February 20, 2025 • 19 mins
The metaverse is rapidly becoming a multi-billion-dollar digital economy where virtual real estate, digital fashion, and cryptocurrency redefine ownership, creativity, and investment. In this episode, we explore how companies like Decentraland, The Sandbox, and Meta are shaping this new frontier, where individuals and businesses buy, sell, and develop virtual land.We’ll dive into how major brands like Gucci, Nike, and Adidas are embracing NFTs to create exclusive digital fashion collections, and how blockchain technology ensures authenticity and scarcity. From play-to-earn gaming to tokenized assets, the metaverse is not just a trend—it’s an evolving financial ecosystem with real-world implications.But is this a sustainable model? What are the risks of volatility, regulation, and centralization? And how can investors, creators, and consumers navigate this space wisely? Join us as we break down the opportunities, challenges, and future of the metaverse economy.🚀 Topics Covered:
✔️ Virtual Real Estate & the Rise of Digital Property
✔️ NFTs & the Future of Fashion in the Metaverse
✔️ The Role of Cryptocurrency in Virtual Economies
✔️ Investment Risks, Market Trends & Legal Challenges
✔️ The Impact of Regulation on Digital Ownership🔊 Tune in to understand how the metaverse is revolutionizing digital commerce, creative industries, and the way we interact in the virtual world.
✔️ Virtual Real Estate & the Rise of Digital Property
✔️ NFTs & the Future of Fashion in the Metaverse
✔️ The Role of Cryptocurrency in Virtual Economies
✔️ Investment Risks, Market Trends & Legal Challenges
✔️ The Impact of Regulation on Digital Ownership🔊 Tune in to understand how the metaverse is revolutionizing digital commerce, creative industries, and the way we interact in the virtual world.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
[Music]
(00:20):
[Music]
(00:46):
All right buckle up everybody because today we are diving deep into blockchain.
Sounds exciting. It is. It is we're going to be looking at blockchain in fashion and automotive.
Right. You know going beyond the hype right getting into how it's really being used.
Absolutely. And we've got a pretty cool stack of sources to work with.
Well yeah. We've got like academic papers, industry reports, even a fashion blog, a YouTube video.
(01:12):
Wow. So a good mix. Yeah real mix. So first up let's talk about the automotive supply chain.
Okay. You know it's a beast right. It's massive. It's intricate. Yeah. Incredibly.
But these parts from all over the globe, so many different suppliers.
Yeah and that complexity, I mean it just creates a lot of inefficiencies you know.
For sure. And it just makes it ripe for like fraud or unethical practices.
(01:36):
Absolutely. Like tracing a parts origin or ensuring fair labor practices.
It's so difficult in a traditional supply chain.
Oh total. And that's where blockchain can step in. Right.
Because it acts as like this immutable transparent ledger of every single transaction.
So suddenly you can follow a component like from raw material through manufacturing all the way to assembly.
(02:02):
Right. Complete transparency. Yeah. No more shady dealies.
Yeah. I like it. So you know we were talking about cobalt sourcing earlier.
And a great example because with blockchain you can actually track that ethical sourcing of raw materials like cobalt.
Making sure that you know the labor practices are fair, the mining is responsible.
It just gives consumers that level of certainty they wouldn't have otherwise.
(02:24):
And BMW is already on board with this right. They are.
They are. They're using blockchain to really increase transparency in their supply chain.
Which is huge for the industry. Yeah. BMW is actually tracking not only the parts but also the supply chain.
But also the sustainability and ethical sourcing of the materials used to make those parts.
Oh wow. So you know their part chain platform is really leading the way.
(02:48):
Cool.
In terms of like sitting in new standard for the industry.
Okay so we're talking increased transparency, accountability, but like what are the practical benefits here?
Well I mean there's huge potential for cost savings. Right.
Okay. Just by streamlining processes and reducing the need for all those intermediaries.
Oh I see. And blockchain also minimizes disputes. Right.
Because there's an indisputable record of transactions. Sure.
(03:12):
So that means fewer delays and a more efficient supply chain overall.
Interesting. It's not just about ethics, it's about making the whole system work better.
So it's like a win-win. Exactly. Everybody.
And you know what's really fascinating here is this potential to shift power dynamics. Right.
Ooh. Because blockchain can actually give more control to smaller players in the supply chain.
Interesting. By ensuring fair compensation and verifiable sourcing.
(03:36):
Wow. It really is kind of like leveling the playing field.
It has the potential to. Yeah. That's amazing.
But are you ready to shift gears into something a little more stylish?
Always. Let's talk fashion.
All right. Let's do it.
Blockchain and NFTs in the fashion world. I have to admit I'm fascinated by this whole digital fashion thing.
It's a fascinating intersection of technology and creativity, isn't it?
It is and it's so new.
(03:58):
It is.
It's like the basics, right? NFTs, non-fungible tokens.
They're basically like digital certificates of ownership.
Right.
