We are introducing DIGITALAX.
DIGITALAX is the first dedicated Digital-Only Fashion Auction Exchange Platform and Open Source Digital Fashion Toolkit. We are bringing new industry standards around digital goods, open digital licensing, digital supply chain automation, and, we are also addressing core problems around NFT liquidity and stability.
Our vision is driven across multiple core vertices;
- Digital Fashion Rarity and Exclusivity: Programmable Scarcity.
- Decentralised Digital Fashion Supply Chain: Creating Digital Material, Pattern, Texture Libraries.
- Native Digital-Fashion Pricing Frameworks: The DOF Sheet.
- Designer and Developer Collaboration Channels.
- Stable NFT Wrappers.
- Synthetic NFT Contracts: Liquid Underwriting of NFT Collateral.
What is Digital Fashion?
Digital fashion is garments, clothing, accessories that are created with computer softwares like CLO3D, Zbrush etc. And given where we are at now with technology, these garments are no longer just some pixelated mesh or 2D paint on. They are truly cool — 3D, hyper realistic.
The digital fashion industry is still young, and today most of its use is hybrid between traditional and digital-only — it is mostly used as a means of assisting the physical production of clothing through optimising the supply chain process and reducing material waste. One of its biggest use cases and applications revolves around enabling sustainable fashion, where designers can use digital fashion creation softwares for prototyping different looks and collections before finalising a physically produced product. This significantly reduces unnecessary material and textile waste, which has only heightened in the last few years with the rise of ‘fast fashion’, and so put the fashion industry at only second to the oil industry in terms of global pollution damage.
However, the true potential for hyperrealistic digital fashion lies through the new viable business models that it enables from a non-hybrid, digital only perspective. Here, designers aren’t limited by physical principles and can build fashion that is ready couture and fully captures creative genius. Native digital fashion will be vital in creating and building more realistic metaverses where brands and designers can distribute their fashion to an entirely new market segment, participants and interactors through new business models like merchandising for digitally-in-game performed concerts or shows, digital-only rare limited editions, digital good marketplaces.
Why Do We Need Digital Fashion?
It is quite simple.
Fashion is an age-old industry that has been with our society for thousands of years. And, throughout history, humans have always paid attention to how they look. Fashion provides a distinct method and channel for enabling self-expression. Self-expression is a core feature of our human nature, and this is a fundamental truth that will never change — not even in a digital environment.
Enabling hyper-realistic digital-only fashion through both technical and distributive means is going to bring in enormous new value and opportunities. It will unlock enriched digital world interactions and engaging virtual experiences that will allow for us to connect with others and re-create our identities.
Being able to effectively track from the source point to end consumption at this modular garment level means designers are truly able to engage in a transparent Open Source Digital Fashion ecosystem that is distributed and protected by an enhanced ownership licensing of unique and original designs, materials, patterns, textures — a designer can now enforce fractional ownership and IP over parts of a digital garment. Imagine if a designer can create a completely unique pattern and then distribute this through an Open Digital Fashion License to other designers for it to be used globally. This direct, transparent, trusted, decentralized, automated link for transfer of value between the open source designers and the consumers (be it individual buyers, entities, developers etc.) creates self-sustaining, decentralized open source that now enables any digital fashion designer, no matter where they are based, to be able to access a global marketplace and build a community around their creativity. This is a huge innovation when you think about the traditional ‘winner takes all’ fashion market, where often all the profit is highly amongst the top 20 players — in fact in 2018, these players contributed over 138% of the overall economic profit in the industry.
This supply chain, on a bigger scale, opens up new channels for interaction between designers and developers. Today, one of the biggest challenges for game developers when purchasing virtual goods through an online marketplace or storefront comes down to the legal side, where there is an immense amount of licensing, copyright involvement — developers often need huge legal teams and it can take even 6 months to acquire one asset for use. Having more granular insight and attaching the licensing rights to each of the materials themselves gives new clarity into copyright and IP terms and being able to control and track this distribution. So, helping to streamline this process will give more emphasis on collaboration between the designers and the developers, enabling a direct and faster feedback loop and enabling the first steps towards a Designer x Developer marketplace that is highly efficient for gaming and VR applications.
Further, this transparent and secured digital-only supply chain also adds value to the DOF Sheet — systematically tracking the usage, supply and demand, creation periods, abundance and rarity and designer ownership of each Child NFT and how it is worked into select Parent NFTs, helps to build up a strong historical database and story around each material, pattern, texture giving more insight into fair pricing benchmarks.
Our vision
Our vision is all about enabling the development of new digital economies of scale that empower true digital self expression. We believe that digital fashion is core to achieving this. We are focusing on empowering the digital fashion designer — enabling them with the right technologies and distribution channels to be able to access these new market segments and the future customers of the fashion industry. We are bringing forward new concepts and tools for democratising the digital fashion supply chain, enabling global open source fashion innovation and connecting designers and developers for cross-collaboration in moving these digital economies forward.
