The Future of Fashion
With the rise of digitization and vast developments in technology, all the buzz around NFTs and Blockchain technology, the future of sustainable fashion looks promising, yet new challenges also arise.
It is no secret that the fashion industry is one of the most significant contributors to climate change, labor exploitation, and swarming landfills. For this reason, consumers are continuing to demand more ethical and environmentally friendly practices. Yet fast fashion seizes to grow due to convenience, affordability, and the human need to fit in, although consumers demand alternatives.
Seeing that the supply chain of a single garment is often interwoven across the world, having an overview and ensuring total transparency has proven to be complicated. This is where blockchain technology could play a significant role.
What is Blockchain?
Blockchain is a decentralized public ledger that records and stores transactions. Once recorded, the data cannot be lost, altered, or destroyed.
Through the implementation of the blockchain, brands and consumers alike could trace back all resources and steps along the value chain. Essentially, you’d be able to scan a QR code and trace the yarn to the wool down to the name of the Alpaca it originated from. Pretty cool, huh?
This promising technology would force the whole industry to practice what it continually proclaims.
How to Reduce Carbon Footprint
Brands are continuously searching for ways to reduce their carbon footprints significantly. One way to achieve this could be using 3D technology tools that allow designers to create virtual samples.
By opting for virtual samples, waste would be substantially reduced and travel across the globe. This could also result in increased profits which could be reinvested in fostering the speedy adoption and development of new technologies.
Furthermore, designers could initially release digital fashion and produce the physical equivalent according to the demand, significantly reducing overproduction.
What are NFTs?
Lastly, let’s address the global hype NFTs. Non-fungible tokens (NFTs) are digital certificates of authenticity secured by blockchain technology.
Digital fashion allows brands to tap into a whole new market outside the “real world” as we know it today. NFTs ensure intellectual property, which could significantly impact the resale market. Consumers would be able to track ownership changes, and brands would receive a royalty every time their product is resold. NFTs are still in a preliminary stage, but we can expect to see physical and virtual fashion merging.
Since NFTs can be seen as wealth assets, they have the potential to shift our view from mass consumption back to a notion of value in fashion goods, fostering more sustainable behavior.
While the fashion industry needs to seize the opportunities of emerging technologies, it is essential to be vigilant about the energy consumption levels required. We are curious to see what the future of fashion holds and continuously do our part to make it more sustainable!