- Entrepreneurs are disrupting the shopping experience for fashion products using Non-fungible tokens.
- OVerpriced sold an NFT Hoodie for $26,000.
- Fashion categories reaping big from the NFT craze include sneakers, streetwear, and jackets.
Decentralized Finance is introducing another big craze – Fashion NFTs. Will you miss out here as well?
The hype around NFTs is garnering heat, and as a crypto enthusiast, you can’t miss out on what’s happening on the metaverse. While engineers are coding art, music, and content creation into digital NFT products, fashionistas are also jumping on board.
Non Fungible Tokens or NFTs are unique, irreplaceable pieces of data that represent ownership of digital assets. Transactions around these tokens are recorded on the blockchain. How is the fashion industry making use of the NFT gold rush?
Fashion Non-fungible tokens
Rebecca Minkoff’s story was captured on Forbes early this month, detailing how the fashion icon uses NFTs to revolutionize the shopping experience for fashion products. In August, Minkoff entered into a partnership with Yahoo to build a 3-D gallery for auctioning physical store products. The innovation will bring in more consumers and raise the demand for art, fashion, and other products.
Minkoff and Yahoo could go on and implement the 3-D gallery to include customers wearing their NFT products. Consumers can, in turn, share their images on social media. Remember, most customers for luxury products do not purchase many pairs of expensive shoes just because they need them. Psychologically, these actions are ingrained into the luxury heritage.
An NFT Jacket Sold for $125,000
Vogue Business also reported how OVerpriced sold an NFT Hoodie for $26,000. The hoodie belonged to a collection of 25 black hoodies created by Grammy-nominated Leighton James.
A challenge that Non-fungible tokens come to solve includes one key issue underlying luxury fashion products today. For example, a celebrity buyer wants to show off their expensive hoodie but refrains from wearing it to avoid damage. So when the buyer buys the NFT hoodie, the in-built NFT smart contract grants the buyer access to unlimited physical hoodies to replace a damaged one.
You can see the potential speculation surrounding NFT products and what could be causing the recent explosion. Granted that the Defi ecosystem is attracting interest from all forms of industries, most of the tokens will attract long-term holders. Therefore pushing their tokens to the moon.
Different Fashion Categories on DeFi
Fashion categories reaping big from the NFT craze include sneakers, streetwear, and jackets. RTFKT, pronounced as Art-Fact, recently announced selling a digital jacket for more than $125,000.
Another crucial benefit of NFTs is their ability to impact advertising by the community the story around brands. Take, for example, Joe Exotic – the superstar behind Tiger King who is currently serving 22-year imprisonment. The star entered into a partnership with cryptocurrency firm More to auction pieces of Joe-themed jackets and artwork.
Huge supporters of the Tiger King celebrity said purchasing the collectibles was a way of connecting with Joe. I think NFTs are going to transform digital storytelling and help build interesting stories around products. Successful brands in the NFT fashion buzz are specifically those without physical storefronts.
However, they attribute their success to deploying exciting products that resonate with the cryptocurrency community. Therefore, the social media marketing strategy is mainly found across Discord, Telegram, or Reddit sites. Sites where you are likely to find the tight-knit blockchain community.
Don’t Miss out on Fashion NFTs.
Most people might think they missed out on the chance to invest in NFTs because of recent news reports. The data paints a drastically different picture. According to recent reports, more than 157 million distinct Ethereum wallets may be used to store Non-fungible tokens. On OpenSea, one of the principal markets for purchasing and selling NFT, boasts approximately 350,000 wallets. This number continues to grow, and there exist a million reasons why yours should be the next wallet.