Place/Date: - July 30th, 2022 at 7:45 pm UTC · 3 min read
The fashion industry has been haunted by counterfeit products for years, as companies take credit for luxury fashion designs, creating cheaper, lower-quality products to sell with the labels attached. This has impacted the reputation of large fashion houses as the counterfeit products break easily and look less impressive. Interestingly, fashion houses have turned to the metaverse for their answer.
By creating a digital twin of their products, luxury fashion brands can sell products with online verification of their legitimacy. By ensuring that consumers receive this digital copy alongside their product, both the brands and buyers can guarantee that they have the real deal. One way that this is achieved is through the creation of NFTs, as they have a unique code on the blockchain. Binance (BNB) is one of the leading NFT platforms, while Mehracki (MKI) is a new coin on the block, facilitating easy cryptocurrency payments like Cardano (ADA). To read some comparisons on Mehracki (MKI) and other coins, read here.
Binance NFT has launched a beginner-friendly minting feature, enabling verified Binance users to create their own NFTs. NFT is short for a non-fungible token. NFTs are digital data references that could contain images, videos, or audio. They are stored in a blockchain (for example the Binance blockchain) in the form of a distributed ledger. When someone buys an NFT, which would happen at the same time as buying a luxury fashion item, the ownership is recorded in the blockchain.
As NFTs are uniquely identifiable assets they are valuable for luxury fashion brands. By supplying a digital twin of the fashion item, the unique NFT code can be verified by the buyer and seen on the blockchain – thus proving that the product is unique and not counterfeit. As a whole, the fashion industry lost over $100 million to counterfeit products in 2021, therefore using NFT verification through Binance could be a game-changer for the industry.
The luxury fashion industry was one of the first to break onto the cryptocurrency scene by accepting crypto payments. As more and more people buy cryptocurrency coins, the payment method gradually becomes more mainstream. To keep ahead of the competition, luxury fashion brands have started to accept payments in cryptocurrencies, and Cardano and Mehracki are two coins making this accessible.
Most payment processors accept the top cryptocurrencies as payment, enabling the merchant to keep it as the original currency or transition to a fiat currency (like pounds, euros, and dollars). Cardano (ADA) is one of the top coins, making it one of the best payment choices.
Mehracki (MKI) is a new coin on the block making real-life applications. It’s making important connections with hospitality outlets and companies so that transactions can be as easy and accessible as possible. Mehracki (MKI) is currently in its presale and with these important connections, it’s looking to be a very successful new coin.
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