Why DIGITALAX?
The next generation of the fashion industry is all about adapting and evolving in order to keep up with the exponential rate of technological adoption and innovation. Native digital fashion that only exists within the virtual worlds of games, VR and other 3D technologies promotes new business opportunities that are completely sustainable, drive innovation for small independent designers and focus on cross-collaboration and open-source. However, in order to properly achieve these concepts on a larger industry-wide scale and unlock the next billions, if not trillions, worth of value for the virtual economies of the future, trusted, transparent and dedicated digitally native distribution channels must be established.
DIGITALAX is focused on creating, enabling and scaling these distribution channels for the digital fashion designer, and we see that applications around Non-Fungible Tokens (NFTs) is exactly where we should start. Bringing native NFT applications to digital fashion enables a huge leap for the industry in terms of beginning to address and solve the current challenges faced around digital ownership, open source innovation and multi-platform distribution across virtual environments. We are focusing on multiple vertices across;
Digital Fashion Rarity and Exclusivity: Programmable Scarcity
- We are bringing the first digital-only fashion single-edition NFT Auctions. We have partnered with digital fashion designers based globally, who are each creating rare and exclusive digital fashion garments to be listed on DIGITALAX. This is the first time at a wider scale that digital fashion designers have had access to a completely new market that sees value in rare, cosmetic digital collectibles. It is an amazing new distribution channel that can be scaled into applications across gaming and VR.
Decentralised Digital Fashion Supply Chain: Creating Digital Material, Pattern, Texture Libraries
- We are building the first digital fashion supply chain, built up of ERC-721 Parent fashion garment NFTs and corresponding ERC-1155 Child NFTs, that create digital material, texture and pattern libraries. This will scale to help streamline the process around the distribution of digital fashion and build the first tools for enabling a supply chain that is more flexible, more granular, more accurate, and more efficient. This supply chain has a huge use case in finally enabling global Open Source Digital Fashion Innovation, where effective and authenticated tracking of modular garment materials, patterns can create a truly transparent ecosystem that is distributed and protected by an enhanced ownership licensing of unique and original digital designs, materials, patterns, textures.
Native Digital-Fashion Pricing Frameworks: The DOF Sheet
- Our digital fashion toolkit aims to also address underlying problems faced currently when it comes to fair, transparent pricing of a natively digital asset — not just for the digital fashion industry, but rather eventually, for the broader NFT and virtual goods ecosystem in general. We are introducing The Periodic Table of Digital Fashion Elements: The DOF Sheet. DIGITALAX’s DOF Sheet translates the listed Child NFT digital material, pattern libraries into a dynamic pricing and classification periodic table for evaluating the fair market price of a digital fashion garment. We rely on on-chain and off-chain data to classify, determine and group the base elements. Similarly to how elements are formed in nature, we want to develop an open source library of native digital-only elements that form in, verified and governed by a public blockchain.
- We are also bringing new ways of embedding tangible real world commodities that make up the clothing, like raw materials (Cotton, silk etc.) and Earth elements (Diamonds, gold, metals etc.) into the garments themselves through off-chain Oracles that are able to fetch and wrap real time prices. Initially, the DOF Sheet is used purely as a conceptual indicator and reference for buyers on the DIGITALAX platform. However, over time its reliability will grow and set reserve pricing benchmarks across the garments.
Wrapped DAI + NFTs: Stability and Intrinsic Value
- There are still fundamental problems and issues faced in unlocking more utility value and transferability in NFTs, especially when it comes to both stability and liquidity. We are introducing a new concept — the Stable NFT. Staked NFTs on the DIGITALAX platform can have stablecoins, like DAI, wrapped into them for embedding a stable asset that not only adds an element of stability, liquidity but also opens up doors to whole new DeFi use cases.
Synthetic NFT Contracts: Liquid Underwriting of NFT Collateral
- From a theoretical standpoint, using NFTs as collateral acts as the next step in the broader DeFi market movement. All Wrapped DAI + NFTs on the DIGITALAX platform can create the Synthetic VIR Contract. The broader use case for these contracts is their potential interoperability and wider acceptance with other money markets like NFTfi, AAVE, Compound for use as collateral against loans. For lenders accepting the Synthetic VIR Contract, the embedded stablecoin is ultimately able to underwrite and guarantee liquidity on some part of the collateralized NFT in case of a borrower’s inability to effectively close his debt position. The lender is so able to gain from the immediate and guaranteed liquidation of the stablecoin, alleviating effects from the potential inability to sell off the underlying NFT asset on the secondary market during a desired time period.
These verticals will be advanced upon and iterated on over the course of the protocols roadmap and future developments. We are excited to stay true to our vision and scale up even more with bringing new concepts, ideas, implementations forward.
We are DIGITALAX. We are passionate about digital fashion. We are inspired to build our digital economies of the future. And, we are towards enabling true digital self expression. Let’s go!
