NFTs The Fashion World’s Sexy Secret

Tiffany entered the Web3 space with 250 limited edition Cryptopunk-inspired pendants. These were available via an NFT pass evocative of the jeweller’s famous blue box. Cryptopunk NFT profile picture owners were able to purchase an “NFTiff Pass” for ETH 30 on nft.tiffany, which connects to owners’ digital wallets. Each Cryptopunk was interpreted by Tiffany designers into custom pendants, featuring at least 30 gemstones and an engraving of the Cryptopunk series number and Tiffany logo on the back. Digital renderings of the pendant were expected as NFTs in December, and the physical jewellery to be delivered in 2023.

Non-fungible tokens took the world by storm a year ago, dominating coverage on major news channels, followed by people pouring millions of dollars into them. A year or so ago, NFTs were heralded as the future of art, a new way to do business, in short a revolution in all things digital, powered by blockchain technology.

Fashion NFTs can take many forms, including virtual garments that customers can wear within virtual environments, digital content with which owners can interact, and even digital twins of physical creations.

Collectible digital garments: NFTs within the fashion world can take on different roles. Mainly, non-fungible tokens allow brands to create digital collectible garments for which the most fanatic can pay large amounts of money.

Fashion items for metaverse: As we have seen in other articles, combining digital and physical realities where people can live immersive experiences and spend much of their time gives rise to the term metaverse. In this new space, people are represented by avatars who, in reality, use clothing to express their personalities.

Fashion brands use this type of tokens to introduce their garments or create new ones in a space where people will spend a large part of their day and need these items to build their personality in a new world. In addition, it will allow them to demonstrate ownership of these garments and enjoy their exclusivity.

Creating new business models: Thanks to the involvement of NFTs in the fashion world, exclusively digital clothing brands are appearing that differ from traditional ones by doing all their activity in an online environment. In this way, they do not have physical stores or storefronts, but they can create immersive experiences and approach a more digital audience familiar with new technologies.

Case in Point – Gucci: Gucci partnered with animated celebrities company Superplastic for “Supergucci”, which included a three-part drop of 10 unique NFTs that came with physical ceramic sculptures, via superplastic.co and Gucci Vault. The drop coincided with vintage pieces from Gucci Vault, which launched on 1 February.

Access to digital fashion experiences: Possessing an NFT can allow the customer of an apparel brand to access certain benefits, events, fashion shows, or experiences that the company has created both in the physical and online world.