GFT is Disrupting the global forged fashion industry by offering authentication services
GFT Private Sale is now Live! 1 ETH = 12.000 GFT
Genuine Fashion Token aims to resolve the deleterious side effects of buying/selling online. One of the problems with most e-commerce apps today is that they are controlled either by the owner of the application or the government where the company does business. This results in personal information easily being leaked/hacked. The other problem is counterfeiting. Globalization has created an arms race between manufacturers, who use increasing sophisticated anti-counterfeiting techniques and counterfeiters, who are constantly working to hack those countermeasures. The net effect is an increase in costs to the manufacturer, and thus the consumer as the cost gets passed on to them. While the precise size of the problem is difficult to assess, The Economic Impacts of Counterfeiting and Piracy report prepared for the International Trademark Association and the International chamber of Commerce BASCAP projects the total international trade of counterfeit and pirated goods will be $922 billion by 2022. Genuine Fashion Token 7 The cost to brands to audit their supply chain and introduce solutions to ensure products sold in retail stores are genuine can be exorbitant. This presents a significant opportunity for someone to provide a solution to the market. The $110 billion dollar industry from trading counterfeit fashion is just at the early stages of developing to a much bigger concern. The global trade of counterfeited goods and pirated property is now $563 billion annually, and will increase 60% in 4 years according to Trademark Association and the International chamber of Commerce. The forged Fashion Industry has a 19.5% cut of this worldwide problem and with high-end brands being more popularized to the mainstream public you assume it will follow the path.