Nitches Inc (NICH)

[lucky__stock]

$NICH Nitches developed the NITCHES OVS to show the authenticity of its limited-edition capsule collections and NFTs (non-fungible tokens) that are created with well-known celebrities and influencers. To reduce costs on Ethereum gas fees, Nitches minted its NFTs on the polygon blockchain network. Polygon is faster and less expensive for transactions than Ethereum.

Nitches plans to provide its NITCHES OVS to other businesses that want to protect their products, apparel and clothing from counterfeiting. According to Ghost Data, about 20 percent of fashion products advertised on social media are fake.

"For decades, luxury designers have been struggling with counterfeit products, costing buyers and sellers billions of dollars," said John Morgan, Nitches' CEO, "Our NITCHES OVS and authentication technology could revolutionize the industry by putting an end to counterfeiting and allowing consumers to demonstrate their items are genuine."

To enable its verification technology, Nitches sews a unique QR code into the items (products, apparel and clothing) it manufactures. Buyers scan these codes to register their products on its NITCHES OVS app to authenticate them and claim ownership. Therefore, combating counterfeiting and proving their item is authentic and the real deal because it can be tracked and is registered on the NITCHES OVS app.