Most of us might have heard the buzzword Metaverse - the digital world where we can spend our time. Metaverse makes our online time more interactive and fun while implementing new ways for businesses to earn more income. Furthermore, most of us might have also been surprised by the concept of NFTs and their hype. Blockchain Technology and NFTs are indeed a technological revolution.
Any type of distinctive digital product, such as a work of art, an image, a design, or a piece of music, is considered an NFT or Non-Fungible Token. Things like art and designs have always been valuable. With the introduction of NFTs, value became digital, secure and convenient. NFTs are based on Blockchain Technology that’s beauty is that every transaction is recorded in a decentralized and distributed manner, reducing the possibility of fraud to a minimum.
Doing business and commerce in this virtual world and ecosystem is undoubtedly on the rise. One way we can see this is through Digital Fashion. The fashion industry is embracing this technological revolution and is constantly exploring new possibilities. Let us delve deeper into this trend.
“Digital Fashion and NFTs are made for each other”
What are NFTs?
NFT is an abbreviation for Non-Fungible Token. In our economy, we can categorize everything into fungible and non-fungible items.
Items that can be replaced or swapped for ones of the same type are fungible. Because they are all equal in worth in the end. We can swap one currency for another by using it as a fungible commodity. Cryptocurrencies such as Bitcoin, Ether, Matic, and Solana are fungible tokens in the crypto world.
Non-fungible things, on the other hand, can only be one of a kind. It cannot be substituted for anything comparable. Nothing comparable exists. NFTs are not interchangeable, because they have unique identification codes and metadata. They are also referred to as crypto-collectables because they tokenize collectable and unique items. They are the one-of-a-kind tokens stored on the blockchain that are used to represent digital art. NFTs are widely used to represent digital files such as photos, videos, audio, and others. NFTs can even take the form of digital paintings or trading cards. Monalisa's digital painting can be regarded as an NFT. Popular NFTs include CryptoPunks, Bored Ape Yacht Club, VeeFriends, and CryptoKitties.
NFTs are valued higher than fungible tokens. They allow us to create, buy, sell, and trade these tokens while also generating revenue. NFTs not only represent a piece of digital art, but also its ownership. Each NFT has distinguishing information, such as who owns the NFT (owner) and who sold it (seller), and when it was sold and is easily verifiable. This information is protected by cryptographic mechanisms, making it impossible to forge. This will ensure the authenticity and scarcity of the artwork.
People are investing more in NFTs as a result of their rising popularity. In 2020, Jack Dorsey, co-founder of Twitter, developed an NFT from his very first tweet. In 2021, that tweet NFT was sold for $2.9 million. In 2022, the NFT's present owner relisted it for sale for $48 million. Do you know who owns the world's most costly NFT? — Vignesh Sundaresan, better known as MetaKovan, the originator of the Metapurse NFT project, owns the most expensive NFT in the world. He spent $69.3 million on Beeple's landmark "Everydays: The First 5000 Days."
The popularity of NFTs opens up new prospects for new art platforms, encouraging consumers to purchase NFTs and promoting digital asset copyright.
CryptoPunks NFT (Credits: CryptoPunks)
What is Digital Fashion?
Fashion is a form of self-expression that has always been a part of our communications. We always express ourselves through what we wear and how we look. Thus, the fashion industry may be significantly impacted by the digital revolution of our fashion trends.
A 3D representation of apparel is known as digital fashion. Physically, they do not exist. They are infinitely useful for self-expression and creativity. 3D applications like Clo3d and marvelous designers are used to create digital outfits. AR component integration is becoming more common these days. Consider Snapchat filters. Furthermore, we can see digital fashion in gaming. By incorporating gaming platforms such as Roblox, an ecosystem for digital fashion avatars is being created. Digital Fashion has a long and interesting future ahead of it. It began by launching gaming platforms and focusing primarily on digital but later expanded to physical garments.
