Unlocking utility is key for fashion brands launching NFTs in 2022
2021 may have been the year for fashion NFTs, but 2022 will require brands to launch NFTs with utility behind them to move the idea forward. Nonfungible tokens, or NFTs, have become one of the most discussed markets in the crypto space this year. A recent report from Cointelegraph Research found that NFT sales are aiming for a $17.7 billion record by the end of 2021. This may very well be the case, as a number of mainstream brands have begun launching NFTs. According to recent research from Bain & Company and the online luxury fashion platform Farfetch, digital interactions with consumers....
Related News
Luxury fashion brands are launching NFT collections, but will the concept resonate with the fashion industry at large? It’s no surprise that nonfungible tokens (NFT) have been dominating the crypto market this year. The booming digital asset class generated over $2.5 billion in sales within the first six months of 2021, demonstrating unheard-of financial gains for artists, brands and content creators across the globe. The rise of metaverses has also impacted the adoption of NFTs, as the world is moving closer toward visions of a future defined by augmented reality. As such, NFTs are....
While major fashion brands are going all in on the metaverse and NFTs, brands native to the Web3 space are heading back to physical reality for visibility. Web3 fashion is subverting the narrative at New York Fashion Week (NYFW) this fall. Fashion brands native to the Web3 space will be premiering in real life (IRL) at a two-day show put on by Nolcha Shows.Nolcha Shows has been actively curating events for 14 seasons. Still, this year there will be a Web3 edition featuring Web3 native brands, along with a panel on Web3's impact on the fashion industry's future.In the last few years,....
Metaverse Fashion Week demonstrated how brands and designers can further engage with consumers using NFTs. The Metaverse may be an emerging concept, but the impact that virtual game-like worlds can have on the trillion-dollar retail industry was recently demonstrated during Metaverse Fashion Week (MVFW). This entirely virtual experience was held from March 24–27, 2022, in Decentraland, a decentralized virtual social platform on the Ethereum blockchain. The online event attracted more than 70 brands, artists and designers including big names like Tommy Hilfiger, Estée Lauder, Philipp Plein,....
Major brands like Gucci are mulling whether to create nonfungible tokens based on their wares. Fashion giants may be the next globally recognized brands to enter the expanding NFT metaverse.According to Vogue Business, several premium fashion houses are moving closer to releasing their own nonfungible tokens.The move follows the emerging trend of creating digital twins of products and services in the lifestyle and entertainment markets, such as art pieces, music, pop culture merchandise, among others.Fashion NFTs for gaming and virtual reality is already a thing, with several companies....
Cointelegraph spoke with Steven Vasilev, the co-founder of RTFKT to learn more about how NFCs and NFTs can be used together to create better user experiences. As brands focus on building new use cases during the bear market, a team has come up with combining nonfungible tokens (NFTs) and near-field communication (NFC) chips to enhance the experience of their users. In an interview with Cointelegraph's Alyssa Exposito, RTFKT co-founder Steven Vasilev shared insights from their experience in creating RTFKT and gave thoughts on how they are creating an ecosystem of authenticity through NFTs....