How is Fashion becoming a part of the NFT Metaverse
NFT (Non-Fungible Tokens) is taking the world by storm. NFT is a unique signature over your digital art. Fashion wants a piece of it too, many prominent fashion brands are dipping their fingers in this new world. Gucci sold its NFT video partnered with art auction house Christie’s called “Aria” at $25,000 in June. Other brands want to take advantage of this boom too. Some even started accepting payments in NFT. Some big brands are collaborating with games placing their NFT’s in closed systems. Balenciaga collaborated with Fortnite to provide a unique virtual closet that moves across platforms. Louis Vuitton partnered with League of Legends from Riot Games in 2019, it is a multiplayer online game popular among millennials and GenZs. Dolce & Gabbana created NTfs to transfer its garments across their digital “worlds”.
Vogue, the top fashion magazine in the world, also took part in it. Vogue Singapore is a new publication, having debuted in September 2020 with the headline “Arise” during the pandemic. On the crypto marketplace Opensea, Vogue Singapore’s current issue offered a non-fungible token (NFT) drop of two digital-only Vogue covers. “Triumphant Awakening” was the name of the animated cover made by the three designers. The second programmable cover was “The Renaixance Rising’’.
While luxury brands are still not comfortable with NFT’s smaller brands started using and experimenting with them. The most basic example of a fashion NFT is when the NFT is a digital “twin” of a physical garment. Clothia, an accessible luxury internet retailer, is now auctioning off NFT outfits.
No one will be able to run from NFT’s, they are the future. When it comes to virtual fashion and its possibilities, we’re just scratching the surface. Every fashion firm will need a virtual strategy as the web becomes more immersive.
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