#crypto #luxury #fashion #brands #NFTs #blockchain #consumers
“As interest in cryptocurrencies and NFTs surge, fashion and luxury brands have an opportunity to invest in the future. Now, fashion is looking for ways to embrace and monetize high tech, and some brands are prioritizing NFTs as a marketing tool and a way to expand their revenue streams”–Paul Ebeling
NFTs are digital tokens used to prove ownership of an asset and they are 1 of the fashion industry’s hottest commodities.
Offering new opportunities to connect with customers, foster community, and generate revenue, it was only a matter of time before creative uses of NFTs in luxury fashion began to emerge.
From Dolce & Gabbana to Gucci, Louis Vuitton, and Burberry, luxury brands have been actively investing their time venturing into the digital space, exploring ways to introduce NFTs to their product ranges and marketing efforts.
Fashion NFTs come in many shapes and forms – virtual garments that customers can wear within virtual environments; digital content that owners can interact with; or digital twins of physical creations.
According to the Vogue Business Index, some 17% of brands it researched had worked with NFTs in some capacity in Y 2021. And with the blossoming luxury NFT market tipped to grow to $25-B according to Morgan Stanley, the number of fashion businesses entering the market is only expanding.
Rather than inducing the trend, the VirusCasedemic highlighted growing consumer interest in virtual fashion and demand for fun, personalized, and immersive digital experiences – from brand activations within video games to virtual dressing rooms where shoppers can try on clothes virtually and get fit and size recommendations through their smartphone before they buy clothing.
It’s unsurprising that interest in fashion NFTs, which satisfy the demand for greater digitization and enable personalization in the online world, is so high.
Fashion’s interest in the metaverse was most evident at the inaugural Metaverse Fashion Week, hosted within Decentraland. The NFT fashion show saw over 70 brands, including Tommy Hilfiger, Dolce & Gabbana, and Karl Lagerfeld, participating in branded catwalks, showcasing collaborations with famous digital designers. There, several brands also took the opportunity to sell NFT wearables for customers to dress their avatars in.
Fashion brands have been buying a few NFTs of their own, typically in the form of virtual land where they can build stores and showrooms to market to young consumers.
Virtual worlds allow users to buy parcels of land in the form of an NFT, and luxury brands such as Gucci have wasted no time setting up shop. Gucci intends to create an interactive fashion experience based on Gucci Vault, the luxury brand’s conceptual space.
Gucci is not alone in the metaverse. Selfridges, for instance, recently opened the world’s 1st NFT department store within Decentraland, where users can view exclusive NFTs and browse Selfridges products.
Dolce & Gabbana’s record-breaking Collezione Genesi is the 1st luxury NFT collection to include digital and physical works. Bringing in $5.7-M at auction, winning bidders received both a physical and virtual version of the design they acquired. Through a QR code stitched inside each product, purchasers can authenticate their apparel on the blockchain and use it to unlock exclusive AR experiences.
Others are using NFT technology to improve traceability.
NFTs look certain to play a significant role in the future of fashion, particularly as the metaverse expands to offer new platforms for consumers to showcase their digital purchases.
The Gig Q: Why?
The Big A: Because Gen Z shoppers crave digitalization and personalization.
According to Epsilon, 80% of consumers are likely to purchase from brands that offer personalized experiences. Technically speaking, an NFT is a digital record marked on a blockchain, but for consumers, it’s an opportunity to connect with brands they care about and enjoy unique experiences in the digital format they desire.
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Editor’s Note: The market cycle is a naturally occurring phenomenon, attributable to human psychology, and has repeated itself time and time again, though with some variations, in the lives of nearly all market traded instruments. This cycle repeats itself to varying degrees but is fairly accurate in representing the shift between market sentiments of euphoria and pessimism, and an acknowledgment of this natural phenomenon is Key to profiting from any traded instrument, including Bitcoin. My workd show a return to the mean and then all-time highs in here. Tune out fear.
Have a prosperous weekend, Keep the Faith!