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.’ “
Traditionally, the luxury fashion business has been associated with upper echelon status. Predict the return of pre-pandemic status with competitive price points driven by limited distribution and celebrity endorsements. Overall, the luxury apparel and accessories market segmentation appears to have carved a niche for itself by focusing on consumers leaning towards luxury products and developing a market segmentation around it.
Based on Statista, In 2021, luxuryThe global fashion industry is currently estimated to be around $ 107.9 billion dollars. This strong market segmentation has reached these promising numbers during the pandemic year. More importantly, market segmentation has an expected annual growth of 4.8% (CAGR 2021-2025).
While this all sounds promising, it is a major policy challenge facing the luxury fashion industry. Among the most important is forgery. A large number of brands in the portfolio of multinational companies specializing in luxury goods such as those based in France LVMH and Dry; which aims to maintain accessibility and exclusivity in a highly competitive market. In 2020, President and CEO Kering Francois-Henri Pinault reported group revenues of 13.1 billion euros – roughly $ 15.49 billion in US dollars.
Let’s face it, big brands go to great lengths to maintain exclusivity and fight against fakes including the product on fire is worth billions of dollars. However, burning excess product to maintain exclusivity is not accepted by consumers. And there is no pause. The core problem; a consumer boycott campaign against luxury fashion houses Burberry, which is headquartered in London, England – after the news about the arson became known to the public. In short, it is a discreet business world. And rightly so. Today, the link between brands and customers has generated public voices. In short, the boycott forced Burberry to end its practice of over-burning products, but sadly, the damage was done in connection with the displeasure of consumers at the time.
With the removal of so many longstanding traditions in the post-pandemic period, more and more fashion brands are starting to abandon standard business practices fueled by awareness of the benefits of blockchain technology