Digital Fashion and Virtual Models. 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.
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.
What’s in store for Virtual Outfits?
Counterfeit goods are a big problem for fashion brands and their consumers. But not if virtual outfits are being sold as NFTs. 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.
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 into the physical world. Likewise, fashion brands across the globe are eager to fuse both games and virtual outfits. And NFTs are their way to keep high-end video gamers engaged with their brands.
Experimentation using NFTs
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.
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 the 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 of 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.
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. In its place, virtual runways, digital clothes, and their magic as NFTs will take over in the foreseeable future.