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  • farzad farboodi

How NFT will impact the fashion industry?

Updated: Mar 25, 2023

If you are one of those who are interested in the crypto universe (or not), as a professional working in fashion, you should know about how it works and why big fashion houses are already so vested in it.

NFTs have found their way in the fashion industry but few people know what they are and how they work. That’s the reason we are here with this blog. Here we are going to discuss what NFTs are and their impact on the fashion industry.

What are NFTs?

A non-fungible token (NFT) is a unique identifier that cannot be copied, substituted, or subdivided, that is recorded in a blockchain, and that is used to certify authenticity and ownership.

What is an NFT in fashion?

NFTs in the fashion industry come in many forms and shapes. Like, online or virtual garments that buyers can try or wear within the virtual world only, online content that owners can interact with, or digital copies of the physical.

The Fabricant’s iridescent dress, which sold for the equal of $9.500 in May 2019, was the first recorded sale of a fashion NFT

Famous brands like Louis Vuitton, Dolce& Gabbana, Gucci, and Burberry, to all the other popular brands. These all have been trying to introduce non-fungible tokens to their marketing effort.

Why are NFT fashion projects so popular right now?

During the pandemic, stores were closed and fashion shows were canceled, brands turned to video games to connect with customers and generate revenue. As the concept of the metaverse expands and materializes, consumers are eager to show off their style and personality.

The pandemic causes a growing interest in virtual fashion raise. You don’t have to shop at traditional stores anymore. With the virtual dressing room can virtually try on the clothes and get fit and size recommendations.

How fashion businesses are capitalizing on the NFT trend

Augmented reality in clothing

Many customers wish to wear the cloth they purchase, by using augmented reality it's possible to overlap the online images over the camera footage of the real world.

Popular fashion brands like Burberry, Gucci, ASOS, and Gap have been using the virtual try-on feature.

Virtual stores

They are now being designed to provide the best of both the physical and virtual worlds, creating a third mode of shopping that is neither a store nor a website.

Many brands, including Tommy Hilfiger, Ralph Lauren, Burberry, Gucci, Vans, and Balenciaga, have opened virtual stores, besides brand-created destinations within existing platforms.

Mataverse fashion

Customers can also wear brands’ digital goods in the metaverse. A growing number of brands are breaking through the metaverse marketplace, including Nike, Gucci, Louis Vuitton, Balenciaga, Burberry, Ralph Lauren, and others.

Conclusion

NFTs are still in their infancy but are bringing major changes to the fashion industry. Now we see that big brands have started investing in or using it in the fashion industry, and we will hear a lot of news in this field in the not-too-distant future


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