An example of such technology is the recently launched PBT (Physical Backed Token), enabling one to tie a physical item to a digital token on the Ethereum blockchain. “10 people could own one Hermes bag, and have a valid claim to use the physical piece for a certain time, after which it’d be passed on to a different person within the group. Thus, all members could get to use the bag, while also having the proof of digital ownership – an immutable proof that you are a loyal Hermes customer.”
Impact on fast fashion
“Realistically, I don’t think this will put a hard stop to this type of clothing,” said Viltrakyte, yet emphasized that it could drastically cut the demand for it. “Digital fashion can significantly reduce the so-called vanity shopping – buying unnecessary items for a temporary dopamine rush by recreating similar experiences in the virtual space with augmented reality filters and/or buying a digital clothing piece.
Undoubtedly, brands will figure out how to make it the “mood booster” people usually seek when impulse shopping.” In the end, fashion is a way of self-expression as well as a symbol of belonging to a certain group of people. Viltrakyte notes digital fashion that can provide verifiable scarcity will offer the same benefits, and more, but without the same carbon footprint. “For the Alpha generation, it is the future because they already perceive physical and digital values as the same. Owning a digital piece, instead of a physical one, may very likely become the new norm, interpreted as a badge of honor for the eco-conscious consumers, showing they care more about the planet."