[lifestyle ] Expensive Designer NFT’s And How Blockchain Is Wooing The Luxury Lifestyle Industry

[_Happy boy]

Blockchain Woos The Luxury Lifestyle Industry:

Blockchain NFTs are making inroads to establish a dominant presence in the luxury and lifestyle fashion sector. Nevertheless, those inroads carry all the flaws of crypto along with it. In the last four months, Recently, I’ve received a tremendous amount of pitches relating to blockchain and NFT - with respect to fashion and related luxury and lifestyle industries. In fact, an abundant number of smart brands have adopted the tokenization of physical assets by developing NFT (non-fungible tokens) apparel and accessories -ripe for purchase. At first, I was hesitant to report on the subject in fear of tackling new unchartered territory. But soon thereafter, I decided to investigate further and obtain data on the subject.

This story sheds light on where blockchain needs to improve, from Scams, KYC, and prevalent bot problems to be accepted and make a dent in the luxury lifestyle industry. You see, in the industry, sustainability has gone beyond mere wishes to absolute necessities for brands who wish to remain in business. 

According to stats by NielsonIQ, 73% of millennials and 66% of global consumers will rather purchase sustainable goods. Smart brands have adopted the tokenization of physical assets, demonstrating transparency by allowing customers to see where products are sourced from, using blockchain technology.It is somewhat incredible for Blockchain to create a sustainable practice for luxury lifestyle brands to track products (digital or physical) through its entire cycle. This incredible functionality made available by blockchain tech allows brands to properly hand off final product labelling as well as third party goods; giving producers in the supply chain a transparent view of the entire process. 

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Blockchain’s armory against cyber crimes:

In short, every good endeavor comes with its downsides; there just has to be one bad egg in the basket. In this case that will be the issue of fraudsters and Ponzi schemes flooding cyberspace while simultaneously trying to paint the image of the Blockchain system. Research and data indicate that at least 25% of Blockchain users have fallen prey to hackers and fraudsters. More to the point, the fashion industry overall is all too familiar with newly developed schemes that can crush business.

Thankfully, future-forward and innovative brands like Pointpay and Fair Token Project have deluded these abnormalities and each distinctively come up with highly effective and profitable ways of drastically reducing these scam stars and ensuring the integrity of the system is kept. 

Here is a statement made by a representative of the Fair Token Project in an interview to back up this claim: 

“An answer to one of the many scams that plague the decentralized finance (DeFi) sector, The Fair Token Project's solution (FTPAntibot) is designed to capture front-running bots that scam investors and destroy projects. 

Contracts that deploy the Fair Token Project's FTPAntiBot will be able to identify malicious bots and prevent them from participating in trades. To put their solution to test, the FTPAntibot was deployed in one of the crypto projects, "Projekt Gold" and its effectiveness has secured the confidence of developers looking to create their contracts. 

This solution will give the NFT sector the much-needed armour required to take the luxury fashion and style sector to the next level using blockchain technology.” 

In a similar fashion, PointPay expresses the company’s intent to change the finance game and secure the DeFi system by employing higher levels of encryption. 

Andrei Sviatov, CEO of PointPay, explains how his team deals with them: “Beyond Banking” is an internationally known slogan by PointPay which reflects how our blockchain company is changing the world of crypto making security of users' funds the top priority in customer service. Cold storage of funds, strong military-grade encryption of private keys as well as internal monitoring systems keep fraudsters and hackers at arm's length.” 

Another major brand holding the fronts of Blockchain user security is Trust Swiftly - an identity verification software. The brand aims to "provide a central and dynamic platform for verification no matter the size or attacks faced." It provides advanced identity verification that allows users to 

Rapidly respond to threats with dynamic verification
Uncover existing fraud and identify patterns of bad actors
Also, it gives you global coverage allowing for growth without security compromises by taking a decentralized verification approach. This strategy is critical for crypto users looking to maintain their privacy online. 

Patrick Scanlan, CEO, and co-founder of Trust Swiftly, had this to say in an interview with Tech Times

"Identity verification is a problem that is currently plaguing the digital world. Until we find the correct methods that work for everyone, we will continue to lose clientele. Nobody wants to be called every time they log in or transact, so we, as CEOs and business execs, need to offer viable alternatives that keep the customer happy.

The idea behind Trust Swiftly's identification verification service is to allow faster customer access while still blocking fraud. Customers can choose between credit card verification, using voice biometrics, documentation, video ID checks, social account verification, using their bank accounts, and more. Customers can then self-identify to the matching parameters, saving your business the time and cost of doing the ID verification yourselves.

Larger companies have a real problem with identity fraud. Trust Swiftly aims its services at those more prominent firms. If you turn away 1% or more of your transactions due to suspected identity fraud, additional verification measures can help you avoid lost time. Similarly, if you spend longer than an hour reviewing customers, this service will save both time and money."