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Credits: The Fabricant
“NFTs and the Metaverse are enhancing fashion branding”
Why do fashion brands invest in NFTs?
A majority of people believe NFT is a scam or beanie babies 2.0. Major fashion brands, on the other hand, are attempting to board this NFT ship.
With an annual turnover of $2.5 trillion, the fashion sector was one of the greatest in the world before the COVID pandemic. It includes well-known companies like Louis Vuitton and Givenchy, which have a market capitalization of $400 billion combined, Nike, which has a market capitalization of $260 billion, and Adidas, which has a market capitalization of $50 billion.
Brand recognition and consumer interest are the two things that fashion companies are continuously vying for. They began to look at the prospects with NFTs after seeing that the pandemic was causing people to start concentrating more on the digital than the actual world.
At its core, fashion is all about identities. Developing social ties is what identities are about. Since people are creating their identities and social networks online, fashion can be restricted to the digital world.
With NFTs, we can achieve persistent online identities that are independent and compatible with any web3 application. At this point, making money with digital wearables is more lucrative than making money with physical fashion.
How do NFTs impact Digital Fashion?
Digital fashion licensing is done through an NFT. Rather than making physical samples, we can create digital fashion samples that we can sell as NFTs, use in the metaverse, or wear as augmented reality wearables.
Digital fashion NFTs are most likely limited edition or one-of-a-kind style pieces. Users can archive these fashion NFT collectables, allowing them to literally own them. Having ownership entails imbuing it with a sense of vanity. The concept of owning such limited edition items at a high price has evolved into a game of power and money. It is very audacious to play with these NFTs because it is difficult to determine whether they are worth purchasing or not.
Nike and Adidas are currently making millions of dollars from the sale of NFTs. If you own such NFTs of big brands, you become a member of that NFT community and can profit from a variety of benefits, which improves your social standing in the metaverse. The remarkable shopping and leisure experiences brought about by this fashion trend will forge close ties between consumers and the brand.
The NFT drive in fashion trends can boost brand awareness and loyalty in addition to the lifetime revenue resulting from the primary sales and secondary royalties.
Furthermore, leveraging the digital sphere and creating a digital showroom allows users to try on clothing before buying it. Every user receives a 360-degree view of the product and can zoom in and view every tiny detail. By simply sitting at home and searching the website, users will experience the appearance and feel of a real fitting room.
“Renowned Fashion Labels make waves in NFTs”
Brands of Luxury Fashion in NFT Headlines
1. LOUIS VUITTON
In 2021, Louis Vuitton, a premier luxury brand in the fashion business, released Louis: The Game, a Louis Vuitton NFT game. This game was produced to commemorate the 200th anniversary of the brand. The game requires you to accompany the brand's virtual avatar, Vivienne, as she searches for and collects NFT postcards. At the first level of the game, you need to find a sixteen-page manuscript followed by collecting up to 200 candles to celebrate the brand's birthday in the second level. As soon as you achieve a particular level in the game, you are eligible to enter a raffle of 10 different NFT postcards that feature Vivienne in various poses and can be used as profile pictures. This feature could bring in more players to this game as individuals start placing more value on how they appear as their online avatars. Well-known NFT designer Mike Winkelmann known as Beeple and Wenew Labs collaborated on the design of these postcards. Every NFT is a collector's item that can only be discovered while playing the game and cannot be traded or sold. It provides a way to engage with the LV community and gives the brand the perfect opportunity to attract new, youthful customers by offering them innovative interpretations of its high fashion. The game is available for download from Google Play/Apple App Store.
Louis: The Game (Credits: Louis Vuitton)
2. GUCCI
SuperGucci is an NFT collaboration between the digital character company, Superplastic and the king of luxury, Gucci. There are four variations available in an edition of 50 pieces, making a total of 200 NFTs in the collection. The collection’s theme revolves around fusing SuperPlastic digital characters Janky and Guggimon with traditional Gucci symbols and styles. Gucci has also established an online site named Vault in addition to SuperGucci to act as a retailer for this NFT collection. Gucci's strategy also involves having artists create sculptures and send them to the appropriate NFT holder. Gucci provides new chances to enhance the customer experience by embracing new technologies like NFT and metaverse. SuperGucci NFTs might be found at OpenSea.
