Since the early 90s, the internet has taken the whole world by storm. What we used to need to wait for a while, now we can receive much more quickly. The Internet has also changed so many industries, including fashion. With the growing global interest in blockchain, including NFT, there is also this thing called NFT Fashion.
What Does NFT Mean in Fashion?
So, how does NFT Fashion change the retail industry? However, let’s wonder about this first:
What does NFT mean in fashion? For starters, NFT itself stands for ‘non-fungible tokens”. These are cryptographic tokens stored in the blockchain. With these tokens, you can purchase, sell, or trade. The items are a variety, from artwork to real estate.
NFTs are especially apt. Why? You can use them to tokenize collectible and unique items. This receives a warm welcome in the retail industry, especially luxurious fashion brands, which normally require exclusivity. Thanks to NFTs, now the luxury brands in fashion get a chance to switch digital designs and collections into pieces with these extraordinary qualities:
- - Highly scarce
- - Valuable
- - Luxurious
- - Unique
What is another great part about this? It will be even more challenging for anyone to copy the designs that sell the knock-offs in retail stores. Even so, they will have to wait until the designs are no longer trending.
What Are The Benefits?
So, what are the benefits of NFT Fashion in this day and age?
1. Building and giving your community a way for their own online representation
A strong community makes everything possible. This includes NFT projects. Once customers from that community connect with the fashion brand, then the brand will gain more support from that community. If maintained right, the connection may last and remain deep. The benefits for the brand’s owner are that they can provide customers a financial incentive if they are willing to do these things: bringing more people over(to like the brand) and becoming the brand ambassador.
Want to Build NFT Community? Here’s What You Need to Know
2. Creating exclusive and personal experiences for your community
Customers love to be made to feel special. This is why exclusivity works wonders. They would prefer a first-class, unforgettable experience they can tell their friends later on when connecting with a brand. For example, they get to own a piece of your brand, which they can show off to the world through their social channels. The more personal the approach, the easier for customers to identify themselves with the brand. Before you know it, they start spreading the good news about your fashion brand. It is a free promotion, indeed.
3. Offering tailored, unique loyalty programs to the most loyal customers
If you want to make your best friends feel special, why not do the same with the most loyal customers? NFT Fashion makes it even more possible. For example, customers with premium memberships may receive early promotions for the latest piece of fashion through a special sneak-peek on their website.
4. Selling digital assets
Imagining interactions between retail stores with customers online. Wait, that is already happening now. With metaverse, you no longer just sell them clothes. You can also become their fashion advisor. You do not just offer them clothes they might like best with NFT. You also suggest the best options in your store, connected to what they may need and suit them best.
5. Building excitement whenever there is a new product launch
These days, pre-order offers are a thing, especially online. With NFT, your customers may get an early sneak-peek on the latest products and purchase them for half a price – through a unique link you give them, of course.
6. Preparing to welcome the metaverse
Imagine the future, where people can do a lot of things online. From work to school to shopping, why not? In fact, some retail stores have already made this possible. Customers can even have their own avatars – wearing the clothes they order for real.
Many Companies Have Entered The NFT World
To have caught up with the trend, of course, some companies have entered the NFT world. They understand the benefits of NFT Fashion. Here are some of them:
1. Gucci: The First Company To Enter The NFT Industry
Gucci is the pioneer in terms of NFT Fashion. This iconic luxury fashion brand from Italy had made its debut by selling their 4-minute-film showing inspiration from their “Aria” collection. It was their collaboration with Alessandro Michele. Through Christie’s Auction, it was sold for USD 25,000.
2. NFT In Fashion Week
Since the Covid-19 pandemic in 2020, NFT has been a blessing in disguise for so many businesses. Partnering up with the “Arianee” platform, “French Fashion” and “Haute Couture Federation” will come up with NFTs that could be a replacement for the 2022’s men fall/summer fashion week in Paris. This could also work wonders for other high fashion exhibitions.
3. Louis Vuitton
Louis Vuitton would not miss NFT Fashion for the world. To celebrate the 200th anniversary of LV’s founder, LV made a combination of fashion with technology with the introduction of “Louis The Game”. It is an adventure-style game. Players become the avatars that would have to traverse through a dollhouse that belongs to Vivienne.
Not only that, though. Players have to collect 200 candles by visiting different lands. The number of candles they have to collect represents the 200th anniversary. In total, the adventure consists of 30 hidden NFTs. Ten of the hidden NFTs are a collaboration with “Beeple”. Beeple is a famous NFT artist. These NFTs are up for a collection. Of course, they are not for sale to the public. One has to join the game and play first to collect them.
So, once again, how does NFT Fashion change the retail industry? Of course, it makes the customer experience in terms of high fashion brands more interesting. They get to feel more special and exclusive through pre-order offers and limited viewing of the latest products. They get to choose the clothes online first before wearing them in real-time.
They do not even have to go to the actual stores. Still, in reality, nothing beats the real thing. The metaverse only makes it easier – and faster – for customers to choose and shop for the clothes they love. After that, they still have to wear them for real.