But instead of owning like just a JPEG, you own this like unique digital asset.
And in this case, clothing.
Like clothes that exist purely in the digital world.
Yeah. Ready to be worn by your avatar in the metaverse.
(04:20):
Exactly. And these digital garments are being bought and sold for serious money.
Really? Oh yeah. Dole Singh Gabbana made headlines a while back.
Oh yeah.
And the first edition that included both physical garments and their NFT twins.
What? Yeah. And they raked in millions.
Millions.
Demonstrating that people are actually willing to pay a premium for digital exclusivity.
Wow. Okay. That's wild. I remember reading about that first ever metaverse fashion read.
(04:44):
Oh yeah. That took place in Decentral Land and you had like big name like Gucci, Balenciaga.
They were all over it.
Right. And it wasn't just a gimmick.
Metaverse Fashion Week was actually a really significant moment for the industry.
Interesting. It showed this willingness to like embrace the possibilities of the metaverse.
And digital ownership. Yeah.
(05:06):
It really signals a shift in how we think about fashion and its expression.
But what's the appeal be on the hype though? Why are people shelling out big bucks for clothes they can't even physically wear?
Well, it raises a really crucial question, doesn't it?
Yeah. What defines value in the digital world?
Right.
The idea is it aesthetics, the community it represents, or maybe a combination of all of those.
(05:28):
Yeah. That's a good question.
It's a conversation that goes way beyond fashion.
I bet.
And it touches on how we assign value and meaning in this digital age.
It's mind-boggling to think about. And how does this all tie into sustainability?
I know that's a big talking point with digital fashion.
It is. And I think one of the most interesting aspects of digital fashion is its potential to be more sustainable than traditional fast fashion.
(05:52):
Okay, but how? How so?
Well, think about the environmental impact of the fashion industry.
Yeah.
Right? The resources that are used, the pollution, the waste.
Totally.
Digital fashion actually offers a way to express yourself, to experiment with different styles, even participate in fashion trends.
Okay.
Without the environmental baggage of physical production.
(06:14):
Oh, I see.
And consumption.
Yeah.
And one of the articles we've even talked about combating the where once, post once culture.
Oh, right.
That's so prevalent with fast fashion.
Yeah, it makes sense.
So instead of having a closet full of clothes you rarely wear, you could have a whole digital wardrobe.
Right.
That you can constantly update change without contributing to all that textile waste.
(06:36):
Yeah. And it goes beyond the individual consumer.
Imagine fashion designers creating and showcasing their collections digitally, reducing the need for all those physical samples in runway show.
Absolutely.
So it's not just about replacing physical clothing.
It's about rethinking the entire fashion ecosystem.
Precisely.
Wow.
And you know, the technology is still in its early stages, but the possibilities are immense.
(06:59):
It's crazy to think about.
Now before we get too lost in the metaverse runway.
Right.
Let's spring another interesting player into the mix.
Okay.
Who?
DAO.
DAO.
Dcentralized autonomous organizations, right?
You got it.
I have to admit, that one still feels a bit like a mystery to me.
It's a new concept for a lot of people.
Yeah. Can you break it down for us?
Absolutely.
(07:20):
So think of a DAO as kind of a digital cooperative, right?
Or a government.
Governed by rules that are encoded in the blockchain.
And they allow people to come together and make decisions collectively.
Interesting.
Without the need for those traditional hierarchies or intermediaries.
So instead of a CEO calling the shots.
Yeah.
You have a community making decisions.
Right.
(07:41):
Based on this, like, predetermined set of rules built into the code.
That's a basic idea.
Okay.
So how did DAOs interact with NFTs?
Well, that's where it gets really interesting.
Okay.
I'm officially intrigued.
Give me an example.
Have you heard of Constitution Dow?
Constitution Dow, the name rings a bill.
It was this group of people who came to even as a DAO.
Okay.
And raised millions of dollars.
Wow.
(08:02):
To try to buy a rare copy of the US Constitution at auction.
Wow.
So they used blockchain to like crowdfund a bid on a historical artifact.
Exactly.
That's crazy.
They didn't end up winning the auction.
But it really captured the world's attention.
Yeah.
Because it just showcased the potential of DAOs to mobilize resources and achieve these like ambitious goals.
(08:24):
Absolutely.
It really shows the potential to like disrupt these traditional systems.
Right.
And when you combine the power of DAOs with NFTs, you create even more interesting possibilities.
Like what?
Well, imagine a DAO that collectively owns a valuable NFT collection, for example.
Oh, okay.
And then you know that the DAO that governs a digital fashion brand in the metaverse, the possibilities are endless.
(08:45):
It's like taking this concept of collective ownership and applying it to the digital world.
Exactly.
I can see why this is getting so much attention.
Yeah.
DAOs are really about democratizing ownership and decision making.
Yeah.
Even when it comes to digital assets.
Wow.
And as the world becomes increasingly digital.
Right.
I think we're going to see DAOs play an even bigger role.
