You’ve most likely noticed the immense buzz around NFTs, or non-fungible tokens, since the beginning of 2021 and how they have permeated the digital space since. But what can they mean for the world of contemporary fashion?
The rise of NFTs gives fashion brands the opportunity to capitalize on a new generation of shoppers that is incredibly tech-savvy, enjoys creating and curating digital content, and desires to collect highly coveted digitized novelties that are one of a kind. Creative application of NFTs can also be beneficial for luxury brands looking to bolster their diffusion lines — their more casual and affordable sub-brands — by generating buzz. Even smaller brands can experiment with NFTs and sell them on digital shopping platforms such as Nifty Gateway, KnownOrigin and OpenSea.
So yes, digital fashion is a reality. Although traditional fashion is much more useful to society, luxury fashion designers are entering the exclusive (and expensive) world of NFTs and cryptocurrencies. NFTs enable , which help increase brand awareness, engagement, and sales.
Take a look at this 5 examples of NFT use cases in online fashion:
- Collaboration between Prada and Adidas
The German brand will feature art generated by users and owned by creators. People can submit their ideas and artwork to be selected and produced by Adidas. The selected artists will have full rights to the NFT they have created and will have the opportunity to sell it online. The idea is to give customers a voice in the conversation about the brand and build meaningful relationships, in addition to supporting the artists’ work.
- Paco Rabanne’s phygital NFTs in collaboration with Selfridge’s
Paco Rabanne sells NFTs that can be purchased through a digital screen in-store using a traditional credit card and will include digital versions of early Paco Rabanne designed dresses. Some pieces will also be versions of drawings that were not even produced.
At least 1,800 NFTs are scheduled to launch between January 28 and March 12, with prices ranging from £2,000 to over £100,000. Selected Paco Rabanne NFTs will be sold alongside their physical counterparts, and digital versions can be carried on multiple virtual platforms.
- Balmain digital sneakers
French luxury brand Balmain has also used NFTs to enhance the physical shopping experience. The goal is to link everything digital, especially NFTs, to real-world space.
Include two digital versions of the BBold sneakers created in collaboration with Dogpound, one in white and one in black, and a digital membership card, which have been released alongside the physical sneakers, which retail for $1,069 and are signed by the Balmain creative director Olivier Rousteing.
- Nike’s investment in the metaverse
Nike began connecting the physical and digital worlds with its proprietary method of verifying the authenticity of sneakers. Now, the well-known sportswear company has entered the metaverse.
Recently, Nikeland has opened the Roblox platform, where people can try on many high-end Nike products and play games. Last month, Nike filed seven trademark applications related to the metaverse, indicating its intention to manufacture and sell branded virtual shoes and clothing.
- Dolce & Gabbana – Alta Moda Collezione Genesi NFTs on UNXF
D&G launched the 9-piece collection during Venice Fashion Week, auctioned for USD 5.56 million. Buyers of each NFT received not only the NFT but the physical versions of the items and exclusive access to D&G events.
Moreover, The luxury NFT platform UNXD has also planned to launch a USD10 million “Culture Fund” that aims to expand the use of NFTs in the fashion industry.
Keep up with the latest on technology, digital marketing, and Hispanic culture by reading our blog and subscribing to our newsletter!