The world of fashion is incredibly complex and interesting. On one hand, there are many fashion brands that seek to scale their operations, increase their user base and make their products easier to buy in order to increase their profits.
On the other hand, there are certain brands whose entire business model role is built on exclusivity and making sure that only a select few people have access to their clothing. In the case of the latter, ensuring the authenticity of the product that is in the market, proving exclusivity to their client base, and maintaining an air of luxury is key.
As such, these brands tend to put many mechanisms in place to ensure the authenticity of their products and confirming ownership with the buyers. These include certificates of authenticity, specific physical examinations to make sure the product is genuine, and actively fighting against any counterfeits in the market.
While this has generally worked, the digital age offers new and innovative tools to prove authenticity and transfer of ownership of luxury fashion items. One of the latest of these is non-fungible tokens or NFTs as they are commonly called. NFTs have already seen significant use within the world of art and even sports but now, it is taking on the fashion world.
NFTs Making Their Way into Fashion
The world of fashion has always been very willing to embrace technology to offer a better product and experience to customers. In 2020 following the pandemic, fashion houses hosted online fashion shows and even virtual reality fashion shows.
Now, NFTs seem to be the new trend in terms of fashion been applied with the tech industry. For example, Dapper Labs x Fabricant x Johanna Jaskowska released an NFT back in 2019 that included a model in a digital outfit and this was debuted at the Ethereum summit.
In 2021, Rtfkt released NFTs as part of a collaboration with digital and visual artist Fewocious that included 621 pairs of sneakers which sold out in minutes and raised a total of $3.1 million. This has supposedly caused a ripple effect that is being followed by other major fashion houses. Most notably, it is rumored that Gucci will be selling some NFTs for a collection of digital sneakers and this comes after Gucci already sold its first-ever NFT for $25,000 through Christie’s. That NFT was a piece of digital art and a video clip from one of its runway shows.
If current trends are to be believed, NFTs will play a bigger role in the fashion industry moving forward and will likely become immediate collector items for fashion fans everywhere.
What it Means for the Future
It is no secret that many fans within the fashion industry pride themselves on being able to buy the most exclusive and limited edition pieces. Many times, these pieces are resold later for higher prices or simply form part of a proud collector’s capsule. NFTs will likely become a bigger part of fashion collection culture with people rushing to buy NFTs for exclusive collections and collaborations.
The fact that NFTs offer such a credible and high level of authenticity will also be beneficial for fashion fans who are cautious about buying the products in the open market or from resellers.
NFTs becoming more prominent in the fashion industry benefits both the fashion houses themselves who can maintain control and access to who has purchased their product as well as the buyers themselves who can be sure of the product they are getting.
As with art and other mediums, we will likely see more people dropping huge amounts of money for NFTs from major fashion houses and as fashion and tech continue to unite, non-fungible tokens will likely remain at the forefront.
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