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Wear and Earn NFTs to acquire Billion-dollar Fashion industry

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Fashion design is evolving to become virtual wearables that can be used both in augmented reality (AR) and in real life as the world moves from the physical to digital 

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There is a good chance that Web 3.0 and the Metaverse will disrupt a broad range of sectors, including the billion-dollar global fashion industry. Fashion design is evolving to become virtual wearables that can be used both in augmented reality (AR) and in real life as the world moves from the physical to the digital.

The Managing Director of Magnetic Capital and member of Red DAO, a fashion-focused decentralized autonomous organization, Megan Kaspar, said that

“Digital fashion includes clothing, shoes, jewelry, accessories, and more that can be worn virtually or within gaming platforms. In augmented reality environments, these digital wearables can be superimposed onto photos and videos." 

Despite the fact that digital wearables play an increasingly important role in decentralized gaming environments—such as the NFTS in Decentraland—Kaspar believes that in the next two years wearable fashion will become more interactive.

Fashion industry to witness Wear and Earn model

Several major brands and retailers are creating clothes that will fit into digital closets, according to Kaspar, noting that a “wear-to-earn” model will take off in AR environments. She added designers will reportedly pay consumers to wear their virtual products in order to build long-term relationships with consumers

“Brands will compensate customers for wearing pieces by giving them access to exclusive items or airdropping fashion pieces to their virtual wallets, or by paying them in the form of a fungible token.” - Meagan Kaspar

According to Kaspar, the Italian luxury fashion Dolce & Gabbana (D&G) will soon drop a curated version of its NFT on the UNXD curated marketplace called “D&G Family.” Consumers will have access to exclusive physical apparel only accessible through this drop," she explained. Dolce & Gabbana has recently launched its "Collezione Genesi" NFT collection to showcase metavarse wearable technology.

While Kaspar expects UNXD to be the first luxury platform to offer wear-to-earn features, other NFT ecosystems have adopted the idea. For example, Davaproject-an NFT initiative from Unopnd-is currently working on an avatar NFTS system that reflect changes in various combinations on a blockchain network. The latest announcement states that the project will initially consist of 10,000 avatar NFTs called “Dava,” which will be minted with 30,000 wearable items. Owners of wearables will receive benefits like invitations to community events, NFT airdrops, giveaways, and new item drops by wearing them. Davaproject will determine the rarity of each wearable, displaying different rankings across user dashboards.

Furthermore, virtual fashion shows are proving to be more sustainable and accessible. NFT Runway-which democratizes fashion by enabling brands to use new technology-hosts a digital fashion show with "San Francisco’s Fashion Community Week" on December 3-5. Live broadcasts of the fashion show will be available in the Metaverse with NFT versions of physical items recreated using 3DREALTM technology. By using this technology, audience can virtually “hop on” the runway to examine each piece; they can also swivel their avatar back and forth to view clothing from any angle.



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