Wearable NFTs are getting the attention of some of the world’s largest fashion companies!
In 2022, NFTs are bound to be the hottest trend on the runway. Just a buzzword two years ago, today’s NFTs give consumers the ability to not only wear fashion but interact with fashion. Physical and digital interaction with communities, exclusive content, and ‘experiences,’ the phygital trend is becoming larger than clothing outlets, evolving into more all-encompassing culture brands. This year, NFTs will not only become a tremendous player but will most definitely increase the value of consumer purchasing power. Wearable NFTs are pieces of virtual clothing or digital accessories like dresses, shirts, jeans, sunglasses, or bags that you can use to dress up your avatar in a virtual world. These digital-only designs are made possible through the use of blockchain technology and smart contracts, which help prove the uniqueness, authenticity, and ownership of each garment or accessory. In essence, the technology creates digital scarcity while facilitating a raft of upsides. Given the very real problem of counterfeiting, it’s only natural that fashion NFTs have seen immense interest lately. After all, customers willing to purchase US$4,000 digital luxury bags will surely want to make sure they’re not shelling out for a fake, even if only a virtual one.
Wearable NFTs are getting the attention of some of the world’s largest fashion companies that are keen to exploit the space to market their business. For instance, Burberry has created branded wearable NFTs for Blankos Block Party, a game owned by Mythical Games. Proponents have also argued that wearable NFTs could reduce the waste of customers purchasing clothes to wear on social media. An example would be RTFKT, a virtual sneaker company that sells limited edition NFTs representing sneakers that can be worn in some virtual environments or on social media through a Snapchat filter.
High-profile creators and luxury brands increasingly view NFTs as the perfect opportunity: Auction-based marketplaces provide an ideal distribution channel and avid collectors typically skew younger and well-heeled, representing a highly desirable demographic. Then there’s the plain fact that the ongoing land rush to the metaverse holds the promise of strong demand for NFT drops and solid appreciation in the secondary market for thoughtfully crafted collections.
Digital fashion and NFTs are bought and traded on marketplaces, designers are creating extraordinary styles that blur the lines between reality and imagination, digital fashion is still in its infancy; it is just taking off and the opportunities for creativity appear to be endless. Metaverses are estimated to be a US$1 trillion opportunity, but currently face many limitations in usability for digital fashion.
DressX, a digital wearable marketplace startup that works with designers to offer 3D, AR garments, has already attracted millions in total backing from investors like Kaspar, despite only launching last year. The company boasts an app to let users “try on” different digital garments and has partnered with retail platform FARFETCH to let influencers promote digitized garments from the latest collections of Off-White, Balenciaga, Dolce & Gabbana, and others. DressX co-founder Natalia Modenova forecasts that while wearable NFTs for characters in games and digital worlds could also prove lucrative, even our current work-from-home life sets up nicely to use wearable NFT fashion today.
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