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Gucci and a slew of other leading fashion brands are planning to enter the non-fungible token (NFT) space. A report unveiled this news on April 5, noting that multiple fashion houses are inching closer to rolling out their NFTs. While there aren’t specific dates for when these brands will release their NFTs, industry experts believe that once one of the fashion houses steps out and releases an NFT, the rest will follow suit.
Contributing to the report, the founder of Lusko, a blockchain platform that works with fashion houses, Marjorie Hernandez, said luxury brands lagged on the e-commerce trend. As such, they are now willing to experiment with new technologies, such as the blockchain. She added that such brands are curious about what they can do in the NFT space. Luckily, the brands are in luck because they can turn anything digital, including art and music into a distinctive NFT and have its ownership recorded on the blockchain
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Enthusiasts believe that NFTs will become the next generation of fashion skins. Seeing as NFTs are scarce and have the ability to gain value, the proponents claim that they will bridge digital fashion and real fashion.
A budding industry that is full of potential
Per Cathy Hackl, the CEO of the Futures Intelligence Group, an organization that advises brands on how to deal with burgeoning technologies, fashion houses can only sell NFTs in the form of fashion art. To this end, buyers cannot do much with their purchases except admire them. However, the race for fashion houses to roll out NFTs might change this completely, seeing as each brand will strive to deliver a premium and quality NFT experience.
To help fashion brands market their NFTs effectively, an Australia-based startup dubbed Neuno has stepped up the game. At the moment, the company is working with five fashion houses to help them develop their NFTs. According to the firm’s CEO Natalie Johnson, Neuno intends to become a universal 3-D wardrobe that works with anything.
Johnson disclosed that Neuno is working with a social media platform to create filters of purchased NFTs. For instance, if a buyer purchases an NFT of a Versace dress, they can take a picture and use the filter to make it seem as if they are wearing the dress. Apart from this, Neuno is working with an Asian game developer to let users dress their gaming avatars in the dress. As such, the NFT will have multiple applications.
Alternatively, fashion brands can use NFTs as collectibles where the NFT becomes the digital version of a real garment. By auctioning the NFTs, the brands can decide to offer the winner the real garment, such as in the case of Clothia.