Home LifestyleArt Luxury Fashion Brands are Capitalizing on NFTs

#crypto #luxury #fashion #brands #NFTs #blockchain #consumers

$MS

“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.

The Knights Platform is an electronic network that links the trading floors of every relevant Crypto Exchange

Market participants, Brokers and market makers can take a price on any of the linked exchanges to find and execute the best price available. Eventually, as they are on boarded, a broker on the floor of one exchange could directly place an order through Knights rather than going through a broker on another exchange.

A tip of my hat to sovereign individuals with satoshis and Bitcoin in cold storage with our firm. Click here

Check Price Action

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!

You may also like

logo-white

Your Trusted Source for Capital Markets & Related News

© 2024 LiveTradingNews.com – For The Traders, By The Traders – All Right Reserved.

The information contained on this website shall not be construed as (i) an offer to purchase or sell, or the solicitation of an offer to purchase or sell, any securities or services, (ii) investment, legal, business or tax advice or an offer to provide such advice, or (iii) a basis for making any investment decision. An offering may only be made upon a qualified investor’s receipt not via this website of formal materials from the Knightsbridge an offering memorandum and subscription documentation (“offering materials”). In the case of any inconsistency between the information on this website and any such offering materials, the offering materials shall control. Securities shall not be offered or sold in any jurisdiction in which such offer or sale would be unlawful unless the requirements of the applicable laws of such jurisdiction have been satisfied. Any decision to invest in securities must be based solely upon the information set forth in the applicable offering materials, which should be read carefully by qualified investors prior to investing. An investment with Knightsbridge is not suitable or desirable for all investors; investors may lose all or a portion of the capital invested. Investors may be required to bear the financial risks of an investment for an indefinite period of time. Qualified investors are urged to consult with their own legal, financial and tax advisors before making any investment. Knightsbridge is a private investment firm that offers investment services to Qualified Investors, Members and Institutions ONLY. Qualified Investors are defined as individuals who have met those Qualifications in the relevant jurisdictions. Members are defined as individuals who have been accepted into the Knightsbridge membership program. Institutions are defined as entities such as banks, pension funds, and hedge funds. If you are not a Qualified Investor, Member or Institution, you are not eligible to invest with Knightsbridge. All investments involve risk, and there is no guarantee of profit. You may lose some or all of your investment. Past performance is not indicative of future results. Knightsbridge is not a registered investment advisor, and this disclaimer should not be construed as investment advice. Please consult with a qualified financial advisor before making any investment decisions. By accessing this website, you agree to the terms of this disclaimer. Thank you for your interest in Knightsbridge.