Nobody’s Child Digital Product Passport NFT
We know that our customers want to make more conscious consumption choices. This introduction of Digital Product Passports is another move towards honesty and integrity, building a stronger community who are passionate about shopping responsibly. As part of our Digital Product Passports pilot, facilitated through the Fabacus platform, we’re thrilled to partner with Coinbase to leverage their NFT (non-fungible token) and Wallet technologies. This provides NC customers with the ability to download a unique NFT of that product’s Digital Product Passport by way of a digital receipt.
As a company, Nobody’s Child is committed to exploring innovative ways in which we can unlock the value held within emerging technologies such as Web3.
Below we’ve documented some questions you might have about our Digital Product Passport NFT.
Who is Coinbase and what is a digital wallet?
Coinbase is an American publicly traded company – a secure online platform for buying, selling, transferring and storing cryptocurrency and digital assets, such as NFTs.
The Coinbase Wallet is a user-friendly option for anyone just starting with the world of storing NFTs. It is fully self-custodial and has a high level of privacy as no personal information, such as email or phone number, is needed to use the Coinbase Wallet.
What is an NFT?
Non-fungible tokens or NFTs are digital tokens created with a unique identifier code that attests to their only being one of that token in existence — as opposed to ‘fungible’ assets like a £10 note which when exchanged are effectively identical and carry the same value.
Because each NFT is unique, NFTs can be used to authenticate ownership of digital assets like artwork, recordings and in our case the Digital Product Passport of the NC item the customer has purchased.
What has NFT and Coinbase got to do with shopping responsibly?
As a fashion business we’re on a mission towards greater circularity, giving back what we take away. As we evolve and improve, our pilot Digital Product Passport initiative will continue to be enriched, allowing customers to trace every step in their design’s journey from fabric to factory and so much more. Features within this technology will continue to be developed, allowing you to return to the Digital Product Passport for different experiences, gifts and forms of digital communication.
What is the 'Minting Process' and carbon footprint of our NFT?
The registration of the ‘minting’ process entails creating a block for the NFT on the blockchain network under the creator’s name and signature, which also keeps track of all ownership transfers if someone buys and sells the NFT. With Coinbase, we’ve opted for Polygon (MATIC) blockchain network to mint our NFTs, as we feel they best align with our sustainability goals and we value their ambitions to be the first blockchain to be climate positive.
In 2022, as part of their Green Manifesto, Polygon confirmed they are carbon negative, meaning every transaction – including the minting of the NC Digital Product Passport NFT – is accounted for, and its environmental impact offset.
What is my NC Digital Product Passport NFT worth and can I sell it?
There will be value assigned to the Digital Product Passport NFT and it can’t be sold or traded within Coinbase.
Do I need to add my credit card or load money to Coinbase?
No, there is no requirement to load a credit card or any payment method to get a Coinbase Wallet (or a Coinbase account) and receive the Nobody’s Child Digital Product Passport NFT.
What is Web3?
Web3 promises a decentralised internet leveraging blockchain ensuring less trust and more truth. With global leading brands, like Nike, already gearing up for this potential transformation, the future seems closer than ever. However, with all revolutions comes questions…
How will Web3 affect our online presence?
Web3 introduces blockchain’s decentralisation, AI-driven smart interactions and cryptocurrency. Aiming for a user-centric internet with control in the hands of the user – from brands entering the metaverse to the rise of NFTs and the cryptocurrency wave – pieces of Web3 are already embedded into our digital lives.