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Non-fungible tokens, better known as NFTs, are blowing up right now.
Just last month, the digital artist known as Beeple sold a collage NFT (‘Everydays: the First 5000 Days’) for a staggering $69 million. Similarly, Grimes sold her collection of NFT animations for $6 million. Hell, even Tekashi 6ix9ine is set to launch two NFT collectible art pieces! *Image with thanks to Getty.
These digital assets are taking the world by storm, and there’s plenty at stake for the fashion industry. High-end labels such as Gucci, Dior and Louis Vuitton are anxious to target a new generation of consumers that are obsessed with exclusivity.
Are NFTs the dawn of a new age for fashion? Here’s what we’ve seen so far.
What Are NFTs?
In short, an NFT protects your digital asset. Secured by blockchain technology, NFTs use encryptions similar to Bitcoin and other cryptocurrencies. NFTs come in a variety of forms. They might be digital artwork, videos, or even gifs – Nyan Cat was recently sold as an NFT.
The important thing to remember is that NFTs provide a kind of security for your digital purchase, as they track who bought and sold an item, much like a physical paper trail.
Yes, anyone can technically download Grimes’ animations, but only one person truly ‘owns’ the rights to the digital asset. And NFTs make this possible.
The Ghost of Gucci
Unsurprisingly, NFTs have caused a sensation within the fashion industry.
No strangers to the digital realm, Gucci have already designed high-end wardrobes for video games Drest, The Sims 4, and even Pokémon GO. Last month, the Italian label took things a step further by releasing a pair of digital-only sneakers (dubbed the ‘Virtual 25’) worth $16.99. Usually selling for anywhere upwards of $500 for a physical pair, the digital sneakers could be ‘worn’ with the support of augmented reality technology.
While the Virtual 25 sneakers are not technically NFTs (they are available in unlimited numbers), it’s not hard to imagine how labels might leverage similar concepts for NFTs in the future. Vogue Business says, ‘It’s only a matter of time’ before the big labels dive head-first into this new phenomenon.
But what might fashion NFTs look like?
Well, the latest collaboration between design studio RTFKT and Seattle crypto-artist FEWOCiOUS might offer some clues. Linking up for a trio of digital sneakers bearing a resemblance to Nike Air Force 1s, RTFKT and FEWOCiOUS sold 621 pairs for a total of over $4 million (the sneakers sold in under seven minutes). What’s the difference between Gucci’s Virtual 25 sneaker and the FEWOCiOUS collaboration? The latter were sold as NFTs.
RTFKT quickly followed up with an Atari collaboration, enlisting the help of six artists to present six unique variations of the virtual sneaker. The NFTs were sold in batches of 50, and buyers could wear the sneakers on apps like Snapchat or MetaverseMe.
The Virtual Roadmap
Virtual sneakers, like the ones created by RTFKT, are having monumental success in the burgeoning NFT market, and the new business model may provide a concrete road map for brands like Gucci that seem to be looking to dive in.
Over the next decade, we can expect huge shifts in the fashion industry towards digital products, and the possibilities are endless. Digital NFTs may accompany real-world, physical clothing, or provide a receipt for in-game purchases for your avatars. NFTs could even store secret tickets to fashion shows or live music.
Regardless of what NFTs end up resembling over the next few years, don’t expect this bubble to burst any time soon.
If all this NFT talk has got your head spinning, download our app and try our Visualise function to virtually try on your next pair of kicks.
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