SuperGucci (Credits: Gucci x SuperPlastic)
3. BURBERRY
Burberry collaborated with Mythical Games in 2021 to launch a new NFT collection on Blankos Block Party, a multiplayer game that uses digital vinyl toys called Blankos, which are stored on the blockchain. The Burberry Blanko, a shark-inspired avatar known as Sharky B, is an NFT that can be bought, updated, and sold in the Blankos Block Party marketplace. They have introduced custom in-game NFT accessories that users can add to any Blanko they own, such as a jetpack, armbands, and pool shoes
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Sharky B NFT (Credits: Burberry)
In 2022, Burberry launched another NFT, a playable unicorn character named Minny B, who is an offshoot of Sharky B.
Minny B NFT (Credits: Burberry)
4. DOLCE & GABBANA
Dolce & Gabbana is a well-known brand in the fashion industry. The cost of their clothing and accessories is quite considerable. This Italian fashion team made $5.7 million when they sold their nine-piece digital collection of NFTs, Collezione Genesi, on the online luxury store UNXD. Additionally, $23 million in primary sales and $2 million in secondary royalties were produced by their larger NFT collection. Four of the nine items were created specifically as virtual designs for the metaverse. The last five Collezione Genesi pieces are physical works with digital equivalents that can be utilized in the metaverse, including two versions of the dress from a dream in gold and in silver featuring shiny, crystal beading, an emerald green men’s suit, and two crown accessories, one in gold and the other in gem-studded silver. The Doge Crown, which had seven blue sapphires and 142 diamonds and sold for the equivalent of $1.25 million USD at the auction, brought the highest price. With these NFTs, collectors can also get the corresponding physically tailored clothing.
Credits: Dolce & Gabbana
5. NIKE
With the debut of Nikeland, a virtual world created in collaboration with Roblox, Nike entered the metaverse. Nikeland is a metaverse space where users may interact with a variety of brand experiences, meet new people, and socialize. Users will be able to customize their avatars with Nike-branded clothing and shoes. Nike buildings, fields, and arenas are included in the virtual environment for players to compete in a variety of mini-games ranging from tag and dodgeball to "The Floor Is Lava."
Nike’s forays into the digital age continued with the acquisition of RTFKT, a virtual sneaker company. Nike's digital transition has been expedited by this acquisition. Together, they developed the CryotoKicks Dunk Genesis NFT sneakers. Nike has profited more than $185 million on NFT sales. These sales include both primary sales revenue and secondary market royalties. These NFTs are available through OpenSea.
Dunk Genesis CRYPTOKICKS NFT Sneaker (Credits: Nike x RTFKT)
6. TIFFANY & CO.
Tiffany & Co., a high-end jewellery company, has partnered with CryptoPunks, the most well-known and pricey NFT collection, to create a unique pendant for CryptoPunk owners called NFTiff. There are only 250 pendants available, and each one costs about 30 Ether (ETH). The pendants also include a certificate of authenticity and an NFT of the pendant itself. On the NFTiff website, customers can order the pendant with options for 18k rose or yellow gold and at least 30 gemstones or diamonds. Their primary sales have brought in $12 million.
NFTiff Pendants (Credits: Tiffany & Co.)
7. ADIDAS
Adidas collaborated with NFT pioneers Bored Ape Yacht Club, GMoney, and PUNKS Comics to develop their first NFT. Owners of exclusive Adidas Original Tokens, GMoney tokens, Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Pixel Vault NFTs were given early access to 20,000 NFTs. Owners of these NFTs get access to exclusive tangible items like a hoodie and the tracksuit owned by Adidas’ Bored Ape. They made roughly $23 million in profit from these sales.
