NFTs in the textile market? Why not?

 

What is NFT?

NFTs stand for Non-Fungible Tokens which are cryptographically based on the blockchain system. Unlike other cryptocurrencies, NFTs are not interchangeable because their value depends on the valuation of the market and the owner. For instance, two identical NFTs can not be exchanged because their values may differ from the viewpoints of various determiners.

Because NFTs are unique and can not be replaced, they are considered the best solution for ownership and copyright security. The popular forms of NFTs that we can see nowadays are digital artworks, music, event tickets, etc.

Should we apply NFTs in the textile and fashion industry?

The answer is yes!

Mr. Phan Minh Dat, the vice president of the Sustainable Blockchain Development Club, has stated that the collaboration between blockchain technology and textile production would make product originality management much simpler. 

In the context of mass production in the fashion industry, NFTs can prevent counterfeit goods, smuggling, and contraband. It is because of the cryptographic nature that we can search for the ownership of the products immediately and easily. It will be a hardship for the manufacturers who want to replicate the idea of other firms if the government, users as well as the owner can check the originality of the product with just a click on the computer. Therefore, the government can successfully protect the monopoly of the owner of a certain product, which will lead to an impulse of creativity and willingness to work from the designers.

Although NFTs are a promising solution for the copyright infringement problem in the future, the feasibility of applying this technology in the Vietnamese textile industry is still unclear. The plan here is that the authority needs to incessantly update the technology in production, economy, and management. Secondly, it should be a familiar term for every user in Vietnam in order for them to have a judicious approach to the NFTs market. 

References:

V. (2023, April 5). Tiềm năng ứng dụng NFT trong ngành dệt may. vnexpress.net.      

https://vnexpress.net/tiem-nang-ung-dung-nft-trong-nganh-det-may-4588885.html