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.
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 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 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.
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 (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.