With constant talk of the Metaverse, the fashion industry is no stranger to this virtual concept. Read on to learn more about NFTs and what it means for the luxury goods and fashion industry.
Firstly, what even is the Metaverse? It encompasses everyone at this point, whether you invest in Crypto, are living within the gaming world, creating and selling your art digitally - it involves us all. To put it simply, the Metaverse is basically the internet but in a 3D world. It's a place where you interact digitally, and can virtually experience simulations of the real world, or crazy creative worlds beyond that. This can be experienced through virtual reality, or VR systems.
So... what is an NFT? NFTs, or non-fungible tokens, are unique digital codes of which serve as proof of ownership and authenticity of an asset, and cannot be replicated, taken apart or replaced. NFTs can be anything digital and are based off blockchain technology.
NFTs can digitally represent any asset, such as digital artwork or real estate. There are really no limits. This can also include digital and non-digital collectables, domain names, and event tickets.
We saw the increase of NFTs within the fashion industry in 2021 and had seamlessly carried on into 2022. Although, the idea of a NFT has become far more established and understood this year. Fashion houses such as Burberry, Gucci, Jimmy Choo, Louis Vuitton and countless others have introduced their customers to the concepts of NFTs, and have received nothing but good feedback. The masses are loving the digital world.
Notably, the two most popular NFT events within the fashion industry are Balmain and Chanel.
Earlier this year Balmain and Barbie collaborated on a ready-to-wear collection, an accessories line, as well as a series of NFTs. It completely changed the game within the industry - it was an incredible collab, and a remarkable look into the concepts of NFTs.
The avatars are seen wearing digital versions of the clothing pieces and accessories from the Balmain x Barbie collaboration. The bid, taken place in June, resulted in the highest bidder receiving the avatar NFT, as well as a one-of-a-kind Barbie scaled version of the NFT itself.
This shows another way in which luxury houses can make another form of a 'sale' other than selling their fashion pieces. It's genius!
Similarly, for the anniversary of Karl Lagerfeld's birthday last year, the company released 777 units of an NFT and sold them for 77 EUR. The company played with the use of 7 as it was late Lagerfeld's favourite number. The very first NFT was referred to as 'Ikonik Karl' and since then there have been numerous releases and different editions - including designs and collections of each Karl.
Chanel took a more direct approach to NFTs, as opposed to Balmain and Karl Lagerfeld. As of 2021, Chanel removed their authenticity serial stickers and cards for metal microchips inside their bags. Therefore consider these new chips as your very own NFT - as you have ownership, and the chip guarantees authenticity of the bag.
It uses blockchain technology to store the data and authenticity of the bag - and this is now virtually impossible to alter. This chip stores data from the bags entire life cycle. From creation, to purchase, to repairs and even its resale.
It seems as though NFTs, and the general gist of the Metaverse, will not slow down anytime soon within the fashion industry. There has been steady growth from one brand to another with the use of NFTs, and I can see that that will continue to grow, at a faster pace than it is now.
Whether you're directly involved with the Metaverse or not, there's no doubt that it's here and we're all in it. I hope you all gained a general understanding of NFTs, and the technological future of the fashion industry!
- H x
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