Cardano NFT Column: OriginThread

Cardano NFT OriginThread

This week’s guest on Cardano’s NFT column is a project that uses blockchain to let customers verify the origin of the clothing they’re wearing: OriginThread.

Last week’s guest was next-gen NFT-driven gameplay and got a dungeon crawler MMO.

The program is a point of reference for NFTs on Cardano, and we will invite someone every two weeks to answer some questions and provide us with updates directly from within the Cardano community.

Considering that many of our readers are new to the cryptocurrency space, we have some simple and technical questions.

Cardano NFT Project: OriginThread
origin threadCardano NFT project OriginThread uses blockchain to increase transparency in the fashion industry

Hey, nice to have you here. Please introduce yourself, where are you from and what is your background?

My name is Will Etheridge and I am from the South West of England. I graduated from the Royal Academy of Music and first got into the clothing industry while working in India in my 20s. I would have a local tailor make the clothes for me and send them back to the UK for friends to sell. I spent the rest of my 20s working in sales and marketing, covering everything from the pharmaceutical supply chain to using Youtuber to promote artistic organizations.

During the pandemic, I simultaneously started to really explore the potential of blockchain and grew increasingly tired of my comfortable marketing role. I started exploring how NFTs and blockchain technology can improve the apparel industry. Nearly a year later, our first garment with a fully transparent supply chain recorded on the garment NFT is now available for sale.

Why did you choose the Cardano blockchain for your work? How do you use non-fungible tokens (NFTs)?

A long-term view and a slow and safe approach.

Importantly, we are built on a network that works today and will continue to work as the blockchain scales to billions of users. As I explored the different L1s, it seemed that Cardano had the clearest path to meet these needs. If, as a business, we choose to operate on a platform that is vulnerable to attack or downtime, we risk rejecting and losing customers permanently.

Inexpensive native assets.

When first exploring NFTs, I minted some NFTs on Ethereum. It doesn’t seem feasible to me that a customer who buys a $150 shirt would spend an extra $50 to get the accompanying NFT. Cardano’s low and predictable fees will allow us to manage costs while scaling. Also, having NFTs as native assets rather than contracts allows us to do cool things like mint coins and send many NFTs in one transaction, again reducing costs.

Project Catalyst.

We have just completed our first application for Project Catalyst and we will find out in the next few weeks if our application was successful. Funding is a key challenge for any business. Access to grant funding is a game changer for development and growth. In the long run, the latest catalyst fund size is $16 million, or about £14 million for the Cardano ecosystem alone.

The UK government has launched an Innovate UK Smart Grant, donating £25 million over a similar time frame. It won’t be long before Cardano’s innovation grants will exceed those of G6 countries. Catalyst is a unique and incredible opportunity and a big part of our plans for 2023.

A mission-driven community.

In our opinion, many Cardano community members are mission driven. They understand the potential of blockchain to create a better world. It’s going to be an audience that’s more receptive to what we’re trying to bring to the apparel industry, in my opinion.

There are many unethical practices in the apparel industry. How can blockchain technology help mitigate and in some cases address pollution and human rights abuses?

Where do your clothes come from?

Very few people can answer this question. Behind this lack of transparency, the fashion industry hides many disruptive practices. From misuse of human and natural resources to widespread organic certification fraud.

We are exploring how to use blockchain to allow customers to verify the origin of the clothing they are wearing. Our goal is to make this transparency more pervasive across the fashion industry and for customers to demand verifiable proof that their clothing is ethically made.

Our first iterative solution to this problem is to pair NFTs for clothing. NFTs serve as a permanent record of clothing sourcing information and include a video to create an emotional connection to the clothing-making process. This is a good first step, but violates the “don’t trust, verify” approach.

origin threadAn NFT-related shirt from OriginThread

Our recent Catalyst proposal lays out our plans to use blockchain to track materials in our supply chain from cotton fields to cutting tables. For this purpose, raw materials in the supply chain will be represented as native assets. The transformation of materials will be tracked by the destruction of input materials and the casting of output materials with reference to the input materials. This approach will allow end consumers to trace the origin of apparel materials from the beginning of the supply chain.

There are other challenges at the other end of the fashion supply chain. How can we expand the use of clothing by recycling, repairing or reusing it? We are also exploring how blockchain can be used in these situations.

What does the future of OriginThread look like? Where do you envision your project in 1 year, 5 years and 10 years?

1 year

The first iteration of the on-chain supply chain was developed and launched on Cardano.

Developed systems and tools to create a great customer experience when buying, claiming and receiving NFTs/apparel.

Ease of use/getting started/clear messaging and starting adoption beyond current cryptocurrency users.

Wider range of products/suppliers/materials

5 years

Supply chain tracking systems, asset creation and minting systems, and unlockable customer experiences are all built and able to scale.

As a brand, it has the ability to create multiple sold-out, “must have” collections each year.

Developed and launched with a blockchain-powered circular model.

Let other ethical businesses use our supply chain tracking system.

Origin Thread is now recognized as a pioneer in NFT connected apparel.

10 years

Verifiable sourcing information and traceability are increasingly standard practices in the fashion industry.

The OT transparency system used across the fashion industry marks tens of millions of garments each year.

origin threadSome pictures from India, where OriginThread shirts are made

Thank you for taking your time. Any closing reviews? Where can people learn more?

thanks for reading

If you are interested in this please email me. I’m currently forming our advisory board and will be recruiting until 2023, so if you’re interested in any of these things please say hi.

Disclaimer: The views and opinions of respondents are their own and do not necessarily reflect the views of the Cardano Foundation or the IOG. Additionally, this content is for educational purposes only and does not constitute financial advice.

The post Cardano NFT Column: OriginThread appeared first on The Cryptonomist.

Source of information: Compiled from CRYPTONOMIST by 0x Information.The copyright belongs to the author Patryk Karter and may not be reproduced without permission

Related Posts

Experts predict Bitcoin’s woes to continue

It’s fair to say that many people didn’t expect the crypto market to crash like the spring of 2022. Many hope that by the end of the year, Bitcoin (BTC) may reach a new all-time high in late 2021 after breaking previous…
Read More

Fintech Futures: This Week’s Top 5 – September 2, 2022

Here are our top five picks from the financial and tech sector this week. Diebold Nixdorf Hires Joe Myers as Executive Vice President Diebold Nixdorf Hires Joe Myers as Executive Vice President Paytech heavyweight Diebold Nixdorf has appointed Joe Myers as executive…
Read More