As the traditional fashion system faces a perfect storm, Web3 offers a new opportunity for the industry to evolve. PhygitalMining provides designers with a fresh approach to embracing the digital paradigm.
We are currently witnessing an extremely challenging period for the traditional fashion system. In the context of a broader global financial crisis, Monday, August 5th, marked perhaps the worst day for the fashion industry since the COVID-19 pandemic and its associated restrictions. On this day, share prices of fashion giants plummeted by 2 to 5% across various brands. The world is entering a period of heightened financial instability, and the fashion industry, in its current form, is proving to be one of the most vulnerable. This ongoing crisis only exacerbates the decline in market capitalization that the fashion industry has been experiencing for over a year.
This challenging period is pushing traditional fashion towards a symbiosis with the thriving tech world, whose capitalization remains stable despite global challenges. Fashion brands have long been present in the digital landscape of Web2—it's difficult to imagine the industry without its presence on social media, influencers raising brand awareness, or online sales platforms. However, it is now time for brands to take another step forward and further merge with the evolving digital landscape
We’ve seen numerous brands, such as Coach and Vans, creating their own experiences in Roblox. We’ve also witnessed traditional fashion items making their appearance in Fortnite, as with Versace’s Mercury Sneaker or the 3-stripes brand creating in-game skins for Epic Games product. In both cases, physical fashion is digitizing their physical items and replicating them in the digital realm
It seems there is another way for brands to go phygital—by directly embedding digital reality into physical clothes. This is the vision of fashion and tech symbiosis championed by PhygitalMining.
PhygitalMining is a platform that offers NFC-backed technology, allowing an NFC (near-field communication) chip to be instantly embedded into any physical item. Each item is also paired with an NFT (non-fungible token) that links the physical clothing with a digital asset, certifying its ownership. Instead of bringing physical items into the digital realm, PhygitalMining weaves the digital paradigm into the physical item
“Blockchain technology is set to transform the fashion industry in three key ways: First of all data: blockchain provides an immutable record of a garment's journey, from sourcing to sale, ensuring transparency and authenticity. Secondly, distribution: smart contracts on the blockchain can revolutionize supply chains, streamlining processes and reducing counterfeits. Finally, engagement: through blockchain-based loyalty programs and exclusive digital experiences, brands can foster deeper connections with their customers.These innovations are just the beginning of blockchain's potential to reshape the fashion landscape”. – said Denis Chistyakov, the founder of PhygitalMining.
We are currently witnessing an extremely challenging period for the traditional fashion system. In the context of a broader global financial crisis, Monday, August 5th, marked perhaps the worst day for the fashion industry since the COVID-19 pandemic and its associated restrictions. On this day, share prices of fashion giants plummeted by 2 to 5% across various brands. The world is entering a period of heightened financial instability, and the fashion industry, in its current form, is proving to be one of the most vulnerable. This ongoing crisis only exacerbates the decline in market capitalization that the fashion industry has been experiencing for over a year.
This challenging period is pushing traditional fashion towards a symbiosis with the thriving tech world, whose capitalization remains stable despite global challenges. Fashion brands have long been present in the digital landscape of Web2—it's difficult to imagine the industry without its presence on social media, influencers raising brand awareness, or online sales platforms. However, it is now time for brands to take another step forward and further merge with the evolving digital landscape
We’ve seen numerous brands, such as Coach and Vans, creating their own experiences in Roblox. We’ve also witnessed traditional fashion items making their appearance in Fortnite, as with Versace’s Mercury Sneaker or the 3-stripes brand creating in-game skins for Epic Games product. In both cases, physical fashion is digitizing their physical items and replicating them in the digital realm
It seems there is another way for brands to go phygital—by directly embedding digital reality into physical clothes. This is the vision of fashion and tech symbiosis championed by PhygitalMining.
PhygitalMining is a platform that offers NFC-backed technology, allowing an NFC (near-field communication) chip to be instantly embedded into any physical item. Each item is also paired with an NFT (non-fungible token) that links the physical clothing with a digital asset, certifying its ownership. Instead of bringing physical items into the digital realm, PhygitalMining weaves the digital paradigm into the physical item
“Blockchain technology is set to transform the fashion industry in three key ways: First of all data: blockchain provides an immutable record of a garment's journey, from sourcing to sale, ensuring transparency and authenticity. Secondly, distribution: smart contracts on the blockchain can revolutionize supply chains, streamlining processes and reducing counterfeits. Finally, engagement: through blockchain-based loyalty programs and exclusive digital experiences, brands can foster deeper connections with their customers.These innovations are just the beginning of blockchain's potential to reshape the fashion landscape”. – said Denis Chistyakov, the founder of PhygitalMining.
The chip embedded in each fashion item acts as a ‘mining tool’ for the owner, allowing them to mint tokens distributed through PhygitalMining’s fashion collections. A total of 21 million coins are linearly distributed across different fashion collections partnering with PhygitalMining.
This mining process can be considered an additional layer of gamification, making clothing purchases not only valuable on their own but also a gateway to building a crypto-economy.
“As the founder of PhygitalMining, I'm thrilled to share our expanding vision:The chip embedded in each fashion item is more than just a digital certificate - it's a gateway to a dynamic crypto-economy. Our 'mining tool' concept transforms ordinary clothing into an engaging platform for minting tokens, distributed across our partnered fashion collections.” said Denis.
As of today, the platform allows users to pre-order leather wallets, bracelets made from Balinese black wood, and Ukrainian casual wear inspired by Eastern martial arts.
Brands supported by PhygitalMining’s NFC technology will make their global debut during Metaverse Fashion Week, taking place from November 20-24 worldwide and at San Francisco City Hall.
“This event provides an unprecedented opportunity for creators to explore the full potential of phygital fashion.This collaboration is set to attract more visionary designers to our platform, enriching our ecosystem with diverse, cutting-edge creations. It's not just about being part of the metaverse – it's about shaping its fashion landscape.We're excited to see how this partnership will accelerate the adoption of phygital fashion, bringing us closer to a future where the line between physical and digital wardrobes is beautifully blurred”- sums-up Denis.
The Metaverse Fashion Council, in partnership with PhygitalMining, invites all industry pioneers and trailblazers to join us in our mission to digitize fashion. Let's collaborate!
This mining process can be considered an additional layer of gamification, making clothing purchases not only valuable on their own but also a gateway to building a crypto-economy.
“As the founder of PhygitalMining, I'm thrilled to share our expanding vision:The chip embedded in each fashion item is more than just a digital certificate - it's a gateway to a dynamic crypto-economy. Our 'mining tool' concept transforms ordinary clothing into an engaging platform for minting tokens, distributed across our partnered fashion collections.” said Denis.
As of today, the platform allows users to pre-order leather wallets, bracelets made from Balinese black wood, and Ukrainian casual wear inspired by Eastern martial arts.
Brands supported by PhygitalMining’s NFC technology will make their global debut during Metaverse Fashion Week, taking place from November 20-24 worldwide and at San Francisco City Hall.
“This event provides an unprecedented opportunity for creators to explore the full potential of phygital fashion.This collaboration is set to attract more visionary designers to our platform, enriching our ecosystem with diverse, cutting-edge creations. It's not just about being part of the metaverse – it's about shaping its fashion landscape.We're excited to see how this partnership will accelerate the adoption of phygital fashion, bringing us closer to a future where the line between physical and digital wardrobes is beautifully blurred”- sums-up Denis.
The Metaverse Fashion Council, in partnership with PhygitalMining, invites all industry pioneers and trailblazers to join us in our mission to digitize fashion. Let's collaborate!