Have you heard of NFTs? Are you astonished by this new technology that instantly went mainstream? If you’re looking for new cutting-edge solutions for your e-commerce business and can’t wait to sell your fashion items as NFTs, keep reading. Here at Cappasity, we are preparing something interesting for your business.
A brief look at NFTs
First, let’s break down the term. An NFT, or non-fungible token, is a digital token that’s a type of cryptocurrency, like Ethereum and Bitcoin. Unlike a standard crypto coin, however, an NFT is unique and can’t be exchanged like-for-like (hence, non-fungible). What makes an NFT more special than a pure cryptocurrency is that it stores extra information, being a “one-of-a-kind” asset in the digital world.
While standard works of art such as paintings are valuable because they are one of a kind, digital files can be easily duplicated. This is where NFTs come into play. They provide a digital file like images or music with a digital certificate of ownership that can be bought and sold. In fact, an NFT is like any other piece of property, but it has no material form of its own. So instead of receiving a painting on canvas to hang on your wall you get a JPG file.
The scope of application
NFTs can be anything digital, but a lot of the current excitement is around using them to sell and buy digital art. For instance, a digital collage by Beeple, the first-ever NFT artwork, sold for a whopping $69 million. Christopher Torres, the creator of the decade-old GIF “Nyan Cat,” was able to cash in on the flying Pop Tart cat animation for almost $600,000. With NFTs, even tweets can be sold, as Jack Dorsey’s experience has shown. The founder of Twitter earned $3 million by auctioning his first-ever tweet as an NFT.
Fine, but now the question is, what do NFTs have to do with e-commerce businesses? Our team did customer research, and we believe that NFTs could be a part of the future of e-commerce. As mentioned above, anything digital can be sold as NFT, so NFT items are not limited to digital artworks and music. Brands can also use NFT for creating limited collections of apparel, bags, shoes, and accessories.
While some brands doubt the necessity of digital apparel collections, others are looking ahead and already adapting to the virtual clothing world. For instance, Gucci, one of the most popular luxury houses, has recently presented a series of augmented reality sneakers that cost only $12 but can’t be worn in real life. With its virtual shoes, Gucci plans to target tech-savvy Gen Z consumers who may not yet be able to afford Gucci’s physical products. Obviously, by providing customers with an opportunity to buy digital items, fashion brands will reach a broader audience range.
An NFT service for Cappasity users
Currently, the Cappasity platform is a solution for creating and integrating immersive content based on 3D and AR technology. It helps fashion brands increase customer engagement, minimize returns, and improve conversion rates by more than 30%. 3D Views and AR holograms created with our apps allow online shoppers to examine a product like they would in real life.
Moreover, thanks to the recently released 3DShot app, everybody now can use the advantages of immersive technology and create interactive images in the 3D View format. The 3D View creating process is effortless in 3DShot and allows small businesses to shoot their apparel collections on the go with just a smartphone.
Here at Cappasity, we predict that NFT and immersive technology will only continue to grow in the future. Once NFTs became popular, our e-commerce partners started to reach out to us for a service that would allow them to sell digital fashion items. Our NFT service will be available this year.
In the meantime, download the 3DShot app and start digitizing your fashion items in 3D on the go: https://3dshot.io/