Okay.
(09:06):
My brain is buzzing with possibilities after all that.
Good.
I like it.
My brain is like touching every corner of the fashion and automotive industries.
It's just the tip of the iceberg.
Really?
It gets even more interesting as we explore the ethical implications.
Okay.
And the potential challenges of this technology.
Well, that's a perfect segue into part two of our deep dive.
I can't wait.
Welcome back.
Okay.
(09:27):
So we left off talking about DAOs.
We did.
But before we get too lost in like decentralized organizations.
Right.
I'm curious about this whole idea of NFTs having real world value.
Okay.
You know, you mentioned digital exclusivity, but what does that actually look like?
You're right to question that.
I mean, value is after all a perception.
Right.
And it's really interesting to consider what drives that perception, especially when we're
(09:51):
talking about digital assets.
Remember that YouTube video we included in our source material.
The one about NFTs as keys to exclusive communities.
Exactly.
Yeah.
Yeah.
It's pretty intriguing.
Yeah.
A significant part of an NFT's value can actually be tied to the community it represents.
Okay.
He used this example of a limited edition NFT collection, right?
(10:16):
Giving access to like private events or online communities, you know, with influencers or industry leaders.
So it's like having a VIP pass to a digital club.
Kind of.
Yeah.
Okay.
That exclusivity, that sense of belonging, right?
It becomes part of the appeal, almost like a status symbol.
It's a fascinating parallel to the physical world, right?
It is.
Like, think about limited edition sneakers.
(10:38):
Yeah.
Or designer handbags.
Part of their alert is the exclusivity and the community they represent.
Yes.
But it also like highlights the need for caution, right?
Oh, for sure.
Just because an NFT promises access to a cool community doesn't guarantee its value.
Exactly.
So before jumping into any project, like doing your research is crucial.
(10:59):
Absolutely.
So before jumping into the creators, the existing community, the long term vision.
Yeah.
And honestly, I think that's where the need for education comes in.
You mean education about blockchain and NFTs in general?
Exactly.
There's a real need for like clear, accessible information that helps people understand the underlying technology.
Right.
Assess the risks and, you know, spot those red flags.
(11:23):
Sure.
That might indicate a scam or project with like no real value.
Yeah.
And feel like a bit of a wild west right now.
Oh, yeah.
Like there are so many projects popping up.
It's hard to know which ones are legit.
Right. And which ones are just cash grabs.
Exactly.
And that's why it's so important for reputable platforms and marketplaces to like step up and play a more active role.
Okay.
(11:44):
They need to curate their offerings, promote transparency and really educate users about the potential pitfalls.
Think about those digital affection right the places we were discussing earlier.
They have a responsibility, right?
They do.
And make sure that the NFTs they're selling actually have real value.
For sure.
Whether that's tied to scarcity, aesthetics, utility, whatever it might be.
Yeah.
(12:05):
For sure.
It's not just about protecting consumers, you know, it's about fostering a healthy and sustainable ecosystem for digital fashion to actually thrive.
Right. Right.
You know, this whole conversation about NFTs representing both like physical and digital assets.
Yeah.
Reminds me of something I read about BMW.
Oh, you mean they're foray into the metaverse?
Yeah.
Yeah.
(12:26):
Interesting.
They're not just focused on blockchain for their supply chain.
Right.
They're looking at how NFTs can like bridge the gap between their physical cars and the digital world.
I see.
It's kind of blurring the lines between like reality and virtuality, isn't it?
It is.
It really speaks to this larger trend we're seeing across industries.
Yeah.
This merging of the physical and digital.
(12:47):
Uh, solutely.
And it goes beyond BMW.
We saw an article about a fashion brand, right?
Okay.
So we're seeing QR codes to physical garments.
What?
Yeah.
So you scan the code and you can claim a digital version of that garment.
Oh, wow.
NFT.
You can then use to dress your avatar in the metaverse.
So it's like a buy one, get one deal.
(13:08):
Kind of.
Yeah.
You get the physical item and it's digital twin.
That's so cool.
Exactly.
It's intriguing way to add a layer of like digital ownership and interaction to a physical product.
Yeah.
And BMW is exploring similar concepts for their cars.
Really?
Yeah.
They're looking into using NFTs to represent digital twins of their vehicles.
Okay.
(13:29):
And these NFTs could actually store information about the car's history, maintenance records,
you know, even its unique features.
So it's like a digital passport for your car that's stored securely and transparently on the blockchain?
Precisely.
Wow.
Okay.
And it opens up a world of possibilities.
You know, imagine being able to verify the authenticity of a used car instantly by checking
(13:50):
its NFT record on the blockchain or even being able to like trade or sell your car digitally.
Exactly.
By transferring ownership of the NFT.
It streamlines the whole process, cuts out the middle man.
That's amazing.
The implications are far reaching, impacting everything from insurance to car customization,
even how we interact with our vehicles.
Okay.
I have to admit that is pretty mind blowing.