Bored Ape Yacht x GMoney x Punks Comic (Credits: Adidas)
8. BALENCIAGA
Balenciaga is the first fashion house to collaborate with the online game Fortnite. With the help of Balenciaga’s skins and accessories, Fortnite avatars received a transformation. Doggo, who is wearing a white hoodie, Ramierz, who is wearing a sequined top and ragged pants, Banshee, who is wearing a tiger-striped bodysuit, and Knight, who is wearing armour boots, a sweatshirt, and shorts, are the four different character outfits they advertised.
Credits: Balenciaga x Fortnite
In 2022, Lorenzo Riva, who served as Cristobal Balenciaga’s artistic director, auctioned off the artist’s original drawings as NFTs in collaboration with Animal Concerts and Cointelegraph. The NFT collection titled, To The Moon, includes 10000 unique tokens with 8300 NFTs. People have the chance to own vintage fashion artifacts because some of these designs date back to the 1980s. You can buy NFTs from crypto.com.
To The Moon NFT (Credits: Balenciaga)
9. JIMMY CHOO
A New York artist named Eric Haze and the worldwide luxury fashion label Jimmy Choo joined together to introduce the NFT collection to the Binance NFT marketplace. This collection featured a mystery box series and an exclusive auction.
These NFTs, which are exclusively available digitally, have the sneaker revolving over a background of Haze’s distinctive lettering. The highest bidder in the auction will not only take home the NFT. But also a pair of hand-painted, limited-edition sneakers. The Jimmy Choo Foundation will donate all the proceeds to Women for Women International.
Credits: Jimmy Choo
8,888 Mystery Boxes are available for purchase. An NFT, one of four styles that stands in for a high-heel shoe, is distributed randomly to each box. A single super-super-rare Jimmy Choo / Eric Haze LOVE 100 Glitter, super-rare cards, rare cards, and neutral cards make up the four levels of scarcity. You may find the mystery boxes here.
Mystery Box (Credits: Jimmy Choo)
10. CULT&RAIN
Cult&Rain is the first luxury fashion brand to emerge from web3. Their NFT sneaker collection is created on the Ethereum blockchain. The set has 2000, 4K animated NFTs that can be exchanged for a matching pair of high-end footwear. This Limited Genesis Edition includes four innovative sneaker models, each with five distinct colourways, a total of 20 distinct colourways, and 100 pairs of each colourway set. In terms of digital wearables, Metaverse sneakers. You may find Cult&Rain NFTs in OpenSea.
Credits: Cult&Rain
Potentially available fashion NFTs
1. The Fabricant
Anyone can manufacture digital fashion NFTs at The Fabricant, a digital fashion store, and trade them in the metaverse.
Fabricant teamed with RTFKT to produce the gender-fluid RenaiXance digital garment collection. These NFTs were produced using a rebirth concept. RenaiXance, which translates as rebirth, makes reference to the reality that we can repeatedly reincarnate in the digital realm.
Fabricant collaborated with RTFKT (Credits: Fabricant x RTFKT)
Fabricant and the World of Woman are two female-led powerhouses in the NFT arena. Their joint effort is producing the World of Woman NFT 3D collection. These communities work together to ensure that women feel accepted and represented in web3. They introduce fashion and women into web3 and encourage other female initiatives to join their ranks. In addition to the Fabricant Studio, OpenSea also carries some Fabricant NFTs.
Credits: The Fabricant x World of Woman
2. Artisant
Artisant is a digital fashion NFT marketplace where fashion designers and artists can mint and sell their digital garments. Others can purchase or resell those crypto-collectables.
