Why NFTs Represent A Transformative Milestone For The Fashion Industry

The explosion of NFTs has played a key role in supercharging the creator economy and its widespread proliferation today. And when it comes to the creator economy, the fashion industry is one of its core components, also having become an important part of Web 3.0. On several marketplaces, well-known labels such as Dolce & Gabbana, Gucci, Louis Vuitton, and Prada are launching their NFT collections. In fact, out of all the brands featured on the Vogue Business Index, as much as 17% have already worked with NFTs, in some way or another. Here, we take a look at some of the applications of Fashion NFTs and their many benefits.

The Different Aspects Of The Fashion World And How NFTs Are Revolutionising It

Virtual Shoes

When an iconic footwear brand releases limited-edition shoes, there is undoubtedly a whole lot of excitement and attention that is created. And when it comes to the NFT marketplace, buyers can easily try on virtual sneakers before buying them, to see how they would look on them prior to making the decision. Similarly, the Snapchat Lens uses a combination of 3D and Augmented Reality (AR) to provide a never-before-seen experience for potential investors. In reference to this, RTFKT, a prominent NFT marketplace, was acquired by athletic shoes giant Nike. The “Nike Dunk Genesis Cryptokicks” series was also auctioned for a stunning $186,000. As a result, purchasers are bidding aggressively for this skin vial-powered digital footwear.

ASICS also released NFT sneakers in cooperation with STEPN, a lifestyle app that runs on Web 3.0. The collection was sold for more than ten million dollars. Fitness enthusiasts are rewarded for participating in physical activities under the Move-to-Earn (M2E) philosophy. Users can buy a pair of shoe NFTs that are built on the Solana blockchain. They can then participate in the game and earn digital tokens.

Physical Attire

At the Venice Fashion Week in October 2021, Dolce & Gabbana revealed its metaverse plans. Collezione Genesi, a nine-piece collection from the Italian luxury fashion house, was sold for $5.65 million. The collection consisted of physical designs, sketches, a men’s suit, and a multi-coloured dress.

Couture Pieces

Manish Malhotra, a well-known fashion designer, made a splash at the Lakme Fashion Week with his NFT collection. It featured exquisite illustrations of gowns and constellations worn by well-known actresses and models. An NFT for Kareena Kapoor called “Illuminous Showstopper” was sold in 12 seconds for Rs 2,80,000. Daniell Avakian, an accomplished designer, will also debut couture outfits during the next Australian Fashion Week (AFW). As a result, buyers can purchase both the physical garment as well as the animated digital version of the dress.

Wearables

DressX, a metacloset, is best described as digital fashion on the blockchain. Accessories, blouses, suits, hoodies, shoes, and bodywear are available for purchase. Users can also upload their photos and get a digital makeover right away. DressX’s online marketplace promises to address difficulties facing the worldwide fashion business, such as excessive product returns and inefficient inventory management. Many men and women will be captivated by the Augmented Reality (AR) outfit.

Independent Art

Trevor Andrew, a talented artist, collaborated with Gucci to create skirts, rings, and handbags, selling roughly 385 pieces. Guccighost was originally intended to be a Halloween costume. Trevor, on the other hand, has had tremendous success with his paintings and customised clothing, attracting a lot of interest from investors.

Digital Models

The computerised digital models created by a student named Lior Cole were sold at Cornell University’s Spring Runway Show. She intends to sell the NFT to raise capital. The 8-second movie “Colours of the Metaverse” depicts the ideal equilibrium between the actual and digital worlds. With bidding open for ten days, the NFT is expecting a record-breaking sale, as it is the first in the Spring Runway Show’s 38-year history.

Is The Future Of Web 3.0 A Confluence Of Physical And Digital Formats?

Monkey Kingdom is one of the most popular NFT projects on the Solana blockchain network. It consists of 2222 NFTs in total. It has teamed with AMBUSH, a lifestyle brand based in Tokyo. Investors who purchased the Monkey Kingdom and AMBUSH NFTs previously will gain access to fashion goods, tangible objects such as jewellery, and an avatar known as MONKEY LEGENDS. Sun Wukong, a legendary figure, is represented by all of the NFTs. The Monkey Legends will eventually become residents of the Kingdom Metaverse. They can also wear AMBUSH clothing. This cooperation between Monkey Kingdom and AMBUSH exemplifies a seamless integration of the physical and digital worlds.

As interest in NFTs rises throughout time, the fashion industry will change quickly. Importantly, when businesses and designers aim to entice the community with their exclusive collections, technologies like Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) will play a critical role. In the fashion world, NFTs would be a fight for both creativity and profit. Those who act now will be in a better position, as Web 3 Crypto is expected to have a significant impact on the fashion industry.