From Threads to NFTs: Fashion’s Bold Journey in the Web3 Universe
by Charviarora
Fashion as a concept is an integral part of all our lives. We all may not agree with this consciously, but think about that crucial decision we make everyday, WHAT TO WEAR?
It might be the most basic pair of clothing, the choice of accessories, or the shoes, but it reflects YOU.
As a customer of the fashion industry, it’s fundamental to know where to buy the clothes from, how it’s manufactured, their history, process of manufacture and limited editions, etc. It gives you a sense of ownership over the goods you have purchased.
Fashion has been centralized for as long as we can remember. Brands have controlled the production, distribution, and sale of clothing. That has led to several problems, including environmental damage, overconsumption, and no transparency.
The main idea behind introducing NFTs into the fashion industry was to bring people closer to Fashion and revolutionize how they purchase, try on, and engage with goods.
The technology also helped unleash the creativity of the artists and enabled them to work without inhibitions to produce unique work so that less people are wearing the same clothes.
How?
One way is through the use of non-fungible tokens (NFTs). NFTs are digital assets that represent anything from clothing to accessories to art. They can be bought and sold on blockchain-based marketplaces, which are used to track the ownership of digital goods.
By using augmented reality (AR) and virtual reality (VR). AR and VR are used to create virtual try-on experiences for consumers. That can help consumers to see how clothes would look on them before they buy them.
With blockchain technology, brands can track the environmental impact of their products. It can help them make more sustainable choices of production and redistribution.
Use Cases:
Tiered memberships: Memberships were introduced in the form of NFTs to build a community that will get benefits. The members get to buy, resell and earn from their NFT membership, providing flexibility.
Collectibles: Physical limited editions are sold-out in seconds due to the high demand and require intensive care to retain their value. With the introduction of NFTs, we can ensure that the goods maintain their original worth forever. We must know that the owner of the NFT can always ask for a physical form of the NFT and recycle it.
Redeemable: Owners can redeem the NFT as a physical good after burning the NFT.NFTs are on the web and can be traded online to avoid the hassle of standing in queues.
Breakthrough physical restrictions: The artist often gets restricted by the physical constraints, but the virtual world is free from them. Hence a lot of fashion shows are held in the metaverse. The concepts and designs are beyond the physical capabilities to express a creative idea.
Current Uses:
DressX: DressX is a digital fashion marketplace that allows users to rent or buy digital clothing. Users can try on clothes virtually using AR, and they can even create their custom designs.
Fabricant: Fabricant is a digital fashion house that creates NFTs of its designs. These NFTs can be bought and sold on blockchain-based marketplaces and are used to create digital garments for use in games and other virtual environments.
Burberry: Burberry is one of the first luxury brands to embrace Web3. The company has created several NFTs, including a digital scarf and a digital version of its iconic trench coat. Burberry has also partnered with the gaming platform Blankos Block Party to create several digital fashion items for the game.
Nike Wearables: Limited NFT editions released on their official website, it can be shoes, hoodies, etc
Gucci ceramic teddy: Superplastic, a vinyl toy company, made 10 Gucci ceramic sculptures (Made in Italy) to give with their NFTs.
Web3 has the potential to make Fashion more accessible, democratic, sustainable and ethical. As technology develops, it will be interesting to see how it changes how we think about and interact with Fashion.
