United States:
Blockchain And NFTs Are Smart, But Can They Revolutionise The Fashion Industry?
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Following the worldwide disruption in retail due to COVID-19,
sales of luxury goods are expected to grow as much as 25% in 2022.
Much of this growth has been driven by e-commerce, with online
sales totalling 23% of all luxury sales in 2020. Meanwhile,
consumer sustainability demands have driven growth in luxury resale
or rental markets, now worth an estimated $36 billion, while brands
have expanded their reach into the brave new digital territory of
the metaverse – the overlapping digital spaces in which we
increasingly work, play, and consume.
Yet luxury’s digital embrace has been hampered by a
concomitant rise in counterfeit goods in the physical and digital
worlds. Is blockchain the solution?
To read the full text of this article co-authored by Duane
Morris attorneys Cindy Yang and Kelly Bonner, please visit the Multilaw website.
Disclaimer: This Alert has been
prepared and published for informational purposes only and is not
offered, nor should be construed, as legal advice. For more
information, please see the firm’s
full disclaimer.
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