Have you heard about Digital Fashion and Virtual Models dominating the space of metaverse? If not, we’re here to update you with the latest news in the industry. Digital fashion is being adored in the online spaces due to its exemplary designs and adaptability to digital media and the heat is just rising up. Luxury brands all over the world are competing already in the race to capture the limiting attention of audiences.
Top luxury brands like Louis Vuitton, Chanel, and Dior have tried them in 2020 and were well-received by the high-end audience. Due to the unexpected health crisis, the digitalization of fashion has boomed — leading to the creation of virtual outfits and their modern usage in promotion campaigns. Now fashion brands are looking to start NFTs. Wait a moment before diving directly into the cryptocurrency world of NFTs. Before pondering over what and how, here’s why you should have digital apparel and branded virtual space in your arsenal.
- Millions of visitors can come to your online space as everyone can access your virtual store and try on digital clothes.
- Quick digital word-of-mouth due to social media shares and likes of your store and collections.
- Establishing a strong brand presence and powerful digital artistic legacy through sensational designs.
- Translating high Media Impact Value (MIV) into boundless sales of both physical and digital clothing.
At this point, I know you’re excited about this new opportunity that cannot be missed at all. If you want to know more about how to create your first digital haute couture, download the guide below. It’s FREE!
Explore the following in this blog and at the end, you’ll be able to make the decision, which is to create digital fashion for your brand and mint them as NFTs.
What is an NFT?
NFTs are the latest tokens in the cryptocurrency world, and they have already become an increasing and upbeat trend across various industries. The non-fungible tokens can be digital art, an animated GIF, a video, or an image. Moreover, a tweet can also become an NFT as the Twitter founder sold his first tweet for $2.9 million. As the name suggests, these tokens are impossible to replace with any other token — allowing the users to gain ownership of these unique digital items.
The one-time transaction details through these digital tokens are stored in the Ethereum blockchain and cannot be modified or deleted once they enter the digital ledger. The users also have the privilege to view all the transactions taking place through the nodes in the ledger network. Many experts predict that it can be a potential investment in the near future and it’s crucial to understand both its pros and cons.
What’s in store for your Virtual Outfits as NFTs?
Combatting Counterfeits
Counterfeit goods are a big problem for fashion brands and their consumers. As a leading brand, you might have been grappling with this problem for long enough that you wish it would end once and for all. What if we say, we’ve got a foolproof solution that will completely wipe off the headaches of counterfeits? Yeah, you’re guessing it right.
The solution is to create a digital version of your designs and mint them as NFTs. Here’s why you should get to it as soon as possible. With every transaction recorded and sealed, luxury brands can easily track any counterfeits circulating in the market. In addition to this, consumers can verify the authenticity of high-priced branded products through the blockchain network. A win-win situation for everyone in the consumption cycle- consumers and creators.
Attracting Gamers
The crossover between the gaming and fashion industry has been increasing over the past few years. The appearance of avatars in video games is now permeating the physical world. The inclusion of virtual characters in the physical world is partly due to AR and VR technology and partly due to metaverse developments.
Consumers, especially Gen Z always hang out in the gaming world and in the real world with AR and VR headsets. To express themselves in these virtual realms, they require virtual clothing. Brands like yours can cash in this opportunity by creating digital clothing and advertising them as NFTs for sale.
Consequently, virtual outfits as NFTs in collaboration with games will not only transform into a high-potential market for your brand but also create a new channel of direct communication with your consumers.
Experimentation using NFTs
Novelty is loved by fashion enthusiasts. But with depleting resources and additional pressure from sustainability activists, brands are facing forced creativity block. But with NFTs, your brand can do the magic of creativity and sustainability.
Like you, Fashion brands and designers can experiment with a wide range of virtual skins, patterns, and styles that are not possible in the physical world. These clothes can then be auctioned as NFTs garnering huge profits while expanding the boundaries of creativity.
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Virtual Outfit Exclusivity
Exclusivity in fashion gives status and power to luxury brands. But due to the increase of e-commerce, the availability and accessibility of fashion brands are increasing exponentially. However, if virtual outfits are minted as NFTs, their exclusivity will be at an all-time high as they are impossible to copy. In addition, the high prices of the NFTs further add to the exclusivity of digital garments.
New Market Segment
Marketing digital garbs as NFTs can open up a new market segment with a high focus on digital art admirers and consumers. Designers and developers can put together some the non-tangible clothes and accessories to keep users glued to their brands.
Virtual Outfits App
Digital fashion pioneer, DressX launched its AR virtual outfit app, where users have access to a wide range of digital garbs. Users upload their pictures on the application and they can try the outfits that fit perfectly and purchase them. Besides customized digital apparel, this step in the fashion world support green living through zero production and wastage.
Virtual Outfits as NFTs in the Metaverse
The Next Season of the Fashion World
As the fashion world becomes more and more digital, NFTs present one more way of admiring and consuming virtual outfits and 3D models. There may come a time when there are no runways or tangible fashion garments and as a 3D creative studio, we must say, it’s going to happen soon. In its place, virtual runways, digital clothes, and their magic as NFTs will take over in the foreseeable future. It’s time you start creating virtual garments and promote them as NFTs.
