“I can see aspects of how we’re going to implement technology to allow us to fix what I think we can all agree on as those in the fashion industry is a pretty broken system,” Kenneth Loo said in a conversation with FashionUnited on the future possibilities of Web3 and emerging tech. Through such systems, the co-founder and chief executive of the communications company Chapter 2 envisions an industry in which creators can visibly see the benefits of aftermarket and resale value, bolstered by a heightened sense of transparency made possible through a more robust blockchain.
Digital twins replace receipts
In contrast, another development Loo is anticipating is the evolution of the ‘digital twin’ – a term that has been coined to reference products that have a blockchain-based presence and therefore exists in both the digital and physical world. He linked the rise of this feature to the over-production of clothing, the increase in knock-offs and the integration of EU regulations, one of which will soon require EU-operating brands to adopt digital passports and, as a result, digital twins.
“This technology is going to provide the opportunity to authenticate actual products, utilising these digital twins and, at the same time, infusing those products with a lot more utility,” Loo noted. In his eyes, these utilities can range from pushing forward digital fashion offerings that can be worn in online worlds, to acting as a receipt at certain points in a customer's engagement with the product, replacing the physical element.
Source: Fashion United