Blockchain And NFTs Are Smart, But Can They Revolutionise The Fashion Industry? – Technology

Following the worldwide disruption in retail due to COVID-19,
sales of luxury goods are expected to grow as much as 25% in 2022.
Much of this growth has been driven by e-commerce, with online
sales totalling 23% of all luxury sales in 2020. Meanwhile,
consumer sustainability demands have driven growth in luxury resale
or rental markets, now worth an estimated $36 billion, while brands
have expanded their reach into the brave new digital territory of
the metaverse – the overlapping digital spaces in which we
increasingly work, play, and consume.

Yet luxury’s digital embrace has been hampered by a
concomitant rise in counterfeit goods in the physical and digital
worlds.  Is blockchain the solution?

To read the full text of this article co-authored by Duane
Morris attorneys Cindy Yang and Kelly Bonner, please visit the Multilaw website.

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