NFTs are a big tech trend for 2022. It stands for non-fungible tokens – if you have no clue what that means, it’s like owning a unique digital form of property. Most NFTs are part of the Ethereum blockchain, but they’re not themselves a form of cryptocurrency. NFTs have really taken off in the digital art world, and it seems it won’t stop there. Recently, Justin Bieber purchased the Lonely Bored Ape NFT, which is now worth millions. Grimes also famously made millions from her NFTs.
The question is, how will NFTs revolutionize digital fashion, and where will we view some of the major designer brands? Read on to find out.
NFTs And The Metaverse
The Metaverse is another huge tech trend in 2022. Facebook’s name change to Meta really opened the doors to conversations about the power of the Metaverse, and brands like Adidas and Nike have already pounced on the opportunity to benefit from both NFTs and the Metaverse. In 2021, Nike bought the NFT company RTFKT and launched Nikeland – a virtual space on the Metaverse.
The combination of the NFT company takeover and the Nikeland – where people can visit a showroom full of Nike attire – leads experts to think consumers in all demographics will soon be able to use NFTs to purchase Nike clothing.
Other industries have already begun allowing users to trade their NFTs – like the evolving casino payment methods that let gamers buy tickets using NFTs as well depositing and withdrawing in crypto – that’s proving why NFTs are more than just a non-fungible token. It would appear that the crossover between crypto and blockchain isn’t just a temporary fad when businesses as diverse as online casinos and fashion houses are making big strides within the blockchain cyber space.
Nike isn’t the only brand to explore the Metaverse – Gucci and Louis Vuitton have also embraced the Metaverse.
Digital Closets
The Metaverse isn’t the only space to explore NFTs – digital closets and shoppers’ desires to purchase digital-only clothing are on the rise. Asics, for example, was the first brand to move towards NFTs and allow shoppers to buy wearable digital clothes and wear them in apps like Snapchat, where users create their own avatars.
Fashion designers realize that – with the evolution of the Metaverse – people are going to want to buy the latest fashion for their avatar as an NFT. That’s not just because they want to look good; most people believe they’ll make money thanks to the uniqueness of an NFT. Digital closets are the start of a new digital fashion era that lets people express themselves and potentially get their hands on unique and valuable tokens.
The Future Of NFTs And Digital Fashion
The future of NFTs and digital fashion is unclear – NFTs have only recently begun to gain traction, understanding, and popularity. They are, however, expected to be excellent for marketing purposes for big designer brands, and they should help any brand stay current and on-trend. Digital fashion is already an evolved concept – the next step is to determine just how influential NFTs will be over digital fashion and where they’ll slot into the current workings of digital fashion.
NFTs are confusing to understand. But, the confusion typically depends on your use for an NFT. If you’re planning on using your NFT to sell in the future, you have to jump on the trend and find an NFT that’s tied to something trending. NFTs aren’t just to make money from, however. In the eyes of digital fashion, you could keep them for the sole reason of being a collectible item.