In Hong Kong, designers try out new assistant: AI fashion maven AiDA

The Fashion X AI show in Hong Kong presented more than 80 outfits which were created with the help of the "AI-based Interactive Design Assistant” (AiDA). AiDA was developed to support designers, and uses AI technology such as image recognition, detection, and image generation. The program then develops designs based on draft sketches, materials and colour palettes uploaded by designers, which they can then adjust to suit their vision. This collaboration process cuts down the time needed to create multiple fashion templates to within 10 seconds. > Read more

US election agency approves use of NFTs as campaign fundraising incentive

The United States Federal Election Commission (FEC) has approved DataVault Holdings’ use of NFTs for fundraising purposes. DataVault had requested a notice from the FEC on whether the proposed creation and sale of NFTs to political committees for use in fundraising endeavours would result in prohibited in-kind contributions. The FEC has previously issued a statement on blockchain tokens, saying they are “materially indistinguishable from traditional forms of campaign souvenirs”, and this notice now specifically confirms the use of NFTs. > Read more

The Year the NFT Died and Came Back to Life

Kevin McCoy, the co-inventor of the first minted NFT, says he has spent the last two years lurching “from excitement to dread” as his “own private thought experiment” turned into an NFT mania, which was then promptly followed by a crash. This article follows the development of NFTs since 2014 and discusses the rise of NFT gaming, virtual worlds, and the use of NFTs as form of membership. This increased use of NFTs has also resulted in a lack of regulatory clarity, which many countries have now begun to address, as summarised in this article. > Read more

How virtual clothes could help solve fashion’s waste problem

The fashion industry has begun utilising blockchain technology in order to reduce waste and futurize fashion. Italian company Lablaco is even supporting brands such as H&M with the digitisation of their collections, so they can offer customers digital “twins” for physical items. These “phygital” collections can even be permanently paired, meaning that if a physical item should be resold, then the new owner also obtains the authenticated digital equivalent of this item. Some designers are also using digital fashion to cut down on textile waste by releasing collections in the metaverse and using the sales data to inform the production of the physical products. > Read more

China to Roll Out State-Backed Exchange for Digital Collectibles

The “China Digital Asset Trading Platform”, a government backed digital collectibles marketplace, is due to be rolled out in early 2023. The platform will be run by the China Technology Exchange, the China Cultural Relics Exchange Center, and the Huaban Digital Copyright Service Center and will considered “the only credible depository service platform for tradable digital assets, providing digital asset registration, confirmation of rights, depository, rights protection monitoring, and copyright protection services for institutions and individual users.” This move comes after the Chinese government’s recent crackdown on Bitcoin mining and other cryptocurrencies and popular coins are not expected to be available. > Read more

2023 - The Year That Tourism In The Metaverse Takes Off

This article discusses how the metaverse may revolutionise travel in 2023. Augmented reality technology will allow travellers to test destinations before they book, allowing them to try before they buy, and metaverse operations will likely optimise processes throughout airports, such as providing training for ground staff or cabin crew members. Many companies are also planning to combine this new technology with existing experiences by offering parallel 3D interactive experiences. > Read more