Why fashion brands should move in as quickly as possible into Web 3.0

Undoubtedly, the creator economy is flourishing now post the wide adoption of NFTs. Likewise, the fashion industry is an integral part of Web 3.0. Famous brands like Dolce & Gabbana, Gucci, Louis Vuitton, and Prada are launching their NFT collections on different marketplaces. Let us discuss the use-cases of Fashion NFTs and explore the different advantages. 

Analyzing how NFTs have triggered a storm in the world of fashion

Virtual sneakers – Unquestionably, iconic brands generate a big buzz when they come out with their limited-edition shoes. Likewise, Nike acquired RTFKT, a popular NFT marketplace. Generally, buyers can try on the virtual sneakers before purchasing them. A combination of 3D and Augmented Reality (AR) used in Snapchat Lens ensures a never-before-seen experience for prospective investors. 

Importantly, the collection named “Nike Dunk Genesis Cryptokicks” was sold for a whopping $186,000. Thus, buyers are making aggressive bids for these digital sneakers powered by skin vial technology. 

Interestingly, ASICS also came out with NFT sneakers in collaboration with STEPN, a Web 3.0 based lifestyle app. The collection traded for more than $10 million. Based on the concept of Move-to-Earn (M2E), fitness enthusiasts get rewards for performing physical activities. Built on the Solana blockchain, users can purchase a pair of sneaker NFTs. Later, they can take part in the game and receive digital tokens. 

Physical garments – Dolce & Gabbana made its plans for the metaverse clear at the Venice Fashion Week held in October 2021. The Italian luxury fashion brand sold a 9-piece collection named Collezione Genesi for around $5.65 million. The collection was a mix of physical designs, sketches, a men’s suit, and a multi-coloured dress. 

Couture Pieces – Celebrated fashion designer Manish Malhotra made heads turn in the Lakme Fashion Week by dropping his NFT collection. It included illustrious sketches of dresses and constellations worn by popular actresses and models. Interestingly, an NFT named “Illuminous Showstopper” for Kareena Kapoor was sold in 12 seconds for Rs 2,80,000. Couture dresses will also be released in the upcoming Australian Fashion Week (AFW) by Daniell Avakian, an acclaimed designer. Hence, investors can purchase both the tangible garment and the animated avatar of the dress. 

Wearables – Digital fashion on the blockchain is the right way to describe DressX, a metacloset. Buyers can purchase accessories, tops, suits, sweatshirts, shoes, and bodywear. Moreover, users can also upload their snaps and get a digital look instantly. With its online marketplace, DressX aims to tackle issues like high product returns and inefficient inventory management that are affecting the global fashion industry. The wardrobe powered by Augmented Reality (AR) will captivate a lot of men and women.

Street Art – Talented artist Trevor Andrew partnered with Gucci for creating skirts, rings, and handbags. and selling around 385 individual pieces. Initially, Guccighost represented a Halloween costume. However, Trevor has seen immense success with his paintings and modified apparel, generating high interest from investors. 

Digital Models – Spring Runway Show held at Cornell University witnessed the sale of digital models made by a student named Lior Cole. She plans to raise funds by selling off the NFT. “Colours of the metaverse” is an 8-second video depicting the perfect balance between the real and the digital worlds. With bidding available for 10 days, a record-breaking sale is expected for the NFT as it is the first one in the 38-year history of the Spring Runway Show. 

Is a mix of physical and digital the future of Web 3.0?

Monkey Kingdom is a popular NFT project on the Solana blockchain network. It comprises a collection of 2222 NFTs. It has partnered with AMBUSH, a Tokyo-headquartered lifestyle brand. Investors who have earlier bought the Monkey Kingdom and AMBUSH NFTs will receive access to fashion merchandise, tangible items like jewellery, and an avatar named MONKEY LEGENDS. All the NFTs represent Sun Wukong, a mythical figure. Ultimately, the Monkey Legends will become inhabitants of the Kingdom Metaverse. They can also dress in AMBUSH gear. This collaboration between Monkey Kingdom and AMBUSH reflects a perfect convergence between the physical and the digital realities. 

Wrapping Up

The fashion industry will evolve rapidly as interest in NFTs grows over a period of time. Importantly, technologies like Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) will play a crucial role when brands and designers try to attract the community with their exclusive collections. NFTs in the fashionverse would become the battleground for creativity and monetization. The ones who take a step forward now will be in an advantageous position as Web 3 Crypto is set to make a huge impact on the fashion sector.