At the anticipated BRICS+ Fashion Summit, fashion leaders of the world’s fastest emerging economies convened to navigate the profound tech disruption in the fashion scene. Providing this global platform, Moscow has fortified its status as an unrivaled fashion hotspot for BRICS+ countries.
Blockchain technologies, a buzzword in the world of innovation, are making a serious breakthrough in the industry. Decentralized Autonomous Organizations (DAOs), for instance, are changing the game, empowering niche brands to secure funding and effectively run diversified businesses across fashion and beyond. DAO Metafactory has been pivotal in smoothing the path for rising designers in the notoriously daunting fashion sector, aiding them towards increased visibility.
BlockGeeks’ founder, Vladislav Martynov, applauded the potential of blockchain and related digital breakthroughs in transforming the fashion landscape in a session titled “The future is here: How technology transforms the fashion industry”. Despite the friction in global exchange due to international political dynamics, Martynov highlighted that blockchain technology has emerged as a breakthrough solution enabling seamless transactions for designers, helping them manage their digital and real-world sales.
“Through the Metaverse: Blockchain, DAO, Web3, and other technologies democratizing the industry,” a session led by Sunil Arora, a veteran in Web3 fashion and a long-standing Tech Advisor for the Global Apparel & Fashion industry, projected the seamless possibilities opened up by the virtual universe. Arora underscored how virtual spaces are offering experiences transcending offline scenarios, drawing attention to the future of fashion in the intersection of virtual realities and gaming.
Alia Khan, Chairwoman of the Islamic Fashion and Design Council, observed the accelerated transformation of the tech scene, especially the advent of AI-designed collections. Khan, while acknowledging the current creativity deficit in such collections, emphasized the crucial escalating competition that technology brings about. Brands, regardless of their tech-savvy, need to swiftly acknowledge and acclimatize to this rapidly evolving space.
Anticipation in the industry points towards innovation in two key areas, as highlighted by the Director of the Sri Lanka Apparel Exporters’ Association, Indika Liyanahewage. The advent of zero-emission biodegradable materials is anticipated as the imminent major breakthrough, aligning with the industry’s commitment to sustainability. Furthermore, increased digitization can illuminate uncharted depths of the supply chain, especially ones previously overlooked due to their low-value status.
As the tech revolution continually morphs the fashion industry, spawning innovative business models, boosting creativity while enhancing sustainability and efficiency, it’s vital for fashion stalwarts to stay tuned to the advances. Any parting from the tech curve could mean a costly lead lost in the fiercely competitive sartorial world.