Ultrain Blockchain Becomes BaaS of Choice for China’s Streetwear Leader YOHO!’s Unique Fashion Object (UFO)
The Ultrain, which is a public blockchain technology venture has just announced their new partner.
The company has partnered with YOHO! Which is a Chinese streetwear empire, one that will get launched on the Ultrain built blockchain sneaker, a platform that has been considered to be a traceability solution due to the unique Fashion Object on the trading platform.
The YOHO! And the UFO
Within the China community sneakers have become a very essential and popular element in their culture; thus, the consumers have driven the growth to become a multibillion-dollar industry.
The YOHO! has become the set leader when it comes to consumer experience as they are very aware of what the sneaker lovers are looking for. As a result, the company was able to go ahead and launch a sneaker trading platform that has been referred to as the Unique Fashion Object, UFO back in 2018.
From the recent development Ultrain and YOHO! have gone ahead to collaborate to ensure they deliver the best when it comes to an authenticity solution that is blockchain powered, which will be used on the one of a kind UFO platform.
The head of the UFO team at the YOHO! Li Zhe, went ahead to explain that from the data analysis within the company it has shown there is significant growth in the demand for their products taking place within the diverse Chinese market.
At the moment it has accounted for more than 20% of the sales that are recorded in YOHO! For the YOHO! platform the establishment of the UFO together with adequate integration of the blockchain technology has become an essential factor, as they would like to ensure they have provided their customers with the premium products that they deserve.
Li, who’s is also a sneaker collector, went on to point out the main thing in sneaker trading is the birthplace. Therefore, each sneaker that hits the market needs to be authentic if it is to get any value within the secondary market, and having a trading platform that has been flooded with counterfeits will be very detrimental for the industry.
With the partnership in place, it will bring a combined solution
The YOHO! together with Ultrain have brought about a combined solution that will be able to solve the issue of authenticity to scale. As a result, this will make the online trading for the high-value collectible goods become a possible thing in a peer to peer transaction market.
The YOHO! company went ahead to put together an experienced appraisers team that will be responsible with the authentication of individual sneakers, after which these sneakers will then get labeled with an anti-counterfeit tag.
The specific information’s for the sneakers, this is information like the origin, the authenticity, chain of custody will all be recorded on the tag, and all this gets registered on the Ultra Public Chain. As an end user, you will be able to access the authenticity certificate of the sneakers and all the details once you scan the tag, which can be done quickly and easily with your mobile phone.
‘Grand View Research recently published an estimate of the global sneaker market as worth over 95 billion USD. StockX, a US-based sneaker trading platform, has reported daily trading volumes of over 2 million USD, with 15% of the users being based in China.’
The trading of sneakers has gained high demand over the years, but despite this, the development of an adequate sneaker trading platform within the Chinese community was postponed. This is due to the lack of proper appraisal process being established; thus, this staled the growth of this sizeable trading platform, but this is until the establishment of the UFO by YOHO!
YOHO! has become an established name that is recognized within the streetwear industry, thus it has access to more than 20 million users who have direct access to the YOHO! platform and the UFO app.