The internet influences many aspects of our lives, and fashion is not immune to such influence. It is ideally adapted to that medium; information on what we wear, how we wear it, and where to get it is available through various electronic devices.
So far, 2022 has proven to be an exciting year for the fashion industry's future. There is a lot of speculation about how the Metaverse will look, but we know it will be populated with avatars who will require clothing and accessories. As a result, Metaverse fashion is an excellent medium for NFTs.
What is NFT?
NFT stands for a non-fungible token, which means it has unique attributes and cannot be replaced or interchanged. It is also a digital asset that symbolizes Internet valuables such as art, music, and games with a genuine certificate developed by blockchain technology, which underpins Cryptocurrency.
They are unforgeable since they cannot be forged or otherwise tampered with. On technological platforms, NFT exchanges take place with cryptocurrencies such as Bitcoin. A famous example of an NFT is Cryptopunks. You can buy, sell, and store 10,000 collectibles with proof of ownership.
NFT in Fashion
When it comes to NFTS, they are beneficial for tokenizing collectible and one-of-a-kind products. The fashion industry has been given a new level of exclusivity because of these NFTs, with their ability to turn digital designs and collections into elegant, precious, and rare collector pieces.
For example, Burberry collaborated with Mythical Games to produce a non-fungible token (NFT) line in Blankos Block Party1. And the success of the game, Bounce2, which debuted in 2019, the brand decided to expand its audience by collaborating with Mythical games Blankos Block Party on a shark named Blanko that could be upgraded, and purchased, and sold in-game.
In late August 2021, the fashion luxury house Dolce & Gabbana created its collection of NFTs on the Polygon blockchain. Domenico Dolce and Stefano Gabbana worked together to create a unique collection specifically for UNXD called Collezione Genesi3, the 9-piece. Their collection includes museum-quality handcrafted items from Alta Moda (women), Alta Gioielleria (high jewelry), and Alta Sartoria (men).
At a Basic. Space auction, a Baby Birkin NFT recently sold for $23,500. The bag featured an animation of a baby growing in a Hermes Birkin Bag. It's worth noting that Hermés, the owner of the Birkin bag's trademark, was not involved in the NFT issue and has addressed a cease-and-desist letter to the NFTs developer. He filed a case in the Southern District Court of New York for alleged trademark infringement and dilution. Apparently, according to Hermes, Mason Rothchild attempted to steal off Hermes' famous Birkin trademark by renaming the NFT "Metabirkin" with the generic prefix "meta."
These fashion houses constantly establish a new universe of engaging with their audience using digital experience. They design their games to fashion in the Metaverse.
Customer loyalty can be increased by using memorable goods. Customers can capture, exchange, and treasure one-of-a-kind experiences and unique moments in time, which these fashion brands might exploit to form a much more lasting bond with their customers.
Why Would People Buy NFT for Fashion Wear?
While many people find paying real money for clothing that does not exist in the real world perplexing, virtual goods produce genuine sales in the "Metaverse," online spaces where individuals occasionally gather, stroll around, meet friends, and play games.
According to a Wrap UK consumer clothing survey, one in three women finds an item of clothing ancient after wearing them one to two times. For everyone in the internet entertainment sector, clothing has transformed into solely a photo opportunity. You buy it, wear it, and then put it away.
As a result, numerous upcoming fashion businesses have become well-known in 2021. The game's name is wholesale stores, bundled packages, and discounted rates.
At the same time, textile waste has resulted in an environmental disaster. According to the Environmental Protection Agency, landfills received 17 million tonnes of textile waste. Fortunately, the internet has provided a solution in the form of digital clothing.
NFT Fashion Wear on Avatar VS. NFT Fashion Wear on Actual Human
You have the opportunity to pose for your profile in your pajamas and still capture amazing images for your feed. This is because Snapchat filters function similarly but with far higher stakes.
This brings us to Genies and how their purpose has been to create a digital identity that allows people to express themselves since 2016 freely. They have developed thousands of avatars for the world's most famous tastemakers to commemorate the most important occasions in their lives.
They first launched "The Warehouse," which was their avatar-wearable NFT marketplace so that anyone around the globe could create a Genie that reflected their entire range of interests. It wasn't long before Genies gained the reputation of being "culture's go-to digital identity."
Now that NFTs allow ownership of digital assets like avatars with an open Metaverse to be displayed, the digital identity will take on a whole new meaning. However, they currently have 300,000 active wallets on OpenSea, which means they are still in the first inning.
This is only the start. Genies plan to update their conditions to reflect these changes as they add new features and creator tools. And, as they open up "The Warehouse" to anybody who wants to make, drop, and sell their Genie creations, they will offer them marketing options that will be openly and transparently explained to buyers, so they know exactly what they're receiving.
Little You and the Rise Towards NFT Fashion
Since NFT fashion is popular amongst most fashion brands, Little You is lining it up with the rest by launching their line of the "I'M POSSIBLE" Collection.
Being a game-based application leveraging 3D printed technology gives importance to the artist in every growing youngster that strives to reach the real world. Little You tools allow the young generations to craft their creations by providing personalized 3D representations of their unique design representing the characters they want to make.
The 'I'M POSSIBLE" Collection they have launched is available in the Openseas market. The "I'M POSSIBLE" Collection is the Little You 3D application's initial design. This collection, which consists of 54 items, was built in 2015.
KEY TAKEAWAY!
We're on the verge of yet another digital transformation. New worlds of economic potential and vulnerability are emerging due to NFTs and the Metaverse. Many of these recent advances are being led by the fashion industry.