by Sophie Holly
NFTs revolutionize the way we do commerce in the fashion industry. Yet first, you may even stop and wonder:
“Wait, what even are NFTs?”
NFTs, Non-fungible tokens, are digital objects representing real-world objects. Like clothes in the fashion industry, for example, which are bought and sold online. The boom of NFTs across many industries from fashion, through art, to music proposes many questions:
Are NFTs here to stay and change the future forever? Will buyers get any utility out from them? Will people even be interested in luxury fashion NFTs?
Digital fashion carries a promising future ahead that allows brands to launch digital-first and focus on real-life garments next. In this feature, I aim to give a taste of the world of NFTs in fashion and lead you to ponder and build your opinion around this fresh explosion of innovation.
Could the only hope for fashion to stay on top of the exhilarating rush of technological innovations rely upon the introduction of a new digital ecosystem? Gucci’s answer is a confident yes on the matter. They have already introduced exquisite sneakers as an NFT. Remember when e-commerce first exploded onto the scenes? Mostly all luxury and fashion brands took over the new trends immediately. Marjorie Hernandez, the founder of Lukso, explains how she excepts the same reaction to the arrival of NFTS:
“…There’s now more of a willingness to experiment with new technologies like blockchain.”
The roads led to this peaking point about to collapse into the world of virtual fashion. Cathy Hackl of the Futures Intelligence Group backs up this statement by suggesting that “…every fashion brand will need to have a virtual strategy,”. My long time friend, too, called in the other day and said:
“Guess what, I am making money off of NFTs!” – Sophie Holly