Fashion has gone a long way in the past years. It has always boasted about the adoption of new technology. That is why, it wasn’t a surprise that blockchain made a breakthrough and formed a new wave in fashion – digital fashion. Cryptocurrency has entered the world of Digital Fashion. Litecoin and Ethereum went havoc, and reasonably so – NFTS are on their way to conquer the world.
What is NFT?
NFTs are a new technology that enables artists, brands, and consumers to buy and sell digital art on the blockchain. They make for a smart investment in the arts, as they are stored securely and make transactions easier between both parties with built-in authentication. NFTs are most often minted digitally in the form of videos, gifs, and memes—but they also have potential possibilities in fashion.
Do you need to understand cryptocurrency or know the bitcoin price to delve into the topic of new fashion technology?
NFTs go hand-in-hand with fashion
Apparel and footwear are natural fits in the world of blockchain apparel. One-of-a-kind digital clothing items can serve as the cornerstone of a thriving NFT segment, driving demand for blockchain-based products. Creative NFTs give designers the ability to ensure ownership, authenticity, and originality while claiming ownership of their designs on a public ledger.
NFTs – unique, yet not inclusive
While there is a market for NFTs in the fashion industry, it is still large enough to allow other brands to get into the game without being worried about stepping on too many toes. Established brands have the opportunity to create their own inventory and domain names, and everyone can begin trading. There are numerous luxury art and shoe NFT markets on the blockchain, but none of them are specifically tailored for high-end fashion.
Digital Fashion is taking it further
Fashion houses are already taking advantage of the growing virtual and augmented reality space, making it a new way to showcase their seasonal collections. The rise of social media has made these previously niche fashion products more accessible to tech-savvy consumers, which allows the companies to tap into this potential market.
Cryptocurrencies, blockchain technology, and non-fungible tokens (NFTs) are bringing considerable change to the fashion industry by providing new opportunities for collaboration with crypto-native brands. One of the greatest achievements of this technology is how it has provided a way for luxury brands to engage more directly with their customers intimately and interactively.
First Fashion NFT product
Fashion has been using NFTs for over two years now. The first use of NFTs in fashion was an auction by Dapper Labs and The Fabricant, where a complete digital outfit was sold for US $9,500. That outfit was then delivered to the buyer after it was tailored to the buyer’s preference.
Numerous startups have gotten in on the cryptocurrency rush by providing marketplaces for users to buy, sell, and trade non-fungible tokens. One startup that’s made a name for itself in the nascent NFT market is OpenSea, which launched in December 2017, and has since raised funding from marquee investors like Mark Cuban and Jay-Z.
Big names entering the game
The world’s first major player to leverage the immense potential of blockchain-based tokens, LVMH Moët Hennessy Louis Vuitton and Microsoft joined forces to create the Aura platform. This blockchain system enables consumers to trace the origins and lifecycle of their purchases and validate their authenticity.
Setting the record
Founded in 2018, RTFKT is the first luxury brand in the crypto fashion space. It specializes in the sale of virtual hypebeast sneakers, aiming to become the Supreme of the metaverse. Earlier this year, it partnered with Fewocious, an 18-year-old crypto-artist, to design three new styles of shoes that bidders could “try on” via Snapchat.
That interesting “try on” would actually bring $3.1 million in revenue. It doesn’t sound bad for an experiment.
Are NFTs worth the buzz?
The virtual NFT market has already surpassed $2.5 billion in sales in the first half of 2021, compared to $13.7 million in sales in all of 2020. The fashion industry is considering adopting this technology due to its positive response by consumers and later Karl Lagerfeld’s success with branded NFTs, which has earned him more millions. After making its debut into the virtual world, Karl Lagerfeld confirmed another drop is underway.
Summary
Fashion-forward brands are turning to NFTs, as they realize the potential of non-fungible tokens. Non-fungible tokens can be used to source more environmentally-friendly materials and create products that appeal to a new generation of consumers who care about sustainability.