TL;DR Breakdown
- IBM and French software as a service (SaaS) firm, Arianee, are working on a product that’ll help tokenize fashion products. The product will use non-fungible token (NFT) technology to improve traceability.
- Initially, the two are targeting the fashion world. But they’re looking to expand into other areas, including sports and luxury goods.
Tech giant IBM and Arianee are partnering in a venture that’ll transform fashion as we know it. IBM’s blockchain (BC) leader, Anthony Day, had said this in a Linked In post on Tuesday.
Mr. Day has revealed that the two are working on a product to help brands tokenize their production. It’ll use IBM’s BC and Arianee’s expertise in the software as a service (SaaS) sector to bring revolutionary services to users.
Through non-fungible tokens (NFTs), fashion brands will improve traceability within their manufacturing process. The NFTs will also help them increase the sustainability of their ventures.
According to him, tokenization allows brands to create unique relationships with their users. Further, it helps in verifying the genuineness of goods and shoring up sales. Ultimately, it assists firms in embracing the metaverse.
IBM blockchain technology and provenance
He reiterated that enterprise BC allows firms to increase their provenance functions. Moreover, it drives circularity initiatives by interconnecting players in the supply chain. This way, it becomes pivotal in realizing sustainable processes.
Besides NFTs, the product will use radio frequency identification (RFID) and fool-proof technology to capture digital twins. It’ll do that at minimal costs.
Initially, they’ll be bringing the product to the fashion industry. But they plan to scale it up to other industries. These include sports and luxury goods, among others.
Arianee has a well-documented association with the fashion world through NFTs. Their connected garments product is bringing NFTs to the clothing sector. It helps brands develop unique associations with their users.
Using NFTs, fashion houses can generate digital twins for their creations. Again, the NFTs enable owners to personalize their purchases.
Principles guiding Arianee’s NFT
Three principles guide Arianee’s NFT platform. These are ownership and collection, circular economy, and private communication.
The first entails unlocking the digital asset by purchasing its physical equivalent. The second relates to how users manage and transfer their valuables sustainably. Lastly, on private communication, the NFT will link owners with brands without compromising their information.
Last week, Arianee partnered with the AZ factory to produce an NFT commemorating the latter’s founder Albert Elbaz. The event coincided with the conclusion of the Paris fashion week.
The pair co-created 1200 NFTs, each paying a unique tribute to the late iconic designer. You can acquire the NFTs as souvenirs of that historic moment. The collection is available on Opensea.
The NFT developer was also behind the digital accreditation of participants of the Paris Fashion Week. The digital asset enabled members to identify themselves easily and securely.
