The growing Web3 technological advancements have very less or no boundaries. These emerging advancements have revolutionized almost every sector possible, including the fashion industry, paving the way for new virtual opportunities. Moreover, stepping into the world of Web3 has widened the scope of the fashion industry greatly.
The Non-Fungible Tokens have been a catalyst for the fashion industry’s growth in the Web3 space. New-age digital tech joining hands with the fashion industry has been one of the hottest trends in previous years. Moreover, the growing trends of metaverse platforms trends are expected to grow further.
How Fashion NFTs Made their Way to the Top?
New fashion trends have the potential to stir interest in people across the globe. When the pandemic hit different countries across the globe, which lead to the shutdown of operations. Everyone across the globe chose the online mode of operations to resume virtually. The boom of Web3 and blockchain technology during this time enabled everyone to leverage this wonderful opportunity.
Since all physical operations went on pause during the pandemic, including the fashion industry, which used blockchain technology effectively to make its way to the top in the Web3 space. Fashion businesses started to create NFTs featuring clothes, accessories, footwear, and much more. Moreover, the business models in this sector enabled customers to try on clothes with AR technology. A step further leveraging these futuristic technologies, virtual reality platforms enabled customers to purchase fashion accessories and clothes in a 3-Dimensional space with an in-store shopping experience.
These new possibilities, which were achieved through cutting-edge blockchain, made the fashion industry reach great heights in the market.
Fashion Use Cases with Blockchain
The below-listed use cases are some of the prominent use cases of blockchain technology and NFTs in the fashion industry.
Converting fashion accessories and clothes into NFTs is one of the notable use cases of NFTs in the fashion industry. Offering accessories as NFTs enables the owners to purchase unique accessories on which the rightful owner can exercise immutable ownership.
Metaverse Use Case
As the latest tech inventions are metaverse-centric, which can soon be the mainstream for online operations. The fashion industry can play its part by enabling people to integrate the best fashion NFTs in the metaverse. This integration enables the users to flex their unique fashion accessories purchased from fashion NFT marketplaces in the 3-dimensional virtual platform.
Virtual Shopping Platform
A step further than shopping on flatscreens. Fashion goods can go very well with virtual shopping platforms. These platforms enable customers to explore the collection of clothes and other fashion accessories in a store set-up virtually. Apart from these stores being a level up to flatscreen online shopping, it blends the advantages of physical and online shopping under one roof. In addition, these virtual stores can also be equipped with bots that can enrich customers’ knowledge about the product.
Building Credibility for Luxury Goods
How bad could it be for you to purchase a duplicate or a replica of a luxury fashion item which you dreamed about owning?
To prevent such disasters, luxury products can be clubbed with an NFT, which enlights the end customer about the authenticity of the product. In addition, these NFTs can also be used to store information about the product manufacturing details such as place and date.
Fashion Brands that Effectively Used the Web3 Space
The list of brands in the industry who have successfully established themselves in the Web3 space is as follows
Gucci became one of the pioneers in the fashion space, stepping into the Web3 world when they first started accepting $APE and other renowned cryptocurrencies exchange. Later in February 2022, Gucci partnered with Superplastic to bundle NFTs with physical items.
Diving deeper into Web3, the brand hosted ‘Gucci Garden’ in the metaverse for two weeks. This virtual event was hosted in Roblox, which enabled the event attendees to explore the virtual gardens and purchase accessories for their avatars. Moreover, Gucci Shop and Vault Plaza were experimental store concepts in the metaverse.
The kenspeckle apparel and sporting goods manufacturing company set its foot in the Web3 in December 2021, partnering with BAYC (Bored Ape Yacht Club) Punks Comic and money. Adidas launched it ‘Into the Metaverse’ NFTs collection featuring metaverse accessories for users. Moreover, the brand enabled its NFT holders to claim physical merchandise like hoodies, tracksuits, and much more.
Nike having strong grips in manufacturing apparel, footwear, and other sport-related accessories, dipped their toes in the Metaverse space back in December 2021. It acquired RTFKT – NFT studio creating unique digital collectibles.
After the acquisition, RTFKT launched Clone X, where users can buy their metaverse avatars which can be used to try on Nike’s sneaker NFT collections. After the successful launch of the sneaker collectibles, It launched its AR Genesis hoodie NFT collection. The holders of these NFTs will get an exclusive NFT with a Near Field Communication chip which generates virtual effects using trackers and QR codes.
Fashion NFTs are the current trend in Web3. Moreover, as we all march toward tech advancements related to virtual reality and metaverse. Investing in the best fashion NFTs from renowned fashion NFT marketplaces will be a wise option.