Fashion and NFTs — How The Fashion Industry is Making Use of the Crypto Trend
It wouldn’t be wrong to say that NFTs are progressively conquering every market, sector or business and the recent one among them is the fashion industry.
Talking about fashion industry, it was also in need of a much-awaited change and modification to attend to the severe market competition and NFTs are here just in time.
Seeing the NFTs hype, the fashion industry couldn’t resist the desire to enter the blockchain market. In this piece of writing, we’ll be exploring how the fashion industry is making use of this crypto trend and what we can expect to see in the revolutionary fashion world.
Let’s Begin with an NFT Primer
NFTs are basically an abbreviation for Non-Fungible Tokens. An NFT is a digital piece of art or a digital asset build on the blockchain network. What’s unique about NFTs is that they have a unique identity which makes them impossible to duplicate or counterfeit.
Although the NFT concept is not something new as it originated almost nine years ago in 2012, but it became mainstream back in 2017 with Crypto Kitties where digital cats could be sold, bought and even bred as NFTs.
NFTs Stepping in the Fashion World
Since the start of the 21st century, the fashion world has been struggling to keep up with the fast-evolving pace of the businesses and market sectors. And when the business sector started pacing towards NFTs, the fashion world also made a shift to try its luck with the NFTs as it was the only hope. To its pleasure, it worked and the NFT fashion began booming.
At first, most of the fashion brands were reluctant to embrace this new crypto trend but the recent NFTs hype welcomed a lot of investors. This year saw major fashion giants and icons including Gucci and Jeff Staple stepping their foot in the NFT space. Earlier this year, Gucci auctioned some one-of-a-kind sneakers as NFTs.
Not just that, NFTs can also serve as one of the major income sources for fashion brands since they provide a better reach to high-profile customers. Luxury fashion brands like LVMH are using tokens to connect with their customers since connection is of utmost importance in fashion retail industry to attract large number of high-profile customers.
While commenting about NFTs in fashion industry, the digital designer Nicole Zisman stated,
NFTs and interest in artwork is completely to the Luxury Fashion industry’s advantage
The Dolce and Gabbana Comeback
After being behind in the digital world for quite a while, the luxury brand Dolce and Gabbana just recently had a fantastic comeback. On Sept. 30th, the brand revealed a nine-piece collection of digital NFTs that has been sold for 1885.719 Eth at auction. This equals almost $6 Million.
Now we know all the hype around NFTs is not for nothing as the digital arts have marked a strong start in the fashion world as well.
NFTs allow luxury and premium fashion brands to make incomparable, matchless, and one-of-the-kind items for their customers which will result in enhancing brand-customer engagement and will also help in boosting sales and income.