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Gucci and various other high-end fashion brands intend to launch NFTs. Vogue Business has reported that luxury brand Gucci and other brands plan to expand in the NFT space. A Gucci representative advocated that it’s “only a matter of time” before a brand like theirs joins the NFT space. The report cites various industry sources implying that other luxury fashion houses are planning to launch their own NFTs.
Multiple other luxury fashion brands are close to launching their own NFTs. For example, recently, the fashion collectibles platform Neuno is operating with five luxury fashion houses on launching NFTs. Furthermore, consumers would be capable of buying NFTs with their credit cards, eliminating the requirement to own cryptocurrency.
In games such as Decentraland and Aavegotchi, NFTs describe rare clothing items, something the fashion world could embrace. They could also be employed to develop digital skins of famous brands and offer certificates of authenticity. For instance, when someone purchases a $5,000 Gucci handbag, they may also get a token that confirms it is an authentic Gucci piece.
Indicators Feel Rampant Expansion in the NFT Market?
Notwithstanding the fashion industry’s growing interest in space, various indicators imply that the NFT market is overextended. CryptoPunks, amongst the most advanced and now most sought after NFTs, have witnessed a crash currently. The floor price for a punk has dropped approximately 40% to almost 15 ETH, about $30,937. Meantime, The Weeknd, one of the world’s most prominent pop artists, raised $2.29 million from his first NFT drop across the weekend.
Moreover, the tokenized version of Leonardo da Vinci’s “Salvator Mundi,” the most precious piece of artwork ever developed. It is recently up for auction on OpenSea. Author Ben Lewis devised the piece, saying The Art Newspaper he intended to share the profits from the sale with the Hendry family, who traded the painting for $1,175 in 2005. He elucidated that his target price was $450 million. The same price “Salvator Mundi” sold for at Christie’s in 2017. Nevertheless, bidding is at just 0.23 ETH (under $500) with 19 hours to go.