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What the crypto crash means for fashion’s Web3 projects

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Tobi Ajala, founder of digital agency Techtee, which has worked with Gucci, Givenchy, La Perla and Nike, said the NFT and PFP collector communities are healthier than most, with fashion collectors being particularly excluded. I’m here. “Some of the NFT and PFP collector communities will acquire assets and resell them for profit, but within high fashion and culture, the loyalty and fashion brand value that comes from purchasing these collectibles will Thanks to its proximity to the , the turnover rate is significantly lower.”

Still, the industry is likely to see less money invested in Web3 startups, and startups that held money in FTX will need to raise money again from investors, said Dam Finance co-founder Yes, says cryptocurrency expert Sophie Wiberg Holm. Gwyneth Paltrow and Reese Witherspoon. “We’re not talking about rich investors becoming less rich,” she says. “The company put a lot of pressure on emerging economies by saying ‘buy crypto and store it on FTX.’ Those funds are now gone. We are just starting to see the impact of this.”

Holm adds that the “risk appetite” of big brands and celebrities could be another victim of confusion. “FTX was associated with the name of a celebrity who made cryptocurrencies and NFTs fashionable as digital art became fashionable and more valuable,” said blockchain expert and decentralized storage network. 0Chain founder and CEO Saswata Basu said. American football quarterback Tom Brady, who invested in FTX and starred in the platform’s 2021 advertising campaign, said: scraped his twitter An account for FTX-related tweets.

More education, regulation and infrastructure

There is a common saying among Web3 natives that “it’s not your key, it’s not your cipher”. This refers to personal key codes that people use to maintain decentralized control of their crypto wallets. FTX is a centralized exchange. So people have entrusted his FTX to hold their cryptocurrencies, and not all transactions are public. Ultimately, FTX’s public downfall could promote awareness and education about these principles, increasing the guardrails that accelerate and slow progress.

While the impact will bring a dent in the perception of cryptocurrencies, this is “underlying the benefits of custodial wallets: what you do with your money or how much reserves you have.” We do not trust centralized entities that do not disclose

According to Sfermion’s Steinwold, if FTX were a decentralized exchange instead of a centralized one, people would be able to see all trades happening in real time, thus reducing potential fraud. may be seen soon. That’s why he and other experts want his Web3 approach to be more rigorous. “The funny thing is that FTX is a centralized company that deals with cryptocurrencies, and if the company itself is more ‘crypto-like’ — [meaning] Decentralization — this would not have been possible,” he says. The artist Kim said this could benefit the industry with stronger decentralization, an open metaverse, and strong community engagement to make people feel confident again in the future of Web3. shows why there is.

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