The NFTs or Not replaceable Tokens (non-fungible tokens, in free translation) give virtual items a digital authentication that is attributed via the blockchain. The topic started to gain traction after memes and artists opened the doors to the current billionaire market. It didn’t take long for fashion brands to also bet on this sector, considered to be the latest trend in technology. According to the Meta Trend Report, which has compiled more than 500 trends Found in 40 reports, virtual consumption is among the 14 proposed cultural bets for 2022, and also includes tokens. Focusing on trends in the fashion industry, the column has prepared a compilation on the subject.
Come check it out!
What is NFT?
The metaverse is a parallel world accessible in augmented or virtual reality. Experts argue that the term is the future of the Internet. However, NFTs are digital items, whose value lies in the accompanying Certificate of Authenticity, which makes them unique. Scientists also call the group “web3”.
Author and specialist Caroline Khalil, who writes weekly about the metaverse in the Claudia Meireles column, in capital Citiesdefines: “A token is a digital representation of an asset, such as money, property, artwork, or virtual clothing. It is recorded in the blockchain, which is a collective database, distributed and immune to modifications.”
In terms of actual ownership of the NFTs, Carol explains that it will only be that person who has a non-fungible token. Proof of Authenticity is basically computer code that is recorded within the blockchain, which leads to its rarity.
Therefore, anyone who invests in an NFT, within the market, receives a private key (computer code). With just these numbers, a person can enjoy the exclusive properties of an NFT. It should be noted that the tokens are traded in cryptocurrencies.
Metaverse
The metaverse is older than it looks. American author Neil Stephenson coined the term in a 1992 romance compilation Being Virtual Representations of People.
In recent years and with the growth of games, the expression has been updated and many enthusiasts say that the population will live in a digital reality. With the name rising, Facebook updated the company’s name to “Meta,” as did the meta itself. “The metaverse is a collection of virtual spaces where you can create and explore with other people who are not in the same physical space as you,” reinforced network CEO Mark Zuckerberg.
Also, the metaverse can be a kind of virtual reality or augmented reality game. Games like Second Life, Roblox, and Fortnite have already been considered by the term. Digital platforms also provide clues to what the new online infrastructure will look like.
Among them is Decentraland, a leader among metaverse users, which also hosted its first Metaverse Fashion Week (MVFW), from March 24-27, bringing together about 108,000 people. It is noteworthy that the environment is intended for socialization and selling of NFTs, and is a 3D platform operated by a group of users.
At the first Metaverse Fashion Week, brands such as Dolce & Gabbana, Elie Saab, Tommy Hilfiger, Paco Rabanne, Etro, DKNY, Charles & Keith and Prive Proter made their debuts. Lined up of offers. Italy’s D&G even offered 20 digital skins to be auctioned off as NFTs.
Fashion brands with items in the NFT
The frenzy for digital fashion products is growing thanks to the proliferation of online games. In November 2018, Scandinavian multi-brand Carlings launched its first digital clothing collection. The following year, Louis Vuitton announced a partnership with the League of Legends game.
Fortnite and Animal Crossing are starting to attract fashion brands to the game platform, such as Valentino, Marc Jacobs, and GCDS. At the same time, brands are also beginning to bet exclusively on digital products, such as Buffalo London with Tennis on Fire. Gucci, in turn, created sport shoes They can also be included in photos, before they are posted on social networks.
The literally hot topic is NFTs, which could change the perception of fashion commerce. They appear as an option for those who trade or buy, seeking exclusive products with a Certificate of Authenticity, whether in fashion, art or designer.
Brands are already embarking on the NFT market, which is quickly becoming a millionaire. Supporters include Prada, Burberry and Givenchy. Gucci also decided to bet on the wave of digital arts and launched the first NFT as a fashion film, inspired by the Aria collection, as part of an auction at Christie’s. The token, which honors the brand’s 100 years, sold for $25,000 on June 3.
