KEY CONCEPTS FOR UNDERSTANDING THE DIGITAL PASSPORT
BLOCKCHAIN
Blockchain is the system that verifies, authenticates, and records all cryptocurrency transactions. A public blockchain is similar to a database but is differentiated by a few key attributes:
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Decentralized: no third party controls the record and there is no master copy. Synchronized copies of the blockchain are distributed and stored on computers around the world.
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Public: anyone who wants to can access the blockchain. Public keys of wallets and their transactions are made viewable so that any user can confirm that transactions are legitimate.
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Immutable: once a transaction has been entered into the record (aka: ledger), changing it or erasing it is infeasible (and nearly impossible).
NFTs
In the same way, cryptocurrencies reinvented money, NFTs are reinventing every other item we interact with (and even create new ones!).
Crypto tokens like Bitcoin (BTC) and Ether (ETH) and fiat currencies like the dollar and euro are fungible tokens. You can have one ETH and exchange it for any other ETH, or you can exchange a 100-dollar bill with any other 100-dollar bill.
On the contrary, non-fungible tokens or NFTs are crypto tokens that represent information about unique or rare digital and real-world assets. This information stored in each NFT makes them non-interchangeable on a 1:1 basis. An NFT cannot even be divided into smaller parts like other crypto assets or fiat currencies.
NFTs are unique or rare digital assets. They can represent anything from a digital work of art to an avatar’s skin, they can be a proxy for a physical object or grant you a piece of ownership to your favorite song.
We’ll shoot straight with you, NFTs would probably feel 100% less confusing if they weren’t called Non Fungible Tokens. Consider them to be unique digital objects that you can own, welcome to the era of digital ownership.
But the bigger, most exciting thing behind NFT adoption — and why this is so fundamentally important for the cryptocurrency industry as a whole — is linked to culture. The more we spend time online, the more our digital identities become as important as our physical ones. And this is where NFTs come into play; they’re the Web3 vehicle for self-expression and social currency.
WEB3
Web 3.0 is a term used to refer to the third currently emerging developmental stage of the internet. The difference between the simple, read-only websites of web 1.0, and the more interactive, dynamic, and social websites of web 2.0, with web 3.0, is that the latter operates on decentralized technology that no one person or entity can control, allowing pretty much anyone around the world to own their content and assets, while utilizing the internet in whichever way they see fit.
Web 3.0 is a term used to refer to the third currently emerging developmental stage of the internet. Blockchain, cryptocurrencies, metaverse, NFTs, and communities are all keywords in web3.
First and foremost, the community is a big piece of marketing in web3. In web3, a community is often established before a product, and products often come out of the community.
In Web3 marketing is all about building meaningful relationships with your customers and creating partnerships that benefit everyone involved.
CYBER-PHYSICAL: CONNECTING PHYSICAL PRODUCTS TO NFTS
We already explained what NFTs are to you, and we know that NFTs have been circulating on the blockchain for some time now. They are unique digital goods purchased with cryptocurrencies. The tokens serve to signify ownership of objects in a variety of markets including art, video games, fashion, and music.
The NFT guarantees sole ownership of digital assets to an individual. An NFT can be purchased for a set price, but because it is often in limited quantities, its value can fluctuate based on supply and demand.
Among the main arguments in favor of NFTs is that they create digital scarcity where none existed before. However, there may be a quality deeper and more meaningful than scarcity, and that is authenticity.
By storing all relevant data about a garment’s provenance on the blockchain, manual authentication processes are eliminated, and the risk of fraud is greatly reduced. That’s a great example of how blockchain can go far beyond their source code to affect people’s value of tangible, real-world goods.
From the purchase of your physical garment, you will also own its NFT digital passport (connected to your NFT via our unique tag), which following the purchase of your NFT would be sent directly to your mailbox.
When the NFC tag on the garment is scanned, the NFT embedded reads directly on the blockchain that it is you who owns that garment.
We have always believed that lines between physical and digital fashion will blur and that new rules will be written in this context.
We are truly looking forward to building the SWEAR community and to both exchange and express much more compared with traditional fashion as a medium.
We believe that neither sustainability nor quality should be sacrificed in order to make beautiful clothes and that the future belongs to brands that truly innovate while embarking on web3 and have respect for the planet.