Fashion

Are NFTs the Future of the Fashion Industry?

Are NFTs the Future of the Fashion Industry

As Web 3.0 has begun to take shape and weave itself across the internet, the fashion industry is pushing boundaries towards the Metaverse. Today, we will take a particular look as to where and how far we predict this to actually go. Fashion houses of the world, in particular Canadian brands like Lululemon and Club Monaco, are excited to experiment with the new opportunities at their doorstep. The question is, to what extent can fashion really push the boundaries on the new digital space?

It isn’t just Canadian fashion brands that are pushing the boundaries when it comes to entering the metaverse, Canadian live casino sites are already embarking on new initiatives to ensure their platforms are innovative and more tech-forward than ever before. Immersing their gambling users into the Metaverse, is the least of what can be expected in the months to come. 

From the moment where it all began, and Mark Zuckerberg announced that Facebook was to be rebranded and changed to Meta, the idea of immersing the social platform experience in avatar form, ready for the metaphysical to join with reality, seemed all the more possible. In fact, this knocking on the door of the Metaverse and all its potential, really got brands talking about the possibilities that are waiting to happen. The first idea that came to mind was mimicking of other virtual realities and gaming experiences when designing an avatar. This pushed the boundaries of thought to; why not actually customise them with collectable high fashion items, that can work in the same way as skins within the gaming world? And so, the definition of digital fashion came to be and manifested.

In 2022, huge brands like Louis Vuitton, Sandy Liang etc., have gone beyond avatar designed fashionwear, to pushing their digital stages to the likes of NFTs running on the blockchain network. Rendered through real time currency, these fashion digital items not only can be used within the metaverse, but they can also be converted, sold, and exchanged for the individuals who seek to invest in big time pieces-which is kind of similar to a real-time shopping experience on the retail market anyway, right?

With the successful drops by Louis Vuitton amongst others, other brands in the industry are rushing to also invest into the digital craze, believing that their clothing items digitised could represent digital assets that can be carried through online and heighten the Metaverse experience. However, it isn’t just luxury brands that are rushing to imprint their name within the metaverse, more high street names like Gap have introduced limited edition NFT drops, which involved collectible hoodies with specialised art from popular NFT artists like Brandon Sines. Creator of the Frank Ape, Sines capitalised massively on the sales of his digital art. Ultimately, that is the hope of multiple fashion brands, that they too can double their revenues from simple limited edition drops.

Nike recently acquired the NFT fashion start-up RTFKT (pronounced as artefact), with a sale pushing past $42 million. This merger however comes with great hope for the future, especially where sports fashion wear is concerned. This step was clearly a loud and clear declaration from Nike themselves, telling the digital space to be ready for the NFT drops and creations they will unveil. With a brand as innovative as Nike, it can be expected that their accelerating transformation could integrate itself into multiple sectors beyond the fashion space, particularly with the likes of gaming culture and creative arts. 

It is clear to see that the fashion digital space is not a one-shoe-fits-all kind of development. Depending on the brand identity and the natural fit for brands in the months to come, the metaverse and all its immersive qualities will fit to each and their own. But if you are thinking of the immersive concept of digital runways and CGI productions, we think you could be right. Balenciaga have hinted at the idea of developing the creative mediums that would allow them to wield such a creative platform and communicating their vision on a digital runway would certainly be one way to go about it.

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