Insight

Luxury fashion brands step into the NFT world

Luftkuss Atelier

While witnessing the moments when the history of the virtual world was rewritten with the developing technology, the effects of this development started to spread to the fashion industry. While the evolution of technology has opened the door to a limitless world for many sectors, it has created new opportunities in the fashion industry. 

Let’s talk about what this word means before we talk about the unity of NFT with fashion, which has become the concept we hear the most in social media in the time tunnel where the digital and physical worlds are intertwined.

What is NFT?

NFT (Non Fungible Token) is the purchase of rights representing the existence and ownership of a work exhibited on the internet. In this way, the ownership of these digitally created works and the registration rights of the works are transferred to the buyer. NFTs are also progressing with blockchain technology, just as we observed in bitcoin and crypto money systems.

As it can be created from scratch in the digital environment, brands can also digitize the products they will put on the market physically and sell them as NFTs. There are cases where this general concept, which we refer to as a product, is used in the industry by being customized. From a work of art to a fashion product, many things can find buyers as NFT.

NFT and fashion industry

Luxury fashion brands have also started to work to keep up with this new competitive game of technology. While the NFT influence spreads across a wide spectrum in the fashion industry, Gucci entered this field with its innovation in April 2021. The presence of the brand’s “Gucci Virtual 25” sneakers on augmented reality platforms and contracted game applications was the most important indicator for us that Gucci’s digital world would merge with NFT.

Soon after, Burberry launched its first NFT collection, digitizing existing classic brand codes, enabling it to interact with the consumer in this way. The luxury clothing brand presented its NFT collection in Mythical Games’ Blankos Block Party blockchain game.

Then Givenchy sold 1,952 copies of the NFT artwork on the VeVe platform in two seconds. While these digital innovations continued unabated, it was a matter of curiosity what more brands could produce by intensifying the competitive field.

XUMU combines the physical and digital world

XUMU was one of the first ones to combine the physical and digital world and offer goods from both worlds. The luxury fashion brand from Berlin, introduced its first NFT collection, named A Short Story, a set of original artworks inspired by iconic XUMU garments that exist in real life. The company has stated that all art and fashion lovers can own their favorite XUMU-creation NFTs in their digital wallets and on their bodies. They send actual XUMU garments to those who buy any NFTs that inspired them to produce those garments.

The starting point of the NFT project of the brand is their strong belief in a world of inspiration, innovation and creativity where physical and digital activity coexist in a healthy balance. XUMU’s “A Short Story” NFT collection is a celebration of combining fashion with art and technology. It also reflects the brand’s vision of building a future where digital goods inspire physical products and vice versa.

Jimmy Choo’s mystery boxes

In the midst of these innovations, another piece of news came from Jimmy Choo. The brand’s release of 8,888 mystery boxes for purchase on the Binance NFT market has doubled the curiosity of the buyers. Unaware of what was inside these boxes, buyers succumbed to their curiosity and bought NFTs of the product. So much so that the sales of 8,888 boxes on Jimmy Choo’s main site were sold out in a short time.

The brand has also collaborated on NFT with artist Eric Haze and curator and fashion designer Poggy. This collection, which was prepared together, strengthens the unity of street culture and fashion by allowing a new one to be added to the partnership of the art and fashion duo. When we enter the site, we see that the sneakers, which rotate on a canvas with Haze’s signature, are offered for sale in the digital environment. Thus, the brand promises to give the buyer of the NFTs a limited edition sneaker hand-painted by the artist.

While we do not know exactly how other luxury fashion brands will respond to these innovations, we are excitedly waiting for new names to join the competition.

Insprad Creative Agency

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button