NFTs are everywhere these days. The art world welcomes a digital way to assert the intellectual property of a digital work of art and return royalties to its creators. The concept of non-fungible tokens has spread across several markets lately. The fashion world isn’t immune to the new fever, and NFTs are bringing deep transformations to this market. Read more about it here.
Pool Parties and Battlefields
The “digital fashion” industry owes a lot to computer games. After all, games, where you buy items and goods for real money, aren’t new. Social games like Second Life offer marketplaces where users can trade items for their avatars. Transforming those items into unique assets was just a tiny step forward.
The luxury brands Louis Vuitton and Burberry recently announced they’ll collaborate in the game Blankos Block Party. The fashion giants have all the good reasons to invest in the new trend. The video gaming market revenue is expected to reach USD 180 billion this year, and in-game transactions make a sizable part of the pie.
The gaming industry is vast, and non-fungible tokens can have infinite purposes and end use cases. You can find it all, from expensive Nike shoes to mediaeval battle gear. Online casinos, such as
Gaming platforms, such as that found at casino.netbet.co.uk, also have NFT-based games, like the title of the slot NFT Megaways. Additionally, fashion NFTs are transcending their in-game condition, thanks to the metaverse.
A New Universe
Metaverse is a quite vague concept of what would be the future of the internet. Mark Zuckerberg has been investing massively in this future. According to his views, the metaverse would be a nearly perfect imitation of real life. There, people would have friends, a job, a house, social obligations, and so on. Virtual houses, cars, outfits, and whatnot, cost cold hard cash. Or cryptocurrencies, if you please.
Louis Vuitton’s take on the matter involves the creation of a game celebrating the 200th anniversary of the brand. There are 30 hidden NFTs in the game, signed by acclaimed digital artist Beeple. Beeple’s digital artworks have already been sold for USD 69 million at one Christie’s auction.
A single Burberry NFT character from the “Burberry Blankos” line can be found for USD 300 apiece. Other leading brands creating luxury NFTs include Dolce & Gabbana, Balenciaga, Karl Lagerfeld, Ray-Ban, and others. Now, users can put all that expensive outfit on their avatars and take it to the metaverse.
The creator’s imagination is the only limit of a non-fungible token. While real-life brands and clothes migrate online, some brands create real-life versions of fantastical outfits like Balmain’s Flaming Dress. The luxury watch Patek Philippe Nautilus gained an NFT version valued at USD 120,000.
Non-fungible tokens are making a splash in countless markets already. Still, they should become much more concrete once the metaverse gains momentum. Then, users will be able to sport the best attire in the most exclusive virtual events. Yet, the evolution of NFTs and metaverse relies directly on expanding the 5G network, the mighty internet that will make this virtual world come true.