anna.yhshihWhat is Web3? Defined, it can refer to a new internet environment that is decentralised based on blockchain technology.
The New York Times technology columnist Kevin Roose wrote an article talking about what Web3 is. [Link: What is Web3?] He also mentions the difference between Web1, Web2, and Web3 below:
Web1
Traditionally referred to as the internet of the 90s to early 2000s. Most people in this era passively read static web pages, and many of these were built using “open protocols” like HTTP, Smtp or Ftp.
Web2
It emerged and characterised social media giants such as Facebook, Twitter, and YouTube since around 2005. Rather than passively reading the internet, people start creating and posting their content. However, most of that activity was distributed and monetised by large companies.
Web3
Using the open infrastructure of web1 combined with the public participation of web2, Web3 will replace these centralised, corporate platforms with open protocols and decentralised, community-run networks. So users can get back control of their content.
Some people define it simply as Web1 is Read; Web2 is Read and Write; Web3 is Read, Write and Own. When you control your created content, you earn directly from it rather than distributed by these tech behemoths.
The question is, what will Web3 impact the fashion industry?
As the Web3 situation is still ongoing, it is hard to understand how it will impact the fashion industry. However, the pandemic has changed everything since 2020, and it has triggered a revolution in this conservative and closed industry. The most significant change is digitalisation. People used to fly across different countries or locations to see fashion shows, look for materials, and develop products with suppliers. The suspension of travelling forced people to transfer everything online. Now people can order through an online line sheet, visit digital showrooms to see the latest collection and participate in runway shows via VR glasses. So how far is technology from this traditional industry?
Here are some quick, simple notes I have learned recently related to Web3 and how it may cause a change in the fashion industry.
1. To offer a transparent record of products.
The fashion industry is known for its opaque supply chain. People are eager to understand the history of the items on their hands after the collapse disaster in Bangladesh in 2013. [Link: The Rana Plaza Accident and its aftermath.]
Also, dedicated fake luxury goods make traceability much more crucial for a guarantee. It is possible to see every single process of clothing, from where to get material, how it is manufactured, and who sells and buys it. All the method is traceable and recorded on the blockchain.
2. To Provide a real and unique life-like experience.
Brands can present their artistic culture and inspiration to their audiences through immersive experiences like AR. They also create virtual products to let their customers use them in the digital world. It can provide a personalised and exclusive way for a particular community and strength the connection between users and brands.
3. To create products and earn from them.
NFT seems everywhere; everyone talks about it. Primarily NFT may be associated with the picture, audio or video stored on the blockchain, and people usually pay with cryptocurrency. Anything can transfer into data assets, so it helps independent designers to get a chance to emerge. Everything is possible. For example, a student sold an NFT united by his daily selfie and made $1 million.
4. To pay with cryptocurrency.
Rising inflation and uncertainty of the environment, like the conflicts between areas, may push people to seek safe-haven assets, which could be why people start to look for cryptocurrency opportunities. Cryptocurrency seems to be in everyday use. The luxury houses have begun to embrace this payment method to offer a smoothly paying system for their customers. For example, according to Bof, at certain stores in the US, Gucci will soon accept digital currencies like Bitcoin, Ethereum, and Dogecoin, along with five stable coins pegged to the dollar. [Link: Gucci to Accept Cryptocurrency.]
As we are still exploring the world of Web2, it is yet to tell what Web3 will change the reality. However, a much more open world lets everyone find a way to build a space for themselves and provide an equal chance to earn money. When I had an online business meeting in Taiwan with Italian buyers, I felt optimistic about the possibility.
