HOW WILL THE FASHION INDUSTRY CHANGE IN THE FUTURE AS APPLYING NFT?
Currently, the world’s high fashion industry has begun to put foot on the creative track in the NFT marketplace. This brings a promising transformation to today’s most innovative business.
NFT in Today’s Fashion Industry
Recently, NFT has become a fever in the fashion industry. According to data from Vogue Business, one-fifth of customers of high fashion brands have expressed their opinion that NFT is a very interesting experience in this field.
In 2021, Burberry followed the NFT trend and launched its first digital product as a part of the B Series collection. This luxury brand has partnered with Mystery Games to create a multiplayer game consisting of all toys called “Blancos” that live on the same blockchain.
The well-known fashion house Gucci collaborated with the digital character brand SuperPlastic to introduce the SuperGucci NFT collection earlier this year. It was made by the combination of Alessandro Michele — design director of Gucci and SuperPlastic. The idea behind this collection was to combine classic Gucci motifs and designs with SuperPlastic’s Janky & Gugimon digital figures.
The streetwear firm The Hundred has launched an NFT collection called Adam Bomb Squad that offers 25,000 unique ways to combine the brand’s iconic bomb image and background. The collection has achieved a lot of success up to this point. As reported by NFT Now, this NFT collection has generated over $50 million in sales for the company on Open Sea. One of the factors contributing to this great achievement is the fact that the brand has provided a wide range of benefits to every owner of the NFT Adam Bomb Squad.
One of the most prominent and interesting fashion NFTs in the market is Louis the Game, which is a game released in 2021 to commemorate the 200th birthday of the founder of the famous fashion label Louis Vuitton. Especially, the NFTs you integrate in this game are only meant to be collected and are not for sale.
Besides, there is also the NFT collection in the game Blankos Block Party released by luxury fashion brand Burberry in association with Mythical Games. This NFT collection’s limited edition is named Sharky B — a shark figurine decorated with TB Summer Monogram.
It is impossible to ignore the NFT “Baby Birkin” created by artists Mason Rothschild and Eric Ramire in reference to NFT fever. This is an animated NFT with a 40-week-old fetus in a transparent Hermes Birkin bag. The 2000x2000 pixel version of the NFT “Baby Birkin” was sold at auction for the equivalent of $23,500.
Additionally, Dolce & Gabbana set a record of nearly $6 million for a 9-piece NFT collection. Virtual sneaker brand RTFKT Studios partnered with young artist FEWOCiOUS to produce three styles of sneakers that come with a digital version. All proofs show that NFT is very active in the fashion industry. As NFT is a trend, more and more fashion brands will apply it in releasing products for their labels in the future.
How Will The Fashion Industry Change In The Future as Applying NFT?
In the exciting situation of fashion brands applying NFT to their products, how will NFT change the fashion industry in the future?
An Indian menswear designer named Raghavendra Rathore told Firstpost: “The recent pandemic has helped accelerate the development of virtual fashion. NFT opens up a new world for consumers to brands and could change the way we look at fashion by giving consumers access to maintain lifetime ownership of our verifiable assets, and a secondary market for creators and consumers, uncommon in the luxury and fashion industry.”
There’s no denying that the Covid-19 pandemic has changed the way consumers purchase and given the many nationwide closures last year. The retail environment for fashion has shifted towards online shopping by consumers. People who were born between 1995 and 2010 are known as Generation Z, they frequently make online purchases and spend $140 billion annually, according to news reports. Generation Z, which comprises 2.6 billion people globally, will have a significant impact on the future of shopping.
Besides, it is the irreplaceable uniqueness of NFTs that makes them extremely valuable, especially in the eyes of collectors. It can be said that NFT is about to profoundly change the world of high fashion because it brings exclusivity. This is also an opportunity for designs and digital collections to become scarce, worthy, luxurious and unique.
As the daily appearance of new digital platforms and the constant development of digital technology, NFT promises to bring an explosion to the fashion industry in the future. In the past, the antiques market struggled to attract the connoisseurs of buying and collecting. Now it is possible for NFT to change the game’s rules regarding collecting luxury antiquities thanks to NFT’s indefinite existence on the blockchain.
Fashion brands have used NFT to allow users to own distinctive digital art and collections such as albums, show tickets, clothing, prototypes of works and even unique experiences. On the other hand, the ability for a digital item to be different is attractive to the fashion field as it enables for the monetization of digital assets and extends the brand’s control over the product through selling points.
Establishing a new world of sales and digital client interaction is the main issue for fashion firms in this situation. Memorable and impressive items can boost customers’ loyalty. All brands can use once-in-a-lifetime experiences and special moments to create lasting relationships with their customers by being able to capture, share, and treasure them.
A founder of London-based t-shirt printing company Alex Econs expressed his view that as demand for NFTs grows, we should expect to see more NFT adoption in high-end fashion brands and fashion design. The paradigm shift is happening quickly and 2022 will be the year that rapid growth begins — expect to see only digital clothing cost the same as limited edition sneakers and caps in the near future.
The Benefits And Risks of NFT That Fashion Brands Should Consider
When NFT becomes more and more popular in the fashion field, all customers and those who intend to join the fashion NFT will learn why many luxury brands are eager to apply them in fashion and whether this change brings any benefits or drawbacks.
- Benefits:
- Designers are guaranteed copyright issues for their work. No one will be able to copy their works and profit from them after they have been converted into NFTs with the aid of a blockchain system.
- Increase income for creators. As opposed to purchasing physical products, NFT creators can receive royalties every time their work is sold or transferred. The original designers will be received for every successful transaction.
- Enhance the customers’ interesting experience. They can admire and feast their eyes on NFT works with pleasure because they often combine music and movement to make them more eye-catching than a regular static image.
- Drawbacks:
- Since NFTs are still a relatively new asset class, buyers may encounter unexpected challenges. To own this kind of product, it is imperative that customers are those who have had access to digital assets or who have a good grasp of this asset.
- This is an asset that trades in virtual currency. They are thought to be rife with scam risks, and not everyone has the expertise and experience to buy, sell and exchange them.
- Since these are digital products and not physical commodities, they are not possible to hold the purchased items in your hands. In other words, we are not buying the actual works, but the certification rights to them.
- According to the Cambridge Bitcoin Electricity Consumption Index, Ethereum is estimated to consume 44.94 terawatt-hours of electrical energy annually and around 21.35 tons of carbon dioxide emitted each year. In a recent study, scientists warned that if Bitcoin was adopted as widely as other new technologies, it might push the earth’s temperature by 2 degrees Celsius above historic levels.
Brendan McGill, Co-Founder and Head of Product Design and Engineering at Offsetra, told CBS News: “We are concerned about the rapidly increasing use of fossil fuels for Bitcoin mining and trading, especially coal, which has the worst emissions of any fuel. Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at a huge cost to the environment.”
Through the above article, we can partly understand the impact of NFT on the fashion industry in the future as well as some of its advantages and disadvantages. Then, if you plan to participate in this marketplace, you need to equip yourself with certain knowledge to avoid encountering unfortunate risks. Thanks for reading and keep following Snailhouse for more updates!
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