Wear-to-earn NFTs: For Real? (Express Summary)
The Dawn of Digital Couture: Exploring Wear-to-Earn NFTs
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Remember those paper dolls from your childhood? Now, imagine those paper dolls coming to life in 3D, with their clothes magically gliding onto them, and those clothes becoming NFTs. Welcome to the world of wear-to-earn (W2E) NFTs, a fascinating sub-sector of the NFT universe. In this article, we’ll dive into the origins of W2E NFTs, explore how they work, and contemplate what they might mean for the future.
The Birth of Wear-to-Earn NFTs The W2E concept seems to have emerged from the NFT craze sweeping the world, coupled with the success of play-to-earn (P2E) models in gaming. Unlike P2E, which revolves around upgrading in-game characters with various accessories, W2E introduces the idea of digital fashion for real-life use, especially in the era of Zoom calls and virtual interactions brought about by the pandemic.
Lockdowns made looking presentable online a challenge, and it wasn’t just about missing haircuts. The remote work environment led to a more relaxed approach to clothing, often with people donning dressing gowns or pajamas for work. However, novelty quickly wore off, and this is where NFTs stepped in. The idea was to enable people to “wear” digital accessories as if they were real and showcase them on social media as a form of self-expression.
Banking on Augmented Reality The W2E enthusiasts are betting on augmented reality (AR) to make this concept a reality. Instead of purchasing physical clothing, AR could project digital garments onto our bodies. This has a dual benefit: it reduces the environmental impact of traditional fashion, known as a top polluter, and provides an array of options for virtual fashion. Imagine a synthetic bodysuit embedded with sensors that move in sync with your body’s movements, creating the illusion of clothing.
Several pioneers in the industry are leading the charge, and they’re making strides toward merging fashion with the metaverse.
Popular W2E Projects and Pioneers:
DressX: This platform offers an array of digital fashion items for your online presence. Upload a picture, select a digital garment, and you’re instantly “wearing” it on camera.
Megan Kaspar and Red DAO: Megan Kaspar, an angel investor in DressX, champions the concept of digital fashion. She’s part of Red DAO, a fashion-focused decentralized autonomous organization (DAO) that made headlines by winning a Dolce & Gabbana NFT collection.
NFT Runway: This project uses patented 3DReal technology to bring designer fashion into the metaverse as wearable NFTs. It collaborates with charities to allocate a portion of auction sales for a good cause.
Space Runners: Collaborating with NBA champions, this project features sneaker NFTs that can be integrated into the metaverse or games, unlocking exclusive benefits for holders.
Dolce & Gabbana (D&G): The renowned luxury brand entered the NFT space with its Collezione Genesi collection, featuring NFTs that also have physical counterparts.
Fashion + Games: Some established fashion brands are venturing into the gaming world, collaborating with games or creating their own.
GAP: To capture a younger audience, GAP designed an NFT collection in collaboration with artist Brandon Sines on the Tezos blockchain.
Burberry + Mythical Games: Burberry partnered with Blankos Block Party for its first gaming collaboration, offering NFT characters and accessories.
Louis Vuitton: The LV brand launched “Louis: The Game” as part of its 200th anniversary celebration, introducing NFTs in a video game.
Fortnite x Balenciaga: This high-profile collaboration brought a virtual Balenciaga store to Fortnite, offering a unique shopping experience within the game.
In Conclusion While the allure of NFTs dressing avatars in the metaverse is undeniable, their real-world applications are somewhat limited, mainly catering to fashion-conscious individuals and gamers. The “earn” component is largely based on speculative resale in the secondary market. To truly bridge the gap between the virtual and physical worlds, augmented and virtual reality technologies must evolve.
However, as we rush to gratify our visual senses in the metaverse, we must not overlook the tactile sensations and the loss of real-world experiences. While fashion NFTs are exciting, they may currently be more of a gimmick than a must-have. It remains to be seen if other earning models will emerge as this space evolves. Until then, it’s a cautious wait-and-see game, with the potential for fashion NFTs to become either a significant trend or just another frivolous expense.
