The digital shopping experience has become a rich ecosystem that blends into multiple digital spaces and online channels. This opens an abundance of several creative opportunities that cannot be replicated on-ground. Digital spaces are now the new trends for brands to connect and engage with audiences. This is why NFT fashion brands come as no surprise.
The NFT ideology is showing zero signs of stopping at the moment, as there are now NFT fashion brands. These digital tokens can come in any form ranging from artwork, games, and even unusual digital forms. Apparently, the hype that NFT brought did not stop at the gaming industry, but luxury fashion brands have also joined the bandwagon. As a result, NFTs have taken over the fashion industry as many big names are beginning to take note.
Research shows that one in about five luxury fashion brands is rating NFTs as exciting for the fashion industry. From Gucci’s short film to Chito & Givenchy’s NFT collection, here are the top fashion brands who jumped on the NFT bandwagon.
What are NFTs?
Before exploring fashion brands that joined the NFT trend, it’s important that you understand what NFTs are. NFTs are not new, and you may have heard of the word before. NFT is an abbreviation for non-fungible tokens. However, do you know what this means or why this is making waves in the fashion industry now? So, before we proceed, let’s begin by learning the basics.
A non-fungible asset is a one-off such as a house, a painting, or even a trading card. They are units of data stored on a blockchain digital ledger. Every NFT represents a kind of certificate of authenticity showing that a digital token is unique and not interchangeable. A non-fungible token cannot be changed, adjusted or even stolen. This is a result of the principles of cryptography that make the blockchain totally unique.
Non-fungible tokens are used to indicate ownership of one-of-a-kind objects. These tokens enable us to tokenize items such as antiques, arts, and sometimes real estate. In addition, the tokens can only have one official owner at a time. So, when you exchange these tokens, you get something entirely different. They are also protected by the Ethereum blockchain, which means no one can change the record of ownership or create a new NFT.
In addition, because of the Ethereum blockchain protection, one cannot simply copy or substitute a non-fungible item. Examples are the Statue of Liberty, a ticket for a seat at the Super Bowl, and the Mona Lisa. So, now that we understand what a non-fungible token is, let’s quickly dive into how they work.
How do NTFs work?
NFTs were launched first on the Ethereum blockchain, and then other blockchains, including FLOW and Bitcoin Cash, followed suit. The ownership and unique identity of a non-fungible token is only verifiable through the blockchain ledger. Irrespective of whether the original file is MP3, JPG, GIF, or just anything else, the NFT that identifies its ownership can be sold and bought. Just like any type of art, the price is set by high market demand.
There are some NFTs that act like replicated prints of famous masterpieces you find in an art gallery. Some parts of the blockchain are entirely valid but wouldn’t hold the same value as the original piece. NFTs come with a license to any digital asset it points to, but this does not automatically confer copyright ownership. If the copyright owner decides to reproduce the work, then the NFT owner will gain no royalties. Now, let’s look at the fashion brands jumping into the NFT trend.
NFT – Fashion Brands joining the trend
As NFTs propel new levels of customer engagement, loyalty, and community across industries, NFTs are making a stand in the fashion industry. The fashion industry is always setting the latest trends, and NFTs are no exception. Many fashion brands are jumping into the NFT’s latest trends, and we are going to explore them. Keep reading to find out the fashion brands joining the NFT trend.
NFT Fashion Brands – Adidas x Prada
Recently, Adidas and Prada fashion brands joined the NFT bandwagon to create the Prada Re-Nylon collection. However, the looks went beyond just the physical but stepped into the Metaverse. The NFT collection was titled Adidas for Prada Re-source project. Many people from across the globe submitted their photographs for a chance to turn them into a larger NFT. Eventually, Zach Lieberman, a digital artist, collected the more significant piece. He sold the piece for a shocking 30 Ethereum, which converted to about $97,559.10.
NFT Fashion Brands – Jacob & Co.
Famed Watchmaker Jacob & Co. converted its SF24 Tourbillion timepiece into an NFT digital asset in April of 2021. During this conversion, many watch collectors were all in on this concept. The piece was later sold at auction on the ArtGrails NFT platform for $100,000. The digital watch emulated the original physical item’s functioning and world time zone display. However, the digital watch’s flap system displayed cryptocurrencies rather than citied.
