How Fashion and NFTs Became Beneficial Partners?

Fashion and NFTs

The fashion industry has shaken hands with NFTs with a firm grip. Yes, people with skeptical attitudes will continue to criticize the NFTs, however, fashion companies seem to ignore all these criticisms. Because we can see a large number of them have started those ownership tokens as part of the product lines and collections.

In fact, the list of fashion agencies taking advantage of NFTs in any way has increased to a larger extent. And this list includes the names of giant and reputed firms as well such as Salvatore Ferragamo, Rebecca Minkoff, Philipp Plein, Balmain, Gucci, Burberry, Prada, Guerlain, Diesel, and a lot more. It seems that both fashion and NFTs create a perfect natural match and that may be because both are focused on status and rarity.

The very big benefit of this Fashion and NFTs hug is that it has become possible for the industry to invite and engage new audiences that otherwise may not have ever tried hands with certain brands. As a result, many fashion houses are recognizing NFTs as their new identity. This relationship is capable of working in more directions as well such as fashion may bring new people to crypto and NFTs.

NFTs and Fashion: A Match Made for Each Other

Swiss fashion group Philipp Plein is one of the earliest fashion firms that adopted crypto and NFTs and started using them by accepting them as a payment option in August 2021.

This relationship expanded more in April 2022 as the use of NFTs when a concept store was launched by this group in London. This store offers non-fungible tokens to the customers. These tokens represent the real-world products that they purchase in the store. This is a very sensible concept for Philipp Plein as both NFTs and fashion seem to be a type of art.

“It means that both are a way to express yourself or to express feelings or ideas. If we’re adding luxury brands to the mix, NFTs become also a matter of status symbol,” Philipp Plein told Cryptonews.com.

The NFT and fashion are connected to each other at a ground level. The NFT industry itself has the same point of view. Alex Salnikov, Rarible’s co-founder and Chief Strategy Officer also agrees that both industries have two bigger overlapping areas which are artistic expression and rarity.

“The fashion and NFT industries often revolve around the same core principles of artistic expression, continuous innovation, and rarity, and as such, make for a natural and very promising partnership. I believe further collaboration between the two sectors will allow both industries to continue to evolve in new ways previously thought unimaginable and will usher in an exciting new era of digital and physical fashion,” Alex Salnikov told Cryptonews.com.

Upon seeing a large number of fashion brands that have entered the NFTs, it seems like a new period has begun. While some firms have just started utilizing non-fungible tokens, however, some have already recognized the importance of NFTs in the fashion industry. They also acknowledge that NFTs are going to stay here permanently.

“For us, it is a new reality, we strongly believe that this is the future and it’s happening now,” said Philipp Plein. He also added that all of the future projects of his brands are probably going to include crypto and NFTs as an essential part.

However, fashion houses most probably not going to get involved in NFTs alone, some of them are also trying to use metaverse platforms. The same is the case with Philipp Plein. in February 2022, he created his brand presence in the metaverse as well.

According to Plein, “We purchased our Land in the Decentraland metaverse for more than EUR 1.5 m, the PLEIN PLAZA, and have been developing it since. We even hosted a fashion show there during Milan fashion week.”

Actually, in the fashion industry, the metaverse has become a great installation with Decentraland which hosted the Metaverse Fashion week in the month of march. During this fashion week, major brands such as Tommy Hilfiger, DKNY, Paco Rabanne, Charles & Keith, Dolce & Gabbana, Etro, Prive Porter, and Charles & Keith presented their virtual wares. It is evident that non-fungible tokens are one of the major parts of that event. Besides this, NFTs were also the focus of the Amsterdam Metaverse Festival which was held in the month of June.

How Crypto and NFTs Contributed to Fashion?

On analyzing factors and figures of both sides of these industries, it is clearly visible that fashion’s involvement with NFTs has helped in engaging more customers. As per Philipp Plein, as soon as the crypto-based payments were initiated in August 2021, it resulted in outstanding results in just nine months.

“When we started we accepted 15 currencies and now we accept 24 different currencies. The turnover generated through crypto payments on the website already reached more than 2.5% [of total turnover] which brings it to a level of a real payment method,” told Philipp Plein.

Plein also added that in relation to the retail outlets of the brand, customers have showcased a great interest in making the payment with crypto or receiving in the form of NFTs. This indeed creates a connection between tech-savvy audiences and its stores.

“Also super interesting is that the average value for an order paid by crypto is [higher 187%] than other payment methods and 73 customers out of 100 [who spend crypto] are completely new to the brand,” according to him.

These statements and claims are supported by Alex Salnikov, the co-founder of NFT marketplace Rarible. He agreed that this combination of fashion and NFT has made both sectors capable of attracting new customers, fans, as well as creators.

He said, “At Rarible, we have partnered with a number of notable fashion brands including Diesel and G-Star Raw — which have allowed these brands to gain exposure to new creators and fans from the world of Web3. Similarly, partnerships between the mainstream fashion sector and the NFT space also serve as somewhat of a gateway to bring new users into the world of Web3”.

Salnikov agreed that this partnership between Fashion and NFTs is beneficial for both of them. As it will help both of these sectors to explore their user base. This is the reason why he expects that it continues for the estimated bright future.

Salnikov says, “This digital revolution is not temporary, but rather a new stage of our lives that will continue to grow and change the ways in which we work, create, and engage with each other. This applies to the intersection between the NFT and fashion industries as well, and we are seeing more and more luxury and lifestyle brands enter the Web3 space.”

CONCLUSION

NFTs and Metaverse have entered almost every industry nowadays and small to medium as well as bigger brands are taking the same interest in it. In this crypto and NFT-dominated world, if you are looking for a place to design these, Koop360 is the desired option. It is a decentralized and open-source environment that lets you create and sell your NFT tokens and digital art. This community-driven platform works as a simple plug-and-play system.

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