(14:11):
It's exciting stuff.
It sounds like we're like on the verge of a major shift.
I think so.
And how we think about ownership and value.
Absolutely.
It's a different fashion and automotive, but like across all industries.
It's a paradigm shift.
Wow.
And with every paradigm shift comes challenges and opportunities.
Right.
But before we get into those, there's one more crucial aspect we need to address.
Okay.
(14:32):
Sustainability.
Okay.
Yeah. We talked about the potential for digital fashion to reduce waste.
But how does blockchain play into sustainability in the automotive world?
Well, think about the complexities of the electric car battery supply chain.
Yeah.
The ethical sourcing of materials like cobalt is a huge concern.
Exactly.
And blockchain can be a really powerful tool for tracking the providence of those materials.
(14:53):
Mm-hmm.
Ensuring their mind ethically and responsibly.
Right.
You know, it provides this transparent tamper-proof records that allows consumers to trace the journey of those materials from mind to factory.
So in theory, you could buy an electric car knowing that the battery was produced in a way that aligns with your values.
Exactly.
That's the idea.
That's pretty compelling.
(15:14):
It is.
And it goes beyond just ethical sourcing.
You know, blockchain can also be used to track the entire life cycle of a vehicle from production to recycling.
Interesting.
Optimizing resource use, minimizing waste.
So it's about creating a more circular economy at the automotive industry.
Yeah.
Making sure that resources are used responsibly and waste is minimized.
That's the goal.
(15:35):
Okay. It seems like we've covered a lot of ground.
We have.
We've talked about DAOs, the blurring lines between the physical and digital, the importance of community and education,
the role of sustainability.
It's been a good conversation.
It has.
But our journey isn't over yet.
Right.
In part three, we'll explore those challenges and opportunities that lie ahead.
Okay.
You know, things like regulation, the role of big tech,
(15:57):
and those ethical considerations that we really need to address as this technology continues to evolve.
We're back ready to wrap up our deep dive.
Yeah, part three.
Into blockchain's impact on fashion and automotive.
I'm excited to see where we end up.
Me too.
We've explored some like seriously fascinating concepts, right?
Yeah, we have.
From digital fashion in the metaverse to DAOs shaking up traditional ownership models.
(16:20):
It's been a wild ride for sure.
It has, but you know, with any emerging technology, there are like challenges, right?
Oh, absolutely.
Hurtles to overcome.
Yeah, we can't just like ignore the potential downsides.
Right.
Or the complexities of bringing this tech into the mainstream.
Definitely.
And one of the big things that keeps coming up is the whole regulatory landscape.
Oh, yeah, that's a big one.
(16:41):
Governments, policy makers, they're still trying to figure out how to approach blockchain and cryptocurrencies.
And that uncertainty can really create a lot of friction for businesses.
Yeah, I bet because some countries are like embracing the innovation and creating these favorable environments.
Absolutely.
Trying to attract the investment and the talent.
But others are taking a more cautious approach.
A little more skeptical.
(17:02):
Yeah, hesitant maybe.
Yeah, definitely.
You know, I remember one of our European sources mentioned the EU's upcoming regulations for crypto assets.
Oh, right.
Yeah.
They're trying to strike a balance, right?
They're tough one.
Between fostering innovation and protecting consumers.
It is.
And the outcome of those regulatory efforts will have a huge impact on the future of blockchain adoption.
(17:23):
Totally because if regulations are too strict, it could stifle innovation.
Absolutely.
Drive development elsewhere.
But a lack of regulation could lead to like instability.
Right.
Increase the risk for investors.
Yeah.
It's a delicate balancing act for sure.
And the way it is.
And another big question mark is the role of big tech.
Ooh, yeah.
You know, companies like Meta, Microsoft, even Nike, right?
(17:46):
They're investing heavily in blockchain and metaverse technologies.
Yeah.
And on the one hand, it brings like resources and legitimacy to the space.
It does.
But it also raises concerns about centralization and control.
That's the big debate, isn't it?
Yeah.
Will blockchain remain this decentralized community-driven space?
Right.
Co-opted by big tech, just like, you know, so many other areas of the internet.
(18:10):
Yeah, the navali concern.
It's something we need to be mindful of, for sure.
Definitely.
One of our sources argued that like maintaining that decentralized nature of blockchain is crucial to its long-term success.
It makes sense.
It's what sets it apart.
From traditional systems, allows for greater transparency and accountability.
And that's what we've been talking about this whole time.
Yeah, exactly.
(18:31):
And it really highlights the importance of supporting community-driven initiatives, like DAOs,
right?
They represent a counterbalance to the influence of big tech.
They offer a way to maintain those core values of decentralization and community ownership.
Yeah, it feels like we're at a crossroads.
I think you're right.
The choices we make now as individuals as a society will determine the path blockchain takes.
(18:55):
It's an exciting time to be a part of it.
It is.
So where do we go from here?
Okay.
