OWNR Wallet blog background

How are NFTs and Metaverses Transforming the Fashion Industry

NFT and metaverses have actively penetrated the fashion industry and have become a popular and discussed trend. Virtual reality and augmented reality have become a part of fashion, making it more vivid and exciting.

The virtual world allows millions of users to experiment with fashion and styles, creating their own digital world. And fashion brands do not stand aside from modern technologies.

Nike

Public attention to the Metaverse has increased dramatically in 2021. At the end of the year, Nike acquired RTFKT Studios. The company produces many digital models of NFT shoes.  About 600 NFTs of real RTFKT sneakers paired with virtual ones were sold within six minutes.

Nike has already opened a fashion and clothing store ‘Nikeland‘ in Roblox. The Nikeland Showroom allows visitors to purchase Nike shoes, clothing and accessories for their digital avatars.

Adidas

Adidas entered the Web3 market in collaboration with Bored Ape Yacht Club and PUNKS Comic, premium NFT collections. 

Adidas bought a BAYC ape. The blue monkey named Indigo Hertz appeared in an Adidas jacket, cap, and other accessories. This Ape represents Adidas in Metaverse fashion.

The time of NFTs

Fashion brands have switched from physical shows to digital ones. Exclusive collections of their designers were sold as NFT and brought millions of dollars. 

Major fashion brands cooperate with NFT companies to produce unique designs and luxury accessories in the form of NFT. 3D avatars of models dressed in digital clothing have become a new and convenient way of promotion and advertising.

In 2019, Dutch startup The Fabrikant, along with Dapper Lab and Joanna Jaswoska, sold a digital outfit for $9,500. Subsequently, fashion business leaders such as Louis Vuitton, the world leader in luxury, LVMH Moet Hennessy, created NFTs.

Dolce and Gabbana

Dolce and Gabbana partnered with Polygon to release the NFT collection. The collection called Collezione Ganzi includes women's outfits, men's clothing and a collection of high-end jewelry.

Gucci 

Gucci collaborated with Alessandro Michele, an Italian fashion designer who created a four-minute film inspired by the Gucci area collection. It was sold at auction for $25,000 million.

Burberry 

British luxury fashion and beauty brand Burberry in collaboration with Mythical game's Blankos block party has released the NFT collection. They created NFTs of a shark named Sharky B that can be purchased and exchanged on the Blankos block party trading platform.

Hugo

Hugo (a subsidiary of the renamed Hugo Boss), collaborated with Boson Portal Metaverse fashion week (MBFW) to enable visitors to buy physical goods in the Metaverse.

Boson Portal Metaverse fashion week 

MBFW participants also included such popular brands as Tommy Hilfiger, Dolce & Gabbana, Elie Saab, Le Fabricant, Jacob & Co, Vogue Arabia, Guo Pei, Etro, Paco Rabanne, Hogan, Dundas, Cavalli.

NFT, metaverses and covid pandemic

The rapid development and spread of NFT and metaverses was also facilitated by the covid pandemic, during which physical purchases switched to e-commerce. 

It was difficult for buyers to choose collections, as they had no idea how they would look in them. In Metaverse fashion, customers can try on their avatars using VR and AR technologies in a matter of seconds.


Keep reading

What Directional Liquidity Pooling Gives to DeFi

What Directional Liquidity Pooling Gives to DeFi

28 November 2022

A directional liquidity pool is a good opportunity for liquidity providers to increase liquidity on exchanges by pooling their funds.
Read more
Smart Contrast-enabled Insurance Promise Many New Opportunities

Smart Contrast-enabled Insurance Promise Many New Opportunities

28 November 2022

With the advent and development of blockchain comes a new insurance world in which smart contracts replace insurance documents, blockchain "oracles" displace claims adjusters, and decentralized autonomous organizations (DAOs) take the place of traditional insurance organizations.
Read more
South Koreans may soon Allow their Citizens to Use Blockchain-based Digital ID

South Koreans may soon Allow their Citizens to Use Blockchain-based Digital ID

25 November 2022

According to an Oct. 17 Bloomberg report, in the future digital ID cards will be integrated into mobile devices in the form of an app that works similarly to physical resident registration cards.
Read more