Fashion Industry of the Digital World: A Look Into Metaverse Culture
Toronto, Canada, Nov 2, 2021:The world of fashion is perhaps the most diverse landscape in the world. From cultural fashion to international and fusion styles, it does not have any bounds. Fashion also shares the most natural relationship with art, creativity, and self-expression. These evolving factors have been the cornerstone of civilizations throughout human history. And the evolution of fashion has taken a new turn in the 21st century with blockchain technology-enabled NFTs.
NFTs or Non-Fungible Tokens are unique identifiers on the blockchain that can be used to identify digital artworks, their attributes, and most importantly, their ownership. The fashion industry has been plagued by counterfeiting for a long time and there have been no solutions to the intellectual property violations. This was also the case with digital artworks on the internet but with NFTs, the game has just changed.
Dev Sharma, CEO of Blockwiz, a global crypto marketing agency says, “Digital art has found solace in the blockchain technology which is enabling a new era of trading in art. Art has always found value in its uniqueness, association with the artist, and often, its historical significance. The same value can be enabled for digital works with NFTs, helping art and artists to realize their full potential. This extends to the fashion industry in much more creative ways than was initially realized.”
In the physical world, fashion is often limited by the physical limits of utility, cost, material, etc. However, digital fashion can go beyond these bounds with only imagination as the limit. With the advent of metaverses, the digital landscapes built over blockchain technology have extended the scope of our reality and self-realization. Our identity in the landscape is not limited by the natural and geographical limits of physical reality.
For instance, Blankos Block Party is a multiplayer party game developed by Mythical Games. Burberry, a British luxury fashion house released their NFTs, creating limited edition Blankos, the collectible toys in the game. These limited quantity vinyl figurines can be upgraded, traded, and accessorized in the game. And who’s to say such NFTs can’t come in playable characters/avatars or add-ons to them similar to what popular games like Fortnite already have (including designs from Balenciaga).
Louis Vuitton also released a game with 30 NFTs that can neither be purchased nor sold but are collectibles for the players and theirs to keep. So the subject isn’t confined to money and commerce. Gucci’s auction of its short film NFT celebrated its 100-year anniversary and aimed at raising capital for UNICEF USA’s Covid-19 relief efforts.
Digital fashion is aimed more at the uniqueness and the value of ownership which had been on the downfall due to counterfeiting. These digital assets live on the blockchain and can’t be replicated or tampered with as is the nature of the technology.
“One of the most innovative approaches of the fashion industry is their integration of NFTs with the physical fashion. RTFKT (pronounced Artefact) has sold 600 pairs of sneakers for $3.1 Million as NFTs. And the buyers also get real sneakers of the same design to wear around while the NFTs can be flaunted in the virtual world. The digital versions also hold the value for the buyer with no chance of loss, theft, or mishaps. Overpriced also provides buyers of their NFT hoodies with lifetime replacements of the hoodie, which comes with a QR code that authenticates and flaunts it.” adds the Blockwiz founder.
Every major fashion brand is looking to capitalize on the NFT showbiz for the industry. However, artists and brands native to the crypto space have significantly high success in the space. This is, in part, due to the lack of audience in the NFT market and metaverses. However, the audience is steadily increasing with time and so is the utility of NFTs. Even governments are looking into NFTs to organize and secure real-world records on the blockchain like property ownerships, licenses, etc. Such moves are only going to increase the adoption of the NFT marketplaces.
We are in the process of building a parallel civilization on blockchain gaming technology. We already have a parallel economy to support one with cryptocurrencies, decentralized finance, and NFTs. And as history tells us, humans can leave everything behind but always carry their style!