NFTs trasforming the fashion industry
Post-NFT adoption, the creative economy is unquestionably booming. The fashion sector is also an important aspect of Web 3.0. Dolce & Gabbana, Gucci, Louis Vuitton, and Prada are just a few of the well-known labels putting their NFT collections online. Let’s take a look at some of the potential applications for Fashion NFTs and weigh the pros and cons of each.
Analyzing the impact of NFTs on the fashion industry.
The release of limited-edition shoes from well-known companies often generates a lot of excitement. Similar to RTFKT, Nike bought the popular NFT marketplace. Virtual sneakers may usually be tried on before purchasing by customers. Snapchat Lens uses a unique blend of 3D and Augmented Reality (AR) to create an experience that has never been experienced before by potential investors.
The “Nike Dunk Genesis Cryptokicks” set was auctioned for a whopping $186,000. Because of this, purchasers are bidding aggressively for these skin vial-powered digital footwear.
ASICS has collaborated with STEPN, a Web 3.0 lifestyle app, to produce NFT footwear. Over $10 million was paid for the items in the collection when it was sold. Move-to-Earn (M2E) is an incentive system that encourages people to get fit by rewarding them for doing so. Users may buy a pair of sneakers with NFTs built on the Solana blockchain. In the future, people will be able to participate in the game and earn digital tokens.
Dolce & Gabbana’s metaverse ideas were on display at the October 2021 Venice Fashion Week. Collection Genesi by Italian luxury apparel business Collezione Genesi sold for $5.65 million. A men’s suit and a multi-coloured garment were among the items included in the show.
Manish Malhotra, the celebrated fashion designer, created a splash at Lakme Fashion Week with the debut of his NFT line. Drawings of famous actresses and models in gowns and constellations adorned the book. NFT titled “Illuminated Showstopper” sold in 12 seconds for Rs 2,80,000 to Kareena Kapoor Daniell Avakian, a well-known designer, will be releasing couture gowns at the next Australian Fashion Week (AFW). A virtual and physical version of a dress may be purchased by investors, allowing them to own both.
DressX, a metacloset, is best described as wearables – digital fashion on the blockchain. Accessories, blouses, suits, hoodies, shoes, and bodywear are all available for purchase. Additionally, customers may submit their own photos and obtain a digital look right away. Online marketplace DressX intends to address issues such as excessive product returns and poor inventory management that are impacting the global fashion industry with their marketplace. Many men and women will be fascinated by AR-enabled clothing.
Gucci collaborated with street artist Trevor Andrew to create skirts, jewellery, and purses, and sold 385 of them. Initially, Guccighost symbolised a Halloween costume. Trevor, on the other hand, has had great success with his artwork and clothing modifications, which have attracted a lot of attention from investors.
In the Spring Runway Show at Cornell, a model called Lior Cole sold his computer models, which he had created for the occasion. To obtain money, she proposes to sell off the National Football League (NFL). An 8-second film called “Colours of the metaverse” depicts the perfect harmony between the actual and virtual worlds. For the first time in the 38-year history of the Spring Runway Show, bidding will be open for 10 days, resulting in a record-breaking sale for the NFT.
Is Web 3.0’s future a blend of the physical and digital?
The Solana blockchain is home to the prominent NFT project Monkey Kingdom. A total of 2222 NFTs are included in this collection. Founded in Tokyo, Japan, AMBUSH is a lifestyle brand. In exchange for their previous investment in the Monkey Kingdom and AMBUSH NFTs, investors will now have access to an avatar called MONKEY LEGENDS, as well as fashion accessories and real goods like jewellery. A mythological character named Sun Wukong is depicted by all of the NFTs. After all, the Monkey Legends will wind up in the Kingdom Metaverse at some point. It is possible for them to wear AMBUSH gear. There is a beautiful fusion of the physical and digital worlds in this joint venture between the Monkey Kingdom and AMBUSH.
As the need for NFTs develops, the fashion industry will adapt quickly. Augmented Reality (AR), Virtual Reality (VR), and artificial intelligence (AI) will play a critical role when companies and designers aim to entice the community with their exclusive collections. The fashion industry’s NFTs would serve as a battleground for innovation and profit maximisation. Web 3 Crypto is poised to have a significant influence on the fashion industry, therefore those who act early will have an advantage.