moonrock Capital, Origin Capital, Waterdrip Capital and D64.
Other notable investors who participated included Genblock Capital, Decentralabs, Synergia, Vendetta Capital, Richard Ma (CEO of QuantStamp), Danish Chaudhry (CEO of Bitcoin.com Exchange) and the main liquidity provider. Skynet negotiation
âThe thriving decentralized investment platform for passive index strategies. “
Phuture has been designed in such a way that native and non-native crypto users can create and invest in new and existing indices created by the community. The platform provides an architecture that rebalances itself across multiple indices simultaneously, making its index unique, scalable and combined.
In an interview with Bitcoin.com, Charles Story (Chief Growth Officer, Phuture) said âAt Phuture, we are delighted to partner with some of the industry’s most exciting investors. We will work in unison to redefine the role of an index in a Web 3.0 environment and realize our vision of becoming the de facto indexing solution within crypto.
The capital raised will be used to fund the continued development of Phuture as it moves towards its next version 1 launch, as well as to develop the ecosystem; including the Phuture team and early adopters.
Oliver Blakey, Managing Partner at Ascensive Assets, also said this in an interview with Bitcoin.com about their investment in Phuture âWe are proud to support Phuture as a lead investor. We believe that indices are going to have a huge role to play in crypto, just like in traditional finance.
Phuture introduces a new model for indexing protocols and its development trajectory converges the usability gap between crypto natives and the broader market – an invaluable attribute to have as crypto continues to permeate. in traditional finance.