Cryptocurrency has burst into the mainstream media over the last few years and with that has come the rise in NFT’s (Non Fungible Tokens.)
These are digital assets on the blockchain purchased through using Cryptocurrency.
NFT’s can be made as single items or may have thousands available.
This is called minting.
Although you can screen shot an NFT and have a copy of the image,
this will hold no value as the value is in the code that comes with the NFT and is stored on the blockchain.
The value will be decided by the demand for the NFT along with the current value or the crypto currency being used.
You can buy and sell your NFT’s on marketplaces and they are stored in your crypto wallets.
Some of the major brands have already moved in to the digital fashion space,
which will becoming increasingly popular as the metaverse develops and more retail investors become involved in the crypto space.
Fashion brands are making digital versions of their physical manufactured items and purchasing space in the metaverse.
Gucci
Gucci were the first of the luxury fashion brands to enter this space.
They have purchased land in the Sandbox (A crypto gaming ecosystem where you can monetize your own land you purchase in Sandbox.)
They have had collaborations with 10KTF, Superrare and Superplastic to release NFT collections which are all on the market place Opensea (on the Ethereum blockchain)
Dolce & Gabbana
Ahead of the Venice fashion week, Dolce & Gabbana announced to auction off NFT’s.
Each NFT winner had perks that came with the ownership of the digital art.
One NFT (The Glass Suit) sold for $1,000,000 and came with a physical version of the NFT, tailor made to the wearers specifications.
Two dresses with the same perk sold for more than $500,000 each.
A tiara and a jacket both sold for more than $300,000 each, with the perk being a years access to the D&G couture shows for a year,
along with private tours of D&G in Milan.
Nike
Nike have also been busy in the crypto space.
They have acquired RTFKT, a company that makes sneakers and NFT’s for the metaverse and released
a collection called Cryptokicks, with one pair fetching over $100,000.
They have purchased space in the Sandbox and also hold a patent for Cryptokicks.
Opportunities for all brands in the Crypto Space
Below are some suggestions as to where you can use this space for your own brand
- Create your own NFT’s – Creating as many incentives in your NFT’s such as receiving a physical garment with the NFT,access to restricted items on your website, discount codes etc will help add value to your digital fashion collection.
- Creating your own store in the metaverse. If you create 3D versions of your manufactured garments, you can sell your garments virtually as well as physically. There are some fantastic programmes available to create 3D garments that can act as your virtual factory.
If you would like to discuss this with us or would like us to design your 3D garments for you, please do not hesitate to get in contact.
Sources
https://vault.gucci.com/en-US/story/metaverse
https://www.vogue.co.uk/news/article/fashion-nft-dolce-and-gabbana
https://www.thedrum.com/news/2021/12/14/nike-jumps-nft-bandwagon-with-crypto-collectables-studio-rtfkt-acquisition
https://thenextweb.com/news/nike-blockchain-sneakers-cryptokick-patent