Last 2 years have boosted the adoption of NFTs across the world.
Brands like Adidas, Dolce & Gabbana, Louis Vuitton, and MAC have dipped their toes to introduce their NFT collections.
Continuous adoption by major brands and companies still lacks one major thing in the NFT world, which is bringing phygital elements together.
Phygital refers to issuing NFTs with tangible assets like clothing, furniture or even fractional ownership of physical stores.
We have come across one such small startup called Bitliberte that is working towards the goal to revolutionize the fashion industry with their DAO based ecosystem of NFTs, physical fashion deliverables and metaverse assets.
Anyone owning bitliberte phygital NFTs becomes the owner, getting super power to vote on-chain to take vital decisions of virtual and real world actions of the entire company.
Bitliberte is bringing its own manufacturing units and ecommerce platform to allow the consumers participate in the protocol without control of any centralized authority of the company.
This complete ecosystem is called ‘FashionFi’ which aims to bridge the gap between the fashion and finance world.
It aims to give fractional ownership in the hands of consumers by using NFTs because NFTs align well with human demand for ownership and authenticity.
For young phygital fashion innovators at Bitliberte, solving fashion industry problems is a very big deal, consumers get absolutely nothing for being loyal customers, designers get underpaid and there are a lot of issues associated with the fast fashion ecosystem which would get resolved with commencement of FashionFi ecosystem, says Bitliberte CTO and Founder, Juveria Rasool.