Fashion industry has increasingly been engaging with NFTs, or non-fungible tokens, as gaming and digital fashion is becoming the new trend. The fall 2021 collection, Gucci has partnered with the art auction house brand Christie’s on an NFT video which sold for $25,000 in June. Christie’s was also used by Beeple, the digital artist, sold his art for $69 million in 2021. This spectacular success of NFTs is now leading Auction house Christie’s to accept auctions with Ethereum coin, the most popular crypto-currency.
Other brands are also have also soaking their toes in the digital art industry with different ideas & strategies, eager to leverage this new area of business and sell their products in minutes. Below are some recent NFT projects by leading brands and more on the rise by end of 2021 with various strategies for approaching the NFT space within fashion industry.
Burberry is working with a game developer to launch its own NFTs. Working with Mythical Games’ Blankos Block Party, same to follow the trend are Louis Vuitton, Balenciaga & Fortnite utilising a newer and more faster blockchain named Polygon.
Yet another option for brands is to use NFTs as an opportunity to experiment beyond fashion. Ethereum is in the process of transitioning to a new “proof of stake” consensus protocol that will dramatically lower carbon emissions with its new upgrade Eth 2.0 coming soon
Techspeedy a British Tech & Business consulting company has experienced an opportunity in branding possibilities for clothing & luxury brands for monetising & profiting both from physical and digital products in the shape of NFT's ( Non Fungible Tokens). For example buying a Louis Vuitton handbag on some permissioned blockchain that lives within its own Metaverse thus opening up a completely new niche area of business for their products and extending their product mix, product lines through brand extensions in NFT's. Now With products on Polygon, it can live on lots of different metaverses and platforms; one can have or move it to Decentraland or Cryptovoxels. That interoperability of moving the NFT's to different chains is really important.