What's the takeaway message for our listener?
I think the most important thing is to stay curious.
Right.
And to learn, engage in these conversations.
Yeah, because blockchain is complex, it's evolving, and it's important to approach it with like a critical but open mind.
Exactly.
Don't just buy into the hype or dismiss it out of hand.
(19:16):
Don't be afraid of it either.
Yeah, do your research.
And the SaaS questions.
Absolutely.
Form your own opinions.
Yeah, this is like an invitation to be a part of something new and transformative.
It's a chance to shape the future.
And that's something worth getting excited about.
I definitely am.
Me too.
Thanks for joining us on this deep dive.
It's been a pleasure.
It has.
It's been a wild ride, but I think we've only just scratched the surface of what's possible.
(19:39):
We will definitely have.
Until next time, keep exploring.
And keep questioning.
Yeah, we'll see you on the next deep dive.
[Music]
(00:20):
[Music]
(00:46):
All right buckle up everybody because today we are diving deep into blockchain.
Sounds exciting. It is. It is we're going to be looking at blockchain in fashion and automotive.
Right. You know going beyond the hype right getting into how it's really being used.
Absolutely. And we've got a pretty cool stack of sources to work with.
Well yeah. We've got like academic papers, industry reports, even a fashion blog, a YouTube video.
(01:12):
Wow. So a good mix. Yeah real mix. So first up let's talk about the automotive supply chain.
Okay. You know it's a beast right. It's massive. It's intricate. Yeah. Incredibly.
But these parts from all over the globe, so many different suppliers.
Yeah and that complexity, I mean it just creates a lot of inefficiencies you know.
For sure. And it just makes it ripe for like fraud or unethical practices.
(01:36):
Absolutely. Like tracing a parts origin or ensuring fair labor practices.
It's so difficult in a traditional supply chain.
Oh total. And that's where blockchain can step in. Right.
Because it acts as like this immutable transparent ledger of every single transaction.
So suddenly you can follow a component like from raw material through manufacturing all the way to assembly.
(02:02):
Right. Complete transparency. Yeah. No more shady dealies.
Yeah. I like it. So you know we were talking about cobalt sourcing earlier.
And a great example because with blockchain you can actually track that ethical sourcing of raw materials like cobalt.
Making sure that you know the labor practices are fair, the mining is responsible.
It just gives consumers that level of certainty they wouldn't have otherwise.
(02:24):
And BMW is already on board with this right. They are.
They are. They're using blockchain to really increase transparency in their supply chain.
Which is huge for the industry. Yeah. BMW is actually tracking not only the parts but also the supply chain.
But also the sustainability and ethical sourcing of the materials used to make those parts.
Oh wow. So you know their part chain platform is really leading the way.
(02:48):
Cool.
In terms of like sitting in new standard for the industry.
Okay so we're talking increased transparency, accountability, but like what are the practical benefits here?
Well I mean there's huge potential for cost savings. Right.
Okay. Just by streamlining processes and reducing the need for all those intermediaries.
Oh I see. And blockchain also minimizes disputes. Right.
Because there's an indisputable record of transactions. Sure.
(03:12):
So that means fewer delays and a more efficient supply chain overall.
Interesting. It's not just about ethics, it's about making the whole system work better.
So it's like a win-win. Exactly. Everybody.
And you know what's really fascinating here is this potential to shift power dynamics. Right.
Ooh. Because blockchain can actually give more control to smaller players in the supply chain.
Interesting. By ensuring fair compensation and verifiable sourcing.
(03:36):
Wow. It really is kind of like leveling the playing field.
It has the potential to. Yeah. That's amazing.
But are you ready to shift gears into something a little more stylish?
Always. Let's talk fashion.
All right. Let's do it.
Blockchain and NFTs in the fashion world. I have to admit I'm fascinated by this whole digital fashion thing.
It's a fascinating intersection of technology and creativity, isn't it?
It is and it's so new.
(03:58):
It is.
It's like the basics, right? NFTs, non-fungible tokens.
They're basically like digital certificates of ownership.
Right.
But instead of owning like just a JPEG, you own this like unique digital asset.
And in this case, clothing.
Like clothes that exist purely in the digital world.
Yeah. Ready to be worn by your avatar in the metaverse.
(04:20):
Exactly. And these digital garments are being bought and sold for serious money.
Really? Oh yeah. Dole Singh Gabbana made headlines a while back.
Oh yeah.
And the first edition that included both physical garments and their NFT twins.
What? Yeah. And they raked in millions.
Millions.
Demonstrating that people are actually willing to pay a premium for digital exclusivity.
Wow. Okay. That's wild. I remember reading about that first ever metaverse fashion read.
(04:44):
Oh yeah. That took place in Decentral Land and you had like big name like Gucci, Balenciaga.
They were all over it.
Right. And it wasn't just a gimmick.
Metaverse Fashion Week was actually a really significant moment for the industry.
