Applications and Use Cases

Fashion Brands Envision NFT Opportunities

January 28, 2022

It’s still up in the air as to whether or not non-fungible tokens will maintain appeal in the future, but there’s no doubt some industries are attempting to capitalize during this period of growing popularity.

Over the last few years, numerous celebrities, artists, and sports teams have entered the NFT marketplace, offering customers (or in some ways, investors) unique digital properties supported by secure blockchain technology. Now it appears the fashion industry is attempting to join the party, with many major brands considering new opportunities to make NFT/blockchain-supported “digital fashion” the next big craze.

Digital technology has already impacted the fashion sector in a really interesting way. For example, a recent CoinTelegraph article highlighted a 2022 edition of Haute Living which had a cover model wearing a completely digital dress designed by Fendi. The cover of the magazine included QR codes to support augmented reality setups, allowing users to virtually try on the dress from their home.  Although the Fendi dress on the cover was not an NFT, the idea demonstrates how the fashion industry is utilizing advanced technology to create new revenue opportunities with customers.

But NFTs could play an important role for selling exclusive fashion items. For instance, the article discusses how metaverse platforms are making it possible for retail outlets to create virtual marketplaces. Virtual avatars can enter shops just as they would in the real world, and purchase various items securely with cryptocurrencies. Fashion brands are considering the same approach, allowing guests to virtually try on clothing with their avatars and purchase them as NFTs. This approach might make it possible for individuals to buy exclusive fashion items as NFTs, then have them produced as actual items to be worn in the real world.

This idea is likely a few years away from being a reality, but certainly seems like a logical next step for fashion brands. Respected icons like Fendi, Louis Vuitton, or Gucci could sell or auction exclusive clothing NFTS, which owners can then have created and tailored to their specific size. This approach also makes economic sense, as brands could simply use NFT purchases as a means for production on expensive, labor intensive products. Designers would no longer have to gamble on whether or not a product line will succeed, as physical items can only be created with the support of digital owners.

Edited by Maurice Nagle

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