It’s no secret that the fashion industry has started to explore the cryptoverse, with brands like Dolce & Gabbana, Gucci, Philipp Plein and Tiffan
It’s no secret that the fashion industry has started to explore the cryptoverse, with brands like Dolce & Gabbana, Gucci, Philipp Plein and Tiffany & Co. taking their own path down the metaverse runway.
Decentraland’s Metaverse Fashion Week hinted at a new wave of fashion, while Philipp Plein brought the metaverse and nonfungible tokens (NFTs) right into his London shop. The innovative technology mixed with the ever-changing fashion world was an inevitable pair, but there is always room for more.
Even during its inception, the promise of the metaverse has convinced people to pay millions for land in the virtual worlds — so, why not fashion? The fashion industry is always looking for new ways to innovate and create new traditions.
While the metaverse removes the tangible aspect that captivates many in the fashion industry, it is a new way to experience wearing and using beautiful pieces digitally on a personal avatar. Lokesh Rao, CEO of Trace Network Labs, previously told Cointelegraph that “a digital avatar can wear any garment without any constraints of type, design, fabric and use.”
As many know, however, the fashion industry remains one of the most exclusive industries in the world. With Chanel’s bag quota or purchase criteria and the long waiting list to get a Hermès Birkin or Kelly, a lot of the influence in the fashion industry comes from exclusivity, price, outfits and, in many cases, who one knows.
And as many fashion enthusiasts understand, there is nothing like opening the box of a long-coveted piece and holding, wearing and loving it for the first time. The idea of luxury is a melange of both exclusivity and passion. Why should fashion in the metaverse be any different?
Keep and grow traditions
While prominent brands value their traditions, they should also evolve as time goes on. However, appealing to a new user base while keeping the existing ones entertained is not easy.
In a fight to keep customers and enthusiasts loyal to the brand, Indrė Viltrakytė, a fashion entrepreneur and the founder of Web3 fashion venture The Rebels, suggested they “co-create digital wearables with members of their community and sharing commercial rights/profits or royalties with them.”
In this case, Viltrakytė told Cointelegraph that digital collectibles could help showcase fashion enthusiasts’ interest in a brand. These would not only be available to influencers, or the lucky ones who are given PR packages for their large following and interest in a brand, but could be for everyone.
For example, Maison Margiela could offer a set amount of digital wearables when buying a pair of the Bianchetto Tabi Boot. The boots can be worn in the Metaverse and in real life for those diehard fans who do not necessarily have a following behind them.
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Tiffany & Co. has already done something similar with their CryptoPunk NFT collection NFTiff, a collection of CryptoPunk-inspired NFTs that are “exclusive to CryptoPunk holders.”
We’re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You’ll also receive an additional NFT version of the pendant. Learn more: https://t.co/FJwCAxw8TN #NFTiff #TiffanyAndCo pic.twitter.com/pyKlWejHv4
— Tiffany & Co. (@TiffanyAndCo) July 31, 2022
For 30 Ether (ETH), CryptoPunk holders can secure a physical version of their favorite and probably most expensive NFT to be worn as a status symbol. This is something that would not be exclusive to those with influence and can carry online into the new era of Tiffany’s little blue box, an iconic emblem of the brand.
Digital fashion items are nonfungible
NFTs, according to the Ethereum Foundation, are “tokens that we can use to represent ownership of unique items.” They are not able to be modified or deleted once minted, and “digital assets never deteriorate,” said Viltrakytė.
Unfortunately, many assets in the fashion industry, such as the aforementioned Birkin, which has “outperformed the S&P 500 over 35 years,” according to Finty, can be stolen, destroyed or worn down over time without proper care. This is where digital assets rise above because, “like some ultra-exclusive, non-tangible experiences currently available, not everything expensive needs to be ‘touched’ to have value,” Viltrakytė noted.
Plus, outside of collectors and caretakers, it is almost impossible for an enthusiast to get their hands on an archive piece, especially if preservation could be a problem. Sometimes, brands will showcase their archive in cities like Paris or Milan for a limited time, but in many cases, it is a private affair owned by private people. However, one way that brands can utilize this exclusivity of a non-deteriorating asset is through NFTs and blockchain-based NFT museums.
Viltrakytė said, “If an NFT gives you direct access to…
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