Amber Jae Slooten, co-founder of The Fabricant, a digital fashion house, says the most fun part of NFT is going beyond the physical. “I don’t want to encourage brands to just copy their physical goods,” he said. “I will encourage them to transcend their physical reality. For example, we designed one shoe which is a fire shoe. You can create all kinds of digital couture looks that will never exist in real life. “
The Fabricant recently ran a 3D fashion design competition in collaboration with Adidas and Karlie Kloss’ non-profit, Kode With Klossy. At that time, the top 20 posts auctioned off as an NFT. They are also on display in galleries on Decentraland, where visitors who inhabit avatars can view works of art and virtually bid on designs. The winning design brings in 1.4 ETH, approximately $ 2,400 at current exchange rates. Proceeds from the auction go directly to top artists, while voluntary contributions support new events and programs for the Kode With Klossy alumni community of more than 5,000 scholars.
Another option for brands is to use the NFT as an opportunity to experiment outside of fashion. Re-inc, a direct-to-consumer brand founded by four American women’s soccer stars including Megan Rapinoe, made a name for itself selling street wear. But now launching a set of NFTs which are GIFs of digital playing cards featuring individual soccer stars. Jenny Wang, co-founder of the fifth Re-inc, said the brand would buy carbon offsets with a portion of the profits, responding to criticism that NFTs are bad for the environment. Environmental concerns are expected to disappear in the coming months: Ethereum is in the works transition to a new “proof of stake” consensus protocol that will dramatically reduce carbon emissions.
Cathy Hackl of the Futures Intelligence Group believes we are at the top of the iceberg when it comes to virtual modes and possibilities. “As we move to a more immersive web, every fashion brand needs to have a virtual strategy,” he said. “Selling dresses and virtual assets will be a significant revenue stream for brands. For my kids, the appearance of their avatar in the game is just as important as their appearance when they go to school. My daughter told me a few days ago about her avatar, ‘Yes mother, I paid a lot for that face.’ “
To receive the Vogue Business newsletter, Register here.
Comments, questions or feedback? Send us an email at [email protected].
to request modification Contact us at Here or [email protected]