Online retail and cryptocurrencies reach the streetwear market

Earlier this month the online retail store Bitcoin Movement (BTCMVMNT), launched a limited edition streetwear line featuring a blockchain-backed system of “Proof of authenticity.” The 300-item collection, which was designed with input from British entrepreneur and rapper Zuby, consists of 50 hoodies, 125 Hats, and 125 T-Shirts, all bearing the logo ‘21 Million,’ representing the maximum amount of Bitcoins that will ever be mined, reported ‘Coin Desk’.

Explaining their motives, the founder of The Bitcoin Movement, Daryl Kelly, said that he “wanted our first blockchain limited edition collection to be truly representative of the philosophy of Bitcoin. Embodying the attributes that have made it so disruptive, successful, and attractive to those who seek truth and transparency. VeChain’s industry-leading public blockchain technology perfectly fits our movement.”

Each piece in the collection, which is titled “Take the Power Back,” contains a near-field communication chip linked to the VeChain blockchain. Through a mobile application provided by the Bitcoin Movement, customers can scan a sticker attached to the garment, and the application will retrieve product information from VeChain in real-time. If the product is authentic, the application will display the message “100 percent Genuine Verified”. Additionally, the app will display the specific version number of the garment and the unique transaction ID linking it to the blockchain.

This collaboration follows Fashion House Alexander McQueen’s foray into the descentralised tech world, as they launched a new blockchain-powered label last Septemeber. This label enables both designers and consumers to securely register and trade clothing.