Twenty years ago, during the millennium when the internet was just emerging, people enjoyed creating their own virtual avatars on QQ Show, purchasing clothing and accessories for them, and sharing and communicating with friends. Twenty years later, a new virtual concept – NFTs (Non-Fungible Tokens) has swept the internet world, with art, clothing, furniture, and more all being displayed in a virtual form online, becoming tradable commodities.
NFTs have been one of the hot topics in the fashion industry in recent years. From street fashion to luxury brands, fashion brands have been flocking to the NFT wave, launching a variety of creative digital products. This raises the question, why are these intangible goods so popular? What attempts have various fashion brands made in the field of NFTs?
NFT stands for Non-Fungible Token, which is a type of digital token based on blockchain technology. A painting, a video clip, or a gaming prop can all be subjected to a series of operations to become an NFT asset. Unlike the more commonly known Bitcoin, NFTs have the characteristic of being non-replaceable. Each NFT asset is unique in the world, and owning an NFT artwork is equivalent to having the ownership of that work in the digital realm.
What is NFT
The popularity of NFTs in the fashion industry in recent years can be traced back to consumers and brands alike. In the current wave of the metaverse concept, the boundary between the virtual and the real world has become blurred, and entertainment, social interaction, and even daily necessities can be fulfilled online. Dressing up has become an important way for everyone to express themselves in this world. Who wouldn’t want to buy a set of good-looking equipment to manage their virtual image well?
For brands on the other end, the emergence of NFTs has a different significance. In the post-pandemic era, offline stores, pop-ups, and runways can only reach a small portion of consumers, while an online NFT show can achieve broader exposure. This has a significant impact on the fashion industry and is one of the reasons why various brands are getting involved in NFTs.
What’s more, the non-replicability of NFT assets can also solve the common copyright issues faced by artistic creators. In today’s world where free copies and replicas are rampant, it can provide protection for creators.
NFT epidemic causes
The fashion industry has adopted NFTs in various ways, from augmented reality (AR) clothing to 3D virtual stores, with endless innovative ideas that leave people in awe of the richness of imagination.
Let’s take a look back at some interesting NFT projects that the fashion industry has undertaken in the past few years.
Many people’s first impression of NFT clothing comes from filters in mobile apps. This type of clothing, which can only be seen on electronic screens, is a common form in NFT fashion. For example, RTFKT, a virtual sneaker brand under Nike, recently released the Nike Dunk Genesis Cryp-tokicks, an NFT shoe model created based on Nike’s classic Dunk series. Owners can change the appearance of the shoes by merging with “dye water”.
NFT Fashion Review
There are also some virtual fashion retail platforms worth our attention. For example, the brand DRESSX has gathered many designers and fashion brands to retail their virtual products. Users can wear digital new products in the form of AR in the DRESSX app. What’s more, there is no need to worry about the size of these virtual items when purchasing, as each one can achieve a customized fit.
01 AR Clothing
What is it like to open a store in the virtual world? In 2022, many brands began to purchase digital land on various metaverse platforms and open virtual stores. For example, this year Gucci established a virtual town called Gucci Town on the metaverse platform Roblox. In the town, you can play games, explore the creative concepts of the Gucci brand and designer Alessandro Michele, and buy clothing in the brand’s virtual store.
Some metaverse platforms have even started fashion shows. In March this year, the Decentraland platform held the first Metaverse Fashion Week (MVFW), attracting many luxury brands such as Etro and Tommy Hilfiger, as well as digital fashion brands. Through a series of catwalk shows, afterparties, and pop-up stores, fashion brands showcased their latest digital products. Unlike offline fashion weeks, the fashion show on Decentraland is open to everyone, and can be accessed with just a computer and Wi-Fi, breaking the closed tradition of previous fashion weeks.
Many brands have also started to combine NFTs with tangible physical products, offering “packages” that include both NFTs and physical items. For example, a few months ago, the jewelry brand Tiffany & Co. launched an NFT pendant called “NFTiff” that swept the fashion and NFT communities. Limited to 250 pieces worldwide, it was only available for purchase by holders of CryptoPunks. Buyers could obtain a high-end customized necklace from Tiffany & Co., achieving double satisfaction in both the virtual and “physical” worlds.
02 Set up shop in the Meta Universe world
A few months ago, Prada launched its third “Time Capsule” NFT project. The limited-edition shirts were inspired by Prada’s classic bowling shirts and featured patchwork patterns. Each physical item purchased comes with a serial number that can be redeemed for the corresponding NFT item. Players who hold the NFT item have the opportunity to attend the Milan Fashion Week show in person and watch the Prada Spring/Summer 2023 show up close.
In addition to the above forms of NFTs, many luxury brands also delve into the gaming field. Some brands have created their own virtual games, such as Louis Vuitton, which launched the virtual game Louis the Game last year to celebrate its 200th anniversary. The game contains limited edition NFTs designed by artist Beeple, and players have the opportunity to obtain them by participating in the game. Through the game, players can learn about the brand’s history and stories while also having the chance to win limited edition NFT digital collections.
Some brands collaborate with popular existing games, applying their digital clothing to game scenarios. For example, Balenciaga launched exclusive skins for Fortnite players last year, creating a series of outfits for the four beloved characters in the game: Ramirez, Knight, Doggo, and Banshee. At the same time, Balenciaga also opened a virtual boutique in the Fortnite game where players can purchase Balenciaga digital clothing.
03 Combination of physical objects and NFT
There are many interesting NFT attempts in the fashion industry. In the past few years, almost every month, fashion brands have launched new NFT projects that attract people’s attention. As an emerging industry, the various playful ways that NFT fashion has developed so far have fascinated us while also showing its infinite potential. The future development of NFTs has endless possibilities. What will NFTs look like in the fashion industry in 5 years or 10 years? Let’s look forward to it.
