New protocol brings nonfungible tokens to the digital fashion industry

A project based on Ethereum is bringing NFTs to the fashion industry — enabling a whole new market segment around digital fashion for gaming and VR.

Nonfungible tokens are one of the biggest trends in the crypto world. And now, NFTs are coming to the world’s trendiest industry: fashion.

DIGITALAX says it has launched the world’s first digital fashion NFT protocol — and the startup is confident it can propel these cutting-edge digital assets to the mainstream.

The self-funded project addresses core problems surrounding programmable scarcity and the decentralized digital fashion supply chain. Its tools and technology will allow designers and developers to collaborate and develop digital materials, patterns and interoperable gaming and VR fashion assets.

The DIGITALAX marketplace offers an interface for designers to auction off their creations — and these virtual garments can even be staked.

More than 30 talented professionals have come together to form a Global Designer Network, with members based in Europe, the U.S. and Africa. Together, they are creating hyper-realistic 3D skins and virtual cosmetics that anyone can buy.

The innovative model means that the designers of glamorous outfits can receive royalties every time someone purchases their products — and NFT technology also helps to protect intellectual property combined with DIGITALAX’s Open Digital Fashion License, allowing buyers to have full IP assignment of any purchased item.

DIGITALAX also hopes that its new approach to NFTs will revitalize the worlds of gaming and virtual reality — industries that are collectively worth trillions of dollars — empowering passionate creators.

The project is based on the Ethereum platform. Some of DIGITALAX’s main goals include achieving new industry standards around digital goods, open digital licenses, supply chain automation, and addressing core problems around the liquidity and stability of nonfungible tokens.

Three types of tokens power the platform — ERC-721, ERC-1155 and ERC-20 — which can be used to participate in auctions, vote on governance matters, and receive revenue from the marketplace platform. They also pave the way for new business models, such as fractional garment ownership.

A New Year’s Eve to remember

With countries around the world introducing tough new restrictions covering the Christmas and New Year period, millions of people worldwide will be unable to welcome in 2021 with their friends and family.

DIGITALAX has announced that it plans to put its technology to good use — and is partnering with the leading Silicon Valley virtual world app Youcan as an official crypto partner to throw a New Year’s Eve party hosted by Amanda Cerny, featuring world-renowned artists including Farina and Toosii. 

Lucky attendees at “the virtual concert of the year” can gain exclusive VIP access to a virtual room where they can choose their own avatar, network with others, and mark the new year in style.

Once the celebrations are over, DIGITALAX users will have the opportunity to buy their very own personalized virtual world — and they’ll even be able to wear some of the NFTs that have been purchased through its auction platform.

Scalability and sustainability

According to DIGITALAX, useful applications that are scalable and sustainable need to be created if NFTs have any chance of becoming widely accepted and embraced by the fashion world.

Some of the world’s most luxurious brands, including Louis Vuitton and Christian Dior, have already started to embrace blockchain technology in recent years. Alongside Microsoft, they have built a platform that allows consumers to verify the authenticity of high-end goods.

NFTs are shaping up to be the next logical step for the sector, and dozens of major sports teams have already begun to tokenize their star players — with one rare nonfungible token of the Paris Saint-Germain soccer star Kylian Mbappé recently selling for $65,000.

DIGITALAX announced its partnership with Youcan earlier in December — with Youcan accepting DIGITALAX NFTs in its virtual world app. This has been described as a huge milestone for the NFT industry, as well as the broader crypto space.

The project was founded by Emma-Jane MacKinnon-Lee, the 22-year-old CEO. In time, the platform plans to position as a digital fashion house and platform for the wider 3D content market across gaming and VR applications.

PUBLISHED BY– Connor Sephton

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