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Using NFT to make money targets the fashion industry for billions of dollars

7 min reading

NFT is being used as a source for the fashion industries benefits to make billions in profits.

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The advent of Metaverse and Web 3.0 will change many sectors, including the billion-dollar global fashion industry. As the world moves from physical to digital, traditional fashion designs can be transformed into virtual wearables that can be used in both augmented reality (AR) and real life. Megan Caspar, managing director of Magnetic Capital and member of Red DAO – a decentralized, autonomous organization focused on fashion – said that she believes digital fashion will become the irreplaceable token, or NFT, of the largest NFT category on Web 3.0:

“Digital fashion NFT includes clothing, shoes, jewelry, accessories and more that can be worn virtually or in the gaming ecosystem. These digital wearables are currently being used for speculative investment and pooling, dressing up avatars in decentralized games, bringing augmented reality environments, and overlaying photos and videos. While Caspar is aware that digital wearables are currently being used in decentralized gaming environments – such as the NFT used in Decentraland – he states that the next two years will be even more interactive. For example, Kaspar recently demonstrated how virtual revenue from NFTs and other accessories can be brought in during a video interview. Here are two distinctions to look forward to:

  • Wear-to-earn models find their way into the fashion industry
  • The future of digital wearables

Wear-to-earn models find their way into the fashion industry

Kaspar also mentioned that "wear-for-profit" models will thrive in AR circles, noting that designers, brands, and retailers will be making clothes that fit into digital wardrobes. To build long-term relationships with consumers, Caspar notes that designers will pay consumers to wear their virtual goods: “Brands compensate customers for wearing them by giving them access to exclusive items or by inserting fashion pieces into their virtual wallets or by paying for them in the form of replacement tokens.

According to Caspar, Italian luxury fashion house Dolce & Gabbana will release the “D&G Family,” a community-driven drop by NFT that takes place in the market and curated by UNXD. "This will give consumers access to exclusive physical clothing that is only available when it falls," he said. Dolce & Gabbana recently released their NFT Collezione Genesi collection to highlight the power of meta-universal wearables.

While Kaspar hopes to see UNXD as the first luxury platform to offer a carry feature to make money, other NFT ecosystems have started to adopt the concept. For example, Davaproject - an NFT project by startup studio Unopnd - is currently building the Avatar NFT system that reflects changes in various combinations in the blockchain network. The recent announcement claims that the project will initially consist of 10,000 NFT Avatars called “Davas” intersecting 30,000 wearable items. Davaproject will assign a rarity to each portable device indicating a different rating in user control. Owners then receive benefits such as community event invitations, NFT air launches, gifts, and new items by wearing those items.

Also read: Disneyworld of NFTs is what the virtual economy seeks to achieve

With the advent of virtual wearables, Norman Tan, editor-in-chief of Vogue Singapore, told he was in the digital mood. Tan recently published the September issue of Vogue Singapore, featuring "A New Beginning". The September issue includes a unique printed cover in the form of a QR code, which only serves as a portal to the two digital NFT covers. Tan said:

  • "Fashion and innovation are always at the heart of everything we do at Vogue Singapore. With the theme of the September global issue of New Beginnings, we are taking the bold step of venturing into the metaverse - the destination of a new class of digital artists and designers.

 

  • Not only will digital fashion disrupt the Metaverse, Tan adds that wearables will virtually help alleviate sustainability concerns by introducing a post-waste economy. According to Caspar, 40% of western wardrobes are left unused, noting that digital clothing can be an eco-friendly substitute for physical items.

In addition, virtual fashion shows are proving to be more sustainable and affordable. For example, NFT Runway, a fashion democratization company that empowers brands to thrive in a sustainable manner, hosts a digital fashion show December 3-5 during San Francisco Community Fashion Week. The interactive fashion show will be broadcast live on Metaverse with NFT versions of physical objects recreated using the patented 3DREALtm technology. This way, viewers can almost "jump" down the path to view any item while rotating their avatar to view the outfit from every angle.

Oh Tepmongkol, chief operating officer of Ohzone, Inc. - the company behind Ohzone 3DREALtm interactive technology - told that it made sense to include NFT for virtual and real fashion shows:

  • “They are a mark of value that serves as a certificate of authenticity and can add many additional benefits to any item of clothing. This could mean unlocking a digital version of an item or gaining special access to the designer's online community.

 

  • In addition, NFT is easy to integrate, as it can be integrated for any item of clothing using a small QR code. Tepmongkol added that wearable NFTs also make it easier to donate to charities. For example, the NFT Runway digital fashion show will consist of auctions for a number of nonprofits with proceeds from sales.

 

  • Tepmongkol said the smart blockchain contract allows NFT Runway to make "NFT donations". He said, “This is a place where charities can be formed to keep a portion of sales through smart contracts in perpetuity.

The future of digital wearables

While the concept of interactive digital fashion is still emerging, Caspar believes that wear-to-earn models will at some point be bigger than play-to-earn models. With the release of Axie Infinity, play-to-earn has become the most popular buzzword in the blockchain ecosystem. However, Caspar states that the Wear to Win concept will definitely be more popular with the masses - especially women - and not just gamers. For example, Caspar mentions that digital wallets will soon look like virtual closets, a feature that will lure many new users into the blockchain space: “Many companies are working on creating interoperable digital cabinets that you can transfer NFTs to.

While innovative, Tan points out that online gaming helps inspire digital fashion: “Fortnite and other online games have created a new economy where brands like Balenciaga see opportunities to reach these users digitally. Combined with the rise of COVID-19, this has allowed more people online to explore the best ways to interact and express themselves in the digital realm. Sebastien Borgett, co-founder and chief operating officer of The Sandbox, a decentralized virtual gaming world powered by NFT, said that the difference between portable gaming devices and fashion-conscious NFTs is that they are aimed at gamers and other socialites. He adds that The Sandbox will soon incorporate NFT Wear to Win into many of its games:

"Having a wearable that rewards users based on engagement is an attractive model that fits perfectly with the NFT avatar identity - the more time you spend using the avatar, the more players can win." Tepmongkol also says that NFT Runway seeks to connect the virtual fashion industry with decentralized gaming: “Some Web 3.0 meta-universes like Decentraland require additional formatting and registration to run on their platform; We are working on this as part of our long-term roadmap."

 

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