Cool, so what is it exactly?
In addition to purchasing a clothing item and displaying ownership by physically wearing it, the platform will enable customers to purchase a digitally representative version of the item as an NFT. Specifically, customers will be able to go into a store, pick the item they like, scan an associated QR code, and then buy the physical item along with its associated digital NFT. If the owner eventually wants to sell the item and its digital twin, they can list the NFT on an online marketplace.
Why is this important?
This project will enable the creation of a completely new market within the fashion industry: the metaverse. Since blockchain-based NFTs enable secure digital ownership by cryptographically verifying one’s unique personal signature, consumers can be confident that their ownership of digital apparel is as legitimate as their physical clothes. Furthermore, because customers receive a digital version of the garment, one’s metaverse avatar will be able to wear the same clothes that they physically purchased.
What are the technical specs?
The NFTs will be managed in a full-stack project using a Node.js backend server and MongoDB for database queries (like searching for specific garments and NFTs). Furthermore, it uses the Pinata IPFS API to encrypt design files and store them on the web. MxF uses Algorand’s PureStake API to integrate the blockchain and NFTs, and the project is a proud recipient of an Algorand Foundation Grant.