Interesting. It showed this willingness to like embrace the possibilities of the metaverse.
And digital ownership. Yeah.
(05:06):
It really signals a shift in how we think about fashion and its expression.
But what's the appeal be on the hype though? Why are people shelling out big bucks for clothes they can't even physically wear?
Well, it raises a really crucial question, doesn't it?
Yeah. What defines value in the digital world?
Right.
The idea is it aesthetics, the community it represents, or maybe a combination of all of those.
(05:28):
Yeah. That's a good question.
It's a conversation that goes way beyond fashion.
I bet.
And it touches on how we assign value and meaning in this digital age.
It's mind-boggling to think about. And how does this all tie into sustainability?
I know that's a big talking point with digital fashion.
It is. And I think one of the most interesting aspects of digital fashion is its potential to be more sustainable than traditional fast fashion.
(05:52):
Okay, but how? How so?
Well, think about the environmental impact of the fashion industry.
Yeah.
Right? The resources that are used, the pollution, the waste.
Totally.
Digital fashion actually offers a way to express yourself, to experiment with different styles, even participate in fashion trends.
Okay.
Without the environmental baggage of physical production.
(06:14):
Oh, I see.
And consumption.
Yeah.
And one of the articles we've even talked about combating the where once, post once culture.
Oh, right.
That's so prevalent with fast fashion.
Yeah, it makes sense.
So instead of having a closet full of clothes you rarely wear, you could have a whole digital wardrobe.
Right.
That you can constantly update change without contributing to all that textile waste.
(06:36):
Yeah. And it goes beyond the individual consumer.
Imagine fashion designers creating and showcasing their collections digitally, reducing the need for all those physical samples in runway show.
Absolutely.
So it's not just about replacing physical clothing.
It's about rethinking the entire fashion ecosystem.
Precisely.
Wow.
And you know, the technology is still in its early stages, but the possibilities are immense.
(06:59):
It's crazy to think about.
Now before we get too lost in the metaverse runway.
Right.
Let's spring another interesting player into the mix.
Okay.
Who?
DAO.
DAO.
Dcentralized autonomous organizations, right?
You got it.
I have to admit, that one still feels a bit like a mystery to me.
It's a new concept for a lot of people.
Yeah. Can you break it down for us?
Absolutely.
(07:20):
So think of a DAO as kind of a digital cooperative, right?
Or a government.
Governed by rules that are encoded in the blockchain.
And they allow people to come together and make decisions collectively.
Interesting.
Without the need for those traditional hierarchies or intermediaries.
So instead of a CEO calling the shots.
Yeah.
You have a community making decisions.
Right.
(07:41):
Based on this, like, predetermined set of rules built into the code.
That's a basic idea.
Okay.
So how did DAOs interact with NFTs?
Well, that's where it gets really interesting.
Okay.
I'm officially intrigued.
Give me an example.
Have you heard of Constitution Dow?
Constitution Dow, the name rings a bill.
It was this group of people who came to even as a DAO.
Okay.
And raised millions of dollars.
Wow.
(08:02):
To try to buy a rare copy of the US Constitution at auction.
Wow.
So they used blockchain to like crowdfund a bid on a historical artifact.
Exactly.
That's crazy.
They didn't end up winning the auction.
But it really captured the world's attention.
Yeah.
Because it just showcased the potential of DAOs to mobilize resources and achieve these like ambitious goals.
(08:24):
Absolutely.
It really shows the potential to like disrupt these traditional systems.
Right.
And when you combine the power of DAOs with NFTs, you create even more interesting possibilities.
Like what?
Well, imagine a DAO that collectively owns a valuable NFT collection, for example.
Oh, okay.
And then you know that the DAO that governs a digital fashion brand in the metaverse, the possibilities are endless.
(08:45):
It's like taking this concept of collective ownership and applying it to the digital world.
Exactly.
I can see why this is getting so much attention.
Yeah.
DAOs are really about democratizing ownership and decision making.
Yeah.
Even when it comes to digital assets.
Wow.
And as the world becomes increasingly digital.
Right.
I think we're going to see DAOs play an even bigger role.
Okay.
(09:06):
My brain is buzzing with possibilities after all that.
Good.
I like it.
My brain is like touching every corner of the fashion and automotive industries.
It's just the tip of the iceberg.
Really?
It gets even more interesting as we explore the ethical implications.
Okay.
And the potential challenges of this technology.
Well, that's a perfect segue into part two of our deep dive.
I can't wait.
Welcome back.
Okay.
(09:27):
So we left off talking about DAOs.
We did.
But before we get too lost in like decentralized organizations.
Right.
I'm curious about this whole idea of NFTs having real world value.
Okay.
You know, you mentioned digital exclusivity, but what does that actually look like?
You're right to question that.
I mean, value is after all a perception.
Right.
And it's really interesting to consider what drives that perception, especially when we're
(09:51):
talking about digital assets.
Remember that YouTube video we included in our source material.
The one about NFTs as keys to exclusive communities.
