Non-fungible tokens (NFTs) and blockchain technologies seem to be the latest techniques brands employ to entice, authenticate, and bridge the gap between them and their customers all over the globe.
Fashion brands can use NFTs to give customers exclusive discounts, early product releases, and access to exclusive events among other things.
The number of fashion brands that have inculcated NFTs into their products is as follows;
RTFKT is a fashion brand known for selling virtual sneakers. The brand was established in 2019, but in 2021, a collaboration with a crypto artist Fewocious helped it break records, selling 600 pairs of sneakers in seven minutes.
The question is, how was this made possible? Now, here’s what happened. Fewocious designed three virtual sneakers that bidders tried out on Snapchat and when they liked them, they auctioned and purchased it.
What was more, the highest bidder had the opportunity of trying the sneakers in reality. Well, that could have opened up a chance for RTFKT to partner with The Fabricants, creating seven new virtual collections with a supple 8 million USD in their fundraising, plus Nike planting its print by planning to help RTFKT's creative world move ahead.
The world-renowned Italian luxury house Gucci was the first luxury brand to employ the NFTs strategy.
They made a major sell-out of 25,000 million USD at Christie's auction after collaborating with Alessandro Michele in the four-minute Aria-inspired collection film.
NFT and fashion week
NFT's introduction into the fashion week exhibition was all thanks to the coronavirus outbreak, and that led to the collaboration between French Fashion, Haute Couture Federation, and Arianee brewing up NFTs that can be interchanged in the 2022 men's fall /summer fashion week in fashion exhibitions in Paris.
Louis Vuitton NFTs collecting game
Recall the game "Louis the Game” that was introduced on the 200th anniversary of Louis Vuitton's founder?
The fashion plus technology game had thirty NFTs with ten collaborating with an artist called Beeple, and the games are displayed for sale.
Overpriced is a fashion brand that designs a hoodie with a scannable code, and yes, it sold at 26,000 USD on the NFT platform Block party.
Dolce and Gabbana
At the Venice Fashion week, D&G auctioned nine (9) pieces of Alta Moda Collezione Genesi for 5.56 million USD. Each NFT grants its buyers the opportunity to the real versions of each item, plus UNXD plans to hurl a 10 million USD Culture Fund to help extend the use of NFTs in the fashion sphere.
Think biomimicry, and yes, this is the inspiration behind the AurosBoros, a digital fashion that is involved in IRL X URL (a sweet combo of science and technology).
It is the future and is the very first "Ready to wear" clothing to debut at London Fashion Week 2021 with digital products bought on Decentraland as NFTs.
H&M Loop Island
H&M Loop Island has been intentional about its maintenance initiatives in days past, launching the Loop, an up for sale recycling system, merging with animal-crossing to further foster recycling during the game's first-ever recycling station.
They also assist customers to reuse and recycle properties IRL and digital atmosphere.
Blockchain Technology is Back in the Fashion World
Prada, Richemont, and LVMH, the founding fathers of LOUIS Vuitton, have joined hands to create a tracing solution for their customers which means the fashion world hasn't only implemented the NFTs and blockchain technology but is doing more.
These tracing products help decipher the raw materials used in the production of goods. The authenticity also helps in the search for products and enhances the watch of the flow of trade in used markets.
Of course, because NFT offers the platform for individuals to show off what they do, brands like Bulgari, Cartier, Hublot, etc., have joined in the trend with Burberry, Coach, and Longines employing the sale of NFTs in their virtual fashion exhibition through Metaverse.
Digital duplicate stores are setting the pace as more fun and user-friendly retail frontier, while digital shopping fuels the experience that shopping can be borderless as long as digital spaces are provided with intriguing baggage to be explored.
Virtual spaces not only bring buyers close to sellers; it's also equally a space for product visibility and advertisement.
For those who think NFTs can only be exploited by artists, classical painters, and the likes, a glimpse at digital arts and fashion houses should impact a rethink because NFTs have come to stay and is for everyone.