Following in the footsteps of the fine art world, high-end luxury brands are springing up to capture their own corner of the NFT market. The NFT boom is gradually extending into fashion and creating a market in which accessories and clothes that only exist as digital files sell for couture prices. If you still doubt whether your brand should sell items as NFTs, keep reading. Let’s see how selling accessories as immersive NFTs can benefit your business.
What is an immersive NFT?
First, let’s break down the term. Non-fungible tokens, or NFTs, are the latest blockchain phenomenon to go mainstream. What makes an NFT more special than a standard crypto token is that it stores extra information. NFTs can only have one official owner at a time and they’re secured by the blockchain — no one can modify the record of ownership or content. So, they are widely used to represent ownership of unique items. NFTs can be anything digital like images, GIFs, videos, and music.
That’s simple enough, but what is immersive NFT and is there any easy way to create one? This is where Cappasity comes into play.
Currently, Cappasity provides solutions for creating 3D/AR content and sharing it on websites, marketplaces, and social networks to boost online sales. We’ve developed and patented our proprietary 3D format — 3D View. With Cappasity, it’s possible to create 3D Views of any accessories, even tiny jewelry. It allows online buyers to interact with items like they would offline: rotate them, zoom in and examine the details.
In 2022, Cappasity will launch the first-ever metaverse for e-commerce. Soon, the users of the Cappasity platform will have an opportunity to mint and sell 3D NFTs and showcase their items in an innovative way. Proprietary utility token CAPP will be used in the provision of NFT services. The owners of CAPP utility tokens will get significant discounts when paying within the metaverse.
What are the benefits of selling accessories as immersive NFTs, and how can they help you grow your business? Let’s dive into details.
Protecting high-end accessories from counterfeiting
Items with a strong brand image are the first choice for counterfeiters. According to a report issued by the European Union Intellectual Property Office (EUIPO), counterfeit products added up to US$464 billion in 2019, accounting for 2.5% of world trade. The most counterfeited products are apparel/accessories (18% of all counterfeit products), footwear (14%), watches and jewelry (13%), and handbags and wallets (11%). For high-end brands, this is huge damage to their interests.
What NFTs bring to luxury fashion is the concepts of digital scarcity, authenticity and proof of ownership. Due to their capabilities, NFTs can guarantee the identity, origin, and other specifications of items. Linking an NFT to a particular physical or digital item will help brands protect their products from counterfeiting.
Creating a new way of customer engagement and retention
Other than copyright protection, NFTs can be used to engage brand audiences in a new and innovative way. For instance, an NFT can come with the ability to redeem physical items or exclusive access to sales. They can also provide an invitation to private events like fashion shows. Getting extra benefits when buying an NFT will only grow customers’ interest in the brand and make NFT accessories even more sought-after.
A great example of how digital accessories linked to NFTs can engage a brand’s audience is the recent sale of the digital accessories designed by the Institute of Digital Fashion (IoDF). With four different types of NFTs available, the tokens were intentionally priced to provide purchase opportunities for different types of crypto consumers. The highest NFT tiers, Meta Fashion Obsidian and Crystal (€5,000/$5,651, 1 available each), will allow NFT owners a bespoke tailoring experience on a photo of their choice, VIP access to the IoDF Fashion Week in June, a visit to the IoDF studio, and lunch with the IoDF co-founders.
Selling virtual accessories to target Gen Z audience
Fashion brands can think beyond digitising existing accessories and consider NFTs as a new revenue stream. For instance, a digital accessory linked with NFT can be much cheaper than a physical item. This will attract customers who’d love to own the brand’s items but yet can’t afford them in real life. Thus, luxury brands will give more customers access to their brands. An example of this would be Gucci’s $12 AR sneakers targeted at tech-savvy Gen Z consumers who may find Gucci’s physical products too expensive.
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