The ERC-721 token standard enables the operation of non-fungible assets. This makes it ideal for the fashion industry. It can be used in this industry to tokenize valuable products to prevent counterfeiting of these products. The influx of fakes is a huge problem for brands and consumers.
Just like with any other collectors’ industry, counterfeits are rampant. Even experienced dealers are fooled by knockoff Nike Jordans and are passed onto buyers, and will likely continue to circulate.