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Digital Fashion Week New York featured a series of talks, panels, exhibitions and hybrid digital-physical runway shows from September 7-11. The event featured world-renowned digital fashion designers, entrepreneurs and investors discussing topics at the intersection of digital fashion, the metaverse and blockchain. As digital fashion continues to grow in the coming years, a number of challenges may arise for lawyers.
Decentralized identities and digital fashion
Speakers discussed the development of decentralized identities that establish one’s unique profile online. Instead of creating a user profile on a centralized service provider like Facebook, many people create accounts or wallet addresses on decentralized platforms that are secured by encryption. With that decentralized identity, one can verify ownership of digital fashion NFTs, wear them to online meetings, and benefit from the “no-go” economy. “After sales analysis… I can name a product… and [that brand] It pays me to know how many viewers are watching and to provide that information,” says Megan Casper, a founding member of RedDAO, a fashion-focused decentralized autonomous organization for the first time. While the prospect of monetizing brands by providing analytics may seem exciting, brands may need to know your customer or verify that having anti-money laundering procedures is worthwhile before transferring funds to a decentralized wallet address.
NFTs and money lending
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