For an exhibition of fashion NFTs at the Decentraland Metaverse Fashion Week, Artisant has partnered with the global leader in a sporty fashion, Puma. To support global NGOs that support efforts for women, they pledge to donate nearly half of the proceeds from this product drop. In addition to ethereal bridal attire, silhouettes and other items, the product drop includes four digital designs that include upcycled footballs, Puma trainers, goalkeeping gloves, and backpacks. With an accompanying design for males appropriate for the collection, each outfit gave a statement on topics such as female sisterhood, power, individualism, and others.
Credits: Artisant x Puma
In collaboration with Red DAO, a digital fashion brand, Artisant is offering a vast selection of fashion NFTs in addition to a number of CloneX avatars from RTFKT. They have combined Artisant's Starsign and Red DAO's CloneX NFTs, with the former's initial edition offering seven RTFKT avatars along with 11 digital fashion NFTs capable of making 77 different combinations for modelling artworks. They were able to create cutting-edge, interactive fashion experiences to highlight the significance of wearability with the aid of the CloneX avatars and digital wearables.
Credits: Artisant x Red DAO
3. MojoMoto
Mojomoto is a digital fashion company that creates, markets, and sells fashion and lifestyle NFTs. They are working on AR solutions that will allow users to share an AR image of themselves wearing digital jackets via Snapchat.
They recently had an NFT project called Danish brand rotate, where the concept was that if you owned an NFT, you would receive a physical outfit that was specifically tailored to you.
Digital Jackets (Credits: Mojomoto)
4. 10KTF
With more than 22,200 NFTs, Wagmi-san debuted the 10KTF NFT collection. World-renowned craftsman Wagmi-san is a fictional character who makes accessories for apes, cats, wizards, and toads. One-of-a-kind digital items will only be produced once for his accessories. He exclusively produces items for clients who have parent NFTs. The NFTs are available at both OpenSea and Rarible.
Wagmi-san & 10KTF NFT (Credits: 10KTF)
5.HapeBeast
Bored Ape Yacht Club, the dominant NFT player, is clearly an influence on HapeBeast. Across 8,192 different Ethereum-based NFTs, HAPES took design cues from street style, technology, and music. The NFTs are available through OpenSea.
Credits: HapeBeast Prime
“NFTs are everywhere. Not only in the fashion industry. Somehow every digital product in the metaverse is stepping into NFTs”
NFTs and fashion, which had previously been moving in tandem, have unexpectedly joined forces as fashion trends could draw a new generation of customers in this digital era. Moreover, NFTs and Blockchain Technology can provide unique solutions to particular issues facing the fashion sector, such as counterfeiting. NFT Fashion is still in its infancy, but its rise has been expedited by the entry of big brands such as Gucci, Nike, Balenciaga, and Louis Vuitton. It is also evident that the NFT fashion sector is rapidly evolving, and brands are working hard to find innovative ways to appeal to their target markets. NFTs have been a tremendous addition to the fashion industry, enabling designers to digitize their products and reach a large worldwide customer base and consumers can easily trace back and prove the product’s authenticity. Let's take part in this massive transformation, which will emerge for the benefit of both fashion firms and customers.
About the Author:
Chikku George is a full-stack javascript developer with professional expertise in ReactJs, NodeJs and NestJs. She is also an enthusiast of emerging technologies and is particularly interested in Blockchain and NFTs. Presently she is a part of Scalable Platforms Studio and works as a NodeJs developer in Globant India.
About Globant
A digitally native company where innovation, design, and engineering meet scale, Globant is a disruptor in the professional services arena. We leverage the latest technologies and methodologies in the digital and cognitive space to help organizations transform in every aspect.
A pure-play in the digital and cognitive fields, Globant has a global presence with delivery centres in North America, Latin America, Europe, and Asia through which we offer a deep knowledge in the latest trends and technologies. With over 27,000 professionals present in 25 countries working for companies like Google, EA, and BBVA among others, we are featured as a business case study at Harvard, MIT, and Stanford apart from being a member of the Cybersecurity Tech Accord (2019).
For more information, visit www.globant.com
