Over €26bn is lost annually from counterfeiters in the fashion industry alone.
Combating counterfeit products with the help of NFTs.
Counterfeit products possess a huge challenge in front of the big brands & companies. Each year these brands lose billions of dollars due to such fake products. This mainly happens because there is no foolproof way of differentiating original ones from the duplicates. This is a big problem which is yet to be solved. I think I might have a solution.
On September 6, I came up with this idea of combating counterfeit products with the help of NFTs.
The concept is quite simple. I have broken down the process into smaller parts for the ease of understanding:
- we tie-up with the brand
- we make trading cards for each pair with details like image, title, material, size, price etc
- we put them on the marketplace as NFTs on behalf of the brand
- we buy NFC tags from the manufacturer in bulk
- we link the tags with the NFTs minted & program them to show the contract address to verify the authenticity of the product [this option would be shown on a webpage which would be a part of our website]
- we ship the NFC tags to the brand and give access to the ETH wallet & the marketplace account
- the brand’s manufacturer embed/put them inside the footwear
- the brand ships NFC embedded footwears to their outlets/distributors & educate them about it
- the customer walks in the outlet/shop to buy & can verify the authenticity by tapping on the shoe
Currently I’m doing more research on the concept. I would love your feedback and/or suggestions on this. If you are interested you can subscribe or you can reach out to me at email@example.com & I’d add you to the Notion workspace.
Kicker source: https://www.redpoints.com/blog/what-are-the-biggest-impacts-of-counterfeits-on-brands/