NFT Fashion Brands – Ray-Ban
The European eyewear conglomerate EssilorLuxottica parent company joins the trend and releases an NFT collection. Ray-Ban teamed up with digital artist Oliver Latta, known as ExtraWeg, to create the first-ever pair of NFT Ray-Ban aviators. The project was titled The NFT Aviator, and the work centred around a 16-second video loop of a man’s rotating head. However, we are not so sure if the glasses, in particular, are available as accessories to your avatar. But, the NFT digital asset did sell on OpenSea for about $5,869.80. They collected the funds and promised to donate them to the Italian Art Trust Charity fund.
NFT Fashion Brands – Gucci x Superplastic
Janky and Guggimon, who are both Superplastic’s core characters, entered Gucci’s Secret Vault and exposed it to a whole new world. This project by Gucci and Superplastic was the Metaverse. Gucci and Superplastic formed an NFT collected and named it SuperGucci. This project features both janky and Guggimon’s styling up in Gucci’s classic prints. In addition, each NFT with the three-part series was with its own ceramic sculpture figurine. Gucci’s personal ceramist made this figurine in Italy. At the time of this NFT publication, the NFTs are still up for bid. So, you can visit OpenSeas to get a SuperGucci of your own.
NFT Fashion Brands – Louis Vuitton
The famous luxury brand Louis Vuitton teamed up with digital art pioneer Beeple to create its very own first-ever game. The game project was titled “Louis: The Game.” An adventure-style game where players traverse through a dollhouse belongs to Vivienne. Louis Vuitton released the game on April 8, 2021, to celebrate its 200th birthday. Players join the brand’s mascot, Vivienne, during the launch to search for 200 collectable candles. The 200 candles represented the brand’s founder’s 200th anniversary birthday. The game features about 30 hidden NFTs, which Beeple created. The players who joined the game can collect the NFTs but are not able to resell them. This game is available on mobile devices and opens for collection but not for sale to the public. You can visit the Google Play Store or the Apple app store.
NFT Fashion Brands – Chito x Givenchy
Matthew M. Williams, Givenchy’s creative director, collaborated with a Mexican-based artist to create an NFT collection. The collaboration produced a Chito x Givenchy NFT collection, and like other NFTs, each in the collection is unique. The Chito x Givenchy NFT collection created about 15 NFTs that featured young characters and Pitbulls. These young characters were a boy and a girl. The NTFs appear in Chito’s signature graffiti style, giving the impression that he used spray paint rather than the usual paintbrush on canvas. The NFTs in the Chito x Givenchy collection were auctioned off on OpenSeas.
NFT Fashion Brands – Burberry
Another fashion brand to branch into the ever-expanding world of NFTs is the British luxury brand. Blank Block Party, an NFT-based game, includes an exclusive Burberry character. Mythical Games Inc., the game director, collaborated with the British House to launch its first NFT. The digital item in the Burberry’s B-Series called Sharky B can be collected and sold among players in the game. In addition, Burberry also launched its own collection of in-game NFT accessories for Sharky B to show off. These accessories include jetpacks, pool shoes, and armbands. These accessories can be included for other in-game characters as well. The game is available on Macintosh and Windows operating systems.
NFT Fashion Brands – Bulgari
The Italian luxury brand Bulgari is also joining the world of non-fungible tokens and releasing an NFT collection. To coincide with its Serpenti Collection, a famous fashion brand launched Serpenti Metamorphosis. The NFT collection is inspired by Bulgari’s latest Octo Finissimo Ultra watch. The NFT is meant to celebrate the 10th anniversary of Bulgari’s Octo collection. This is an immersive AI installation that was created by Refik Anado, a Turkish artist. The multi-sensory digital artwork is located in Milan, Italy. It was initially designed to be experienced in the physical realm until October 31, 2021. After that, however, there are plans in place to turn the exhibit into an NFT. Although it has not been launched, we are sure that the NFT will be entirely collectable and unique.
Just like art NFTs, fashion NFTs are likely to draw several tech-savvy audiences into the marketplace. Notably, millennials and Gen Zers are always on the look to bridge the gap between the real and digital worlds. However, in a bid to remain relevant, many luxury fashion houses are jumping on the NFT bandwagon to establish their digital leadership. With NFTs, they also create new and exciting customer experiences and increase engagement through collaborations with artists. There are several benefits of the NFT collectable that fashion brands are beginning to realize and utilize. In addition, fashion brands are paving the way to employ the right specialists to expand the knowledge of NFTs for customers to understand.