NFTs In Fashion Industry: Where Luxury, Gaming & Blockchain Meet

While art NFTs have already taken over the entire creative community, fashion NFTs still have a long journey ahead of them. At first glance, virtual wardrobe arsenals might sound like a weird concept to comprehend. What is the point of digital clothing after all? For crypto-native fashion brands like RTFKT, who recently sold a digital jacket for over $125,000, “NFTs are all about collectibles, and so is the fashion world”. 

The first-ever Metaverse Fashion Week, hosted by Decentraland, is already scheduled to open its virtual doors in March with dozens of industry-leading brands ready to flood the runways with digital clothing.

Following the footsteps of Beeple and his $69 million digital art sale, more and more fashion brands are eager to test the virtual metaverse waters and capitalize on the ever-growing allure of blockchain technology.

Can clothes really be NFTs?

What is this new blockchain style that blends high fashion with the complicated world of blockchain and cryptocurrency? To put it simply, NFTs or “non-fungible tokens” are cryptographic tokens stored in a blockchain. Through tokens, people can buy, sell or trade physical and digital assets like artwork, real estate, and clothing. 

NFTs are created to tokenize items worth collecting and are unique. Blockchain technology allows transparency, hence each NFT carries detailed information (eg. ownership details, security, and metadata). NFTs In fashion serve a new level of inclusivity; collectors can obtain valuable, unique pieces from their favorite brands and designers. 

As people start paying more attention to fashion NFTs, it’s been announced that a 2000×2000 pixel animated Baby Birkin NFT bag recently sold for  $23,500. Gucci stepped into the fashion Metaverse with their first-ever exclusive drop, a digital version of Gucci’s Dionysus bag, which was quickly sold for $4,115 on Roblox Corp.

The fascinating blockchain technology will most likely continue to grow in popularity, especially now that the idea of digital clothing is starting to get normalized. 

NFTs,  luxury fashion brands, and gaming 

When you pause to take a look at the bigger picture, you quickly realize that the fashion and gaming industries are indeed working hand in hand to capitalize on the growing demand for NFT goodies. The latter has been taking advantage of the technology for quite a while.

RTFKT’s recently-sold $125,000 jacket description reads “ We designed the METAJACKET to be a piece you’d be proud to wear in the streets, and in-game.” They also announced an $8 million seed round from notable VCs including Andreessen Horowitz and C Ventures. So far, they’ve managed to sell over $4.5 million of digital goods in a single year.

Many more luxury fashion brands are eager to partner up with esports teams, game developers, and even gaming consoles to launch exclusive digital collections in-game. 

Louis Vuitton’s NFT game

The second-most popular luxury fashion brand, Louis Vuitton, has also tapped into the fashion Metaverse. To celebrate the founder’s 200th anniversary on August the 4th, the French house blended fashion and technology in one single adventure-style game, “Louis the Game”. Players would have to explore a dollhouse belonging to Vivienne. To make things even more exciting, 30 hidden NFTS will be available. LV teamed up with  Beeple (the artist who scored the  $69 million digital art sale) to create 10 of these hidden surprises.  

Burberry NFT collection with Mythical Games

 Burberry doesn’t shy away from using technology to its advantage. The brand partnered up with  Mythical Games to launch a non-fungible token (NFT) collection in their flagship title, Blankos Block Party. Players can buy and upgrade the digital clothing that features Burberry’s new TB Summer Monogram inspired by the brand’s Animal Kingdom house code.

What fashion brands are using NFTs?

Long before the first-ever Metaverse Fashion Week, hosted by Decentraland, was announced, brands were already creating NFT fashion collections. As Vogue Business reported, “Hugo recently signed with MVFW partner Boson Protocol to enable the people to buy physical Hugo goods within the metaverse, including Metaverse Fashion Week.”

The attendees will have the opportunity to enjoy live music sessions, fashion shows, and glamorous e-parties, all while buying and wearing digital clothing directly from catwalk avatars. Dolce & Gabbana has already partnered up with  UNXD, a luxury NFT marketplace to help curate the programming.

At the pick of the global pandemic, when people were eager to get back to their normal lives, Balenciaga’s Demna Gvasalia presented the  “deep fake of a fashion show,” featuring a CGI version of the painter Eliza Douglas for the virtual catwalk.

Since NFTs In fashion became sort of mainstream, Adidas and Nike have used the technology to their advantage. Adidas, as part of its “Into the Metaverse” project, has partnered with various artists and developers to offer customers access to “virtual land experiences.” 

In the case of DressX, a marketplace for digital-only fashion goods, fashion-savvy customers can obtain items from $30 and as much as $9,500.

Fashion in the Metaverse is the future

NFTs In fashion might not replace the people’s admiration and need for physical clothing, they are, however, a fantastic opportunity to gain access to collectible, one-of-a-kind items people wouldn’t have been able to obtain otherwise. 

“I don’t think digital fashion will replace physical fashion, but I think it will be an integral extension of the industry moving forward,” Krista Gambrel, a DressX customer who recently purchased a matching NFT crop top and skirt set told Vogue.

At the end of the day, blockchain offers a never-seen-before opportunity for costumes and brands to take a more sustainable route. 

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