Exactly.
Yeah.
Yeah.
It's pretty intriguing.
Yeah.
A significant part of an NFT's value can actually be tied to the community it represents.
Okay.
He used this example of a limited edition NFT collection, right?
(10:16):
Giving access to like private events or online communities, you know, with influencers or industry leaders.
So it's like having a VIP pass to a digital club.
Kind of.
Yeah.
Okay.
That exclusivity, that sense of belonging, right?
It becomes part of the appeal, almost like a status symbol.
It's a fascinating parallel to the physical world, right?
It is.
Like, think about limited edition sneakers.
(10:38):
Yeah.
Or designer handbags.
Part of their alert is the exclusivity and the community they represent.
Yes.
But it also like highlights the need for caution, right?
Oh, for sure.
Just because an NFT promises access to a cool community doesn't guarantee its value.
Exactly.
So before jumping into any project, like doing your research is crucial.
(10:59):
Absolutely.
So before jumping into the creators, the existing community, the long term vision.
Yeah.
And honestly, I think that's where the need for education comes in.
You mean education about blockchain and NFTs in general?
Exactly.
There's a real need for like clear, accessible information that helps people understand the underlying technology.
Right.
Assess the risks and, you know, spot those red flags.
(11:23):
Sure.
That might indicate a scam or project with like no real value.
Yeah.
And feel like a bit of a wild west right now.
Oh, yeah.
Like there are so many projects popping up.
It's hard to know which ones are legit.
Right. And which ones are just cash grabs.
Exactly.
And that's why it's so important for reputable platforms and marketplaces to like step up and play a more active role.
Okay.
(11:44):
They need to curate their offerings, promote transparency and really educate users about the potential pitfalls.
Think about those digital affection right the places we were discussing earlier.
They have a responsibility, right?
They do.
And make sure that the NFTs they're selling actually have real value.
For sure.
Whether that's tied to scarcity, aesthetics, utility, whatever it might be.
Yeah.
(12:05):
For sure.
It's not just about protecting consumers, you know, it's about fostering a healthy and sustainable ecosystem for digital fashion to actually thrive.
Right. Right.
You know, this whole conversation about NFTs representing both like physical and digital assets.
Yeah.
Reminds me of something I read about BMW.
Oh, you mean they're foray into the metaverse?
Yeah.
Yeah.
(12:26):
Interesting.
They're not just focused on blockchain for their supply chain.
Right.
They're looking at how NFTs can like bridge the gap between their physical cars and the digital world.
I see.
It's kind of blurring the lines between like reality and virtuality, isn't it?
It is.
It really speaks to this larger trend we're seeing across industries.
Yeah.
This merging of the physical and digital.
(12:47):
Uh, solutely.
And it goes beyond BMW.
We saw an article about a fashion brand, right?
Okay.
So we're seeing QR codes to physical garments.
What?
Yeah.
So you scan the code and you can claim a digital version of that garment.
Oh, wow.
NFT.
You can then use to dress your avatar in the metaverse.
So it's like a buy one, get one deal.
(13:08):
Kind of.
Yeah.
You get the physical item and it's digital twin.
That's so cool.
Exactly.
It's intriguing way to add a layer of like digital ownership and interaction to a physical product.
Yeah.
And BMW is exploring similar concepts for their cars.
Really?
Yeah.
They're looking into using NFTs to represent digital twins of their vehicles.
Okay.
(13:29):
And these NFTs could actually store information about the car's history, maintenance records,
you know, even its unique features.
So it's like a digital passport for your car that's stored securely and transparently on the blockchain?
Precisely.
Wow.
Okay.
And it opens up a world of possibilities.
You know, imagine being able to verify the authenticity of a used car instantly by checking
(13:50):
its NFT record on the blockchain or even being able to like trade or sell your car digitally.
Exactly.
By transferring ownership of the NFT.
It streamlines the whole process, cuts out the middle man.
That's amazing.
The implications are far reaching, impacting everything from insurance to car customization,
even how we interact with our vehicles.
Okay.
I have to admit that is pretty mind blowing.
(14:11):
It's exciting stuff.
It sounds like we're like on the verge of a major shift.
I think so.
And how we think about ownership and value.
Absolutely.
It's a different fashion and automotive, but like across all industries.
It's a paradigm shift.
Wow.
And with every paradigm shift comes challenges and opportunities.
Right.
But before we get into those, there's one more crucial aspect we need to address.
Okay.
(14:32):
Sustainability.
Okay.
Yeah. We talked about the potential for digital fashion to reduce waste.
But how does blockchain play into sustainability in the automotive world?
Well, think about the complexities of the electric car battery supply chain.
Yeah.
The ethical sourcing of materials like cobalt is a huge concern.
Exactly.
And blockchain can be a really powerful tool for tracking the providence of those materials.
(14:53):
Mm-hmm.
Ensuring their mind ethically and responsibly.
Right.
