NFTs for Fashion
Megan Maritz
Fashion is going into the blockchain, no seriously. Cryptocurrency has been around for a while now, but has recently gained more traction with the introduction of NFT’s. NFT’s made its start as a polarizing idea that was making its rounds in cryptocurrency communities. An NFT by definition is a non-fungible token and its uses range from representing digital files such as photos and videos to audios and an array of other files. These types of digital artworks cannot be copied once someone has purchased it and maintains their digital ownership over it, as it is then tracked through the use of a block chain. An individual can still download a version of the NFT to a mobile device or computer; however, there is still someone with the original that has digital ownership of it.
Since the explosion of NFTs, you have big name celebrities such as Elon Musk and Grimes that have sold NFTS priced in the millions, as well as Paris Hilton, Soulja Boy, Azealia Banks and Shawn Mendes all joining the NFT bandwagon. But want does this have to do with fashion? Considering NFTS have dipped their toes in the depths of art, music, and even memes, it’s no shocker that fashion brands from all over the world are now trying to get in on this very lucrative trend.
In an article written by Danny Parisi titled “Beyond the hype: How NFTs stand to benefit fashion brands” he details how the luxury watch brand know as Jacobs & Co had been promoting their impending NFT auction. This auction featured collaboration with ArtGrails, an NFT platform, and was being called the very first “NFT luxury watch launch”. The auction took place on April 4th of this year, and was auctioning a unique NFT that was designed by the brands inner design team. The unique digital art fetched a whopping $100 000 at auction, with the buyer being anonymous.
The CEO of Jacobs & Co. stated that NFTs were new to the company, and that moving forward he could see a hopeful future for NFTs benefits in fashion. You have other high fashion brands such as Gucci that have been quoted by Vogue Business as stating that it’s only a matter of time before its brand releases an NFT. Vogue Business has also stated that Marjorie Hernandez, the founder of a blockchain platform known as Lukso, has stated that “Every single fashion person I’ve ever talked to has asked about what they can do in the NFT space”. This means that we could be seeing some of the biggest brands in fashion coming out with their own designs in the near feature. While cryptocurrencies such as NFTs have been around for a while now, it is still fairly new and could have the potential to become a completely new revenue stream for the fashion industry and fashion lovers alike.