In partnership with Offsetra, Gucci has invested in 10 tons of carbon offsets, aiming to reduce the environmental impact of creating the NFT. Blockchain can also benefit fashion brands, ensuring product authorship and facilitating investigations into potential copycats.
In addition to global brands, Brazilian brands are also embarking on the sector, such as Melissa, Havaianas and Pantis. In the sports arena, Adidas entered the metaverse in December last year, partnering with three big names in the NFT market: Bored Ape Yacht Club, Punks Comic, and Gmoney.
For collector and investor Alexander Crosetti, the German company’s group called Into The Metaverse (there is no Metaverso, in free translation) has created a community and brought fans closer to the brand: “A project of this magnitude has less chance of failing than other brands that don’t care, in fact. , by creating a community with the public, ”he said, in an interview with the column.
“I’ve always loved Adidas, and since everything is so new in this web3 environment, NFTs, for the price offered, it was well worth the investment. Currently, the two NFTs I’ve bought are worth over $5k each. And that’s not money advice! BUT, In addition to the tokens, in November Adidas will be handing out a sweatshirt, hat, and tracksuit kit, developed exclusively for those who own their NFTs, he celebrates.
n? Early access to mining starts now
👉 https://t.co/8l8dPwbZWG
First look at the collaborative NFT with @employee @employee And @employee
Good luck and # tracksuit pic.twitter.com/REYOSdRbNT
– Adidas Originals (adidasoriginals) December 17, 2021
The other side of the coin
For fashion illustrator and series creator of NFTs Max Rocha, having an encrypted digital signature is important to freeing creators. “theTransactions can be made directly, and you don’t necessarily need one from an intermediary,” he points out.
The artist also believes in the importance of creating a community that participates in the projects. He sees the NFT industry as a place for experimentation and endless possibilities. “At the beginning of the pandemic, I dedicated myself to producing materials that made sense at the time. I look at tokens as a record so they are not lost in the future. It is not yet known how far this will develop, but we need to use the tools to our advantage,” he argues.
While independent brands and artists are conquering the space in the NFT industry, Hōl.Studio, a digital and 3D fashion house, has also started its own ecosystem of technology-based initiatives, looking for digitalization and sustainability in fashion. In the portfolio, the company combines the creation of scenarios, 3D modeling for the visualization of fabrics and even events, such as Trendview, which brings together the textile and apparel industry for discussions on the fashion market.
Created by David Chang and co-founded with Bernardo Neri, the company announced the launch of the Fuzzee brand in the column. In the premiere, 10 skins will be converted into NFTs. The collection will also follow the trends of hōlō, which focus on art and collaboration and primarily on reducing waste in fashion.
“We have to show that this new generation of the crypto community and 3D digital environments will be very popular. We believe that fashion is for you and also if you want to express yourself on the digital channel! So, from our strategic perspective, we believe that NFT is a gateway to the metaverse.” This is what Bernardo offers, who believes in authorial and human fashion.
Is fashion art?
Fashion has been courting art for centuries, directly influenced by art movements. As a result, groups are based on concepts. In the 19th century, fashion designer Charles Frederick Worth, who is considered the father of haute couture, began creating bespoke dresses that have earned them the title of true works of art.
Since then, the audience that actually consumes Haute Couture It has become known as a collector’s niche, through the luxury brands themselves. This is a very exclusive segment supported by around four thousand global consumers.
For the well-to-do collector, who seeks exclusivity and even aims for investment, brand NFTs can be a new bet, aimed at the high fashion consuming public. “Luxury is at the forefront” and in the new virtual world of the metaverse and NFT, because they “share the same values: rarity, exclusivity, VIP remoteness and high prices,” Eric, director of Journal du Luxe, explained to AFP Briones.
The NFT market, which is regulated and established, is promising. A study released by Morgan Stanley, in November 2021, estimated that NFTs and online games, in general, could account for 10% of the luxury market in 2030, or up to €50 billion in revenue from attachments.
Collaborated with Sabrina Pessoa