You know, it provides this transparent tamper-proof records that allows consumers to trace the journey of those materials from mind to factory.
So in theory, you could buy an electric car knowing that the battery was produced in a way that aligns with your values.
Exactly.
That's the idea.
That's pretty compelling.
(15:14):
It is.
And it goes beyond just ethical sourcing.
You know, blockchain can also be used to track the entire life cycle of a vehicle from production to recycling.
Interesting.
Optimizing resource use, minimizing waste.
So it's about creating a more circular economy at the automotive industry.
Yeah.
Making sure that resources are used responsibly and waste is minimized.
That's the goal.
(15:35):
Okay. It seems like we've covered a lot of ground.
We have.
We've talked about DAOs, the blurring lines between the physical and digital, the importance of community and education,
the role of sustainability.
It's been a good conversation.
It has.
But our journey isn't over yet.
Right.
In part three, we'll explore those challenges and opportunities that lie ahead.
Okay.
You know, things like regulation, the role of big tech,
(15:57):
and those ethical considerations that we really need to address as this technology continues to evolve.
We're back ready to wrap up our deep dive.
Yeah, part three.
Into blockchain's impact on fashion and automotive.
I'm excited to see where we end up.
Me too.
We've explored some like seriously fascinating concepts, right?
Yeah, we have.
From digital fashion in the metaverse to DAOs shaking up traditional ownership models.
(16:20):
It's been a wild ride for sure.
It has, but you know, with any emerging technology, there are like challenges, right?
Oh, absolutely.
Hurtles to overcome.
Yeah, we can't just like ignore the potential downsides.
Right.
Or the complexities of bringing this tech into the mainstream.
Definitely.
And one of the big things that keeps coming up is the whole regulatory landscape.
Oh, yeah, that's a big one.
(16:41):
Governments, policy makers, they're still trying to figure out how to approach blockchain and cryptocurrencies.
And that uncertainty can really create a lot of friction for businesses.
Yeah, I bet because some countries are like embracing the innovation and creating these favorable environments.
Absolutely.
Trying to attract the investment and the talent.
But others are taking a more cautious approach.
A little more skeptical.
(17:02):
Yeah, hesitant maybe.
Yeah, definitely.
You know, I remember one of our European sources mentioned the EU's upcoming regulations for crypto assets.
Oh, right.
Yeah.
They're trying to strike a balance, right?
They're tough one.
Between fostering innovation and protecting consumers.
It is.
And the outcome of those regulatory efforts will have a huge impact on the future of blockchain adoption.
(17:23):
Totally because if regulations are too strict, it could stifle innovation.
Absolutely.
Drive development elsewhere.
But a lack of regulation could lead to like instability.
Right.
Increase the risk for investors.
Yeah.
It's a delicate balancing act for sure.
And the way it is.
And another big question mark is the role of big tech.
Ooh, yeah.
You know, companies like Meta, Microsoft, even Nike, right?
(17:46):
They're investing heavily in blockchain and metaverse technologies.
Yeah.
And on the one hand, it brings like resources and legitimacy to the space.
It does.
But it also raises concerns about centralization and control.
That's the big debate, isn't it?
Yeah.
Will blockchain remain this decentralized community-driven space?
Right.
Co-opted by big tech, just like, you know, so many other areas of the internet.
(18:10):
Yeah, the navali concern.
It's something we need to be mindful of, for sure.
Definitely.
One of our sources argued that like maintaining that decentralized nature of blockchain is crucial to its long-term success.
It makes sense.
It's what sets it apart.
From traditional systems, allows for greater transparency and accountability.
And that's what we've been talking about this whole time.
Yeah, exactly.
(18:31):
And it really highlights the importance of supporting community-driven initiatives, like DAOs,
right?
They represent a counterbalance to the influence of big tech.
They offer a way to maintain those core values of decentralization and community ownership.
Yeah, it feels like we're at a crossroads.
I think you're right.
The choices we make now as individuals as a society will determine the path blockchain takes.
(18:55):
It's an exciting time to be a part of it.
It is.
So where do we go from here?
Okay.
What's the takeaway message for our listener?
I think the most important thing is to stay curious.
Right.
And to learn, engage in these conversations.
Yeah, because blockchain is complex, it's evolving, and it's important to approach it with like a critical but open mind.
Exactly.
Don't just buy into the hype or dismiss it out of hand.
(19:16):
Don't be afraid of it either.
Yeah, do your research.
And the SaaS questions.
Absolutely.
Form your own opinions.
Yeah, this is like an invitation to be a part of something new and transformative.
It's a chance to shape the future.
And that's something worth getting excited about.
I definitely am.
Me too.
Thanks for joining us on this deep dive.
It's been a pleasure.
It has.
It's been a wild ride, but I think we've only just scratched the surface of what's possible.
(19:39):
We will definitely have.
Until next time, keep exploring.
And keep questioning.
Yeah, we'll see you on the next deep dive.
Popular Podcasts
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.