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Highlights
- The NFT space has grown and enjoys a market cap of US $767,961,391,688.47.
- In fact, the fashion world had its first graze with NFTs in 2019, when Nike acquired a patent that allowed blockchain technology to attach cryptographically secured digital assets in the form of NFTs.
- In May 2019, top luxury brand Louis Vuitton became the very first company to leverage blockchain-based tokens.
The non-fungible tokens (NFT) have grown exponentially over the last few months. From sports to art to games, NFTs have managed to enter major markets, and today, many stars, celebrities, artists, clubs etc., are finding it as a unique platform to connect with fans better at the same time earn some profits. With Bitcoins and other cryptocurrencies being fungible in nature, NFTs, with their growing audience, has captured the market in a meaningful manner.
In a short duration, the NFT space has grown and enjoys a market cap of US $767,961,391,688.47 with an all-time sales volume of US $10,004,922,959.90 since it first launched in 2015. With the market growing gradually and new NFTs being launched, another area that has gained prominence is the fashion industry. In fact, the fashion world had its first graze with NFTs, when Nike acquired a patent that allowed blockchain technology to attach cryptographically secured digital assets in the form of NFTs in 2019.
But when did it arrive in the fashion industry?
Also read: Gravitoken Crypto: A marketing push, a scam or unique mechanism?
Fashion & NFT packaged as one
The fashion industry for long had been struggling following the e-commerce boom. Many retail giants have struggled with the pace at which e-commerce operates. But 2019 was a game-changing year with NFTs making their debut in the fashions space. In May 2019, top luxury brand Louis Vuitton became the very first company to leverage blockchain-based tokens as a means of ensuring an item’s authenticity.
Is NFT & Fashion, a match made in heaven?
In 2021, GUCCI had introduced its one-of-a-kind sneakers as an NFT. Various other luxury watch brands are promoting NFT auctions within the available platforms to promote on social.
Also read: Looking for an NFT-based business? Here are 10 ideas
The Fashion NFT Marketplace
While many luxury brands are still in the process of launching their own NFTs, smaller brands have been more successful in already experimenting with them. It won’t be wrong to say that NFTs and the luxury fashion industry are made for each other. Today, with increased digitisation, fashion being sold via NFT is fashion as art.
Especially in the Covid-19 period, the growth of personalised digital avatars became an instant hit in the virtual world. RTFKT, another leading brand that is one of the creators of virtual sneakers that sell original and collaborative virtual sneakers, managed a whopping US $3.1 million in just 7 minutes. Each NFT based virtual sneaker drop came with a physical pair of shoes, thus blurring the digital and physical fashion.
Also Read: Top 5 most expensive NFTs ever sold including CryptoPunks
Besides, sports personalities like Naomi Osaka have launched her set collectibles, which also included apparels and sneakers.
Conclusion
Fashion is of a different league when it comes to NFT space. Everyone drawn towards the major brands, and it presents an excellent opportunity for them to hop onto the NFT superjet. Rare fashion NFTs will always be on collectors’ radars, and luxury brands should also drive demand for the space.
It’s also a unique way to connect with fans in a more meaningful manner, and it also provides a unique marketplace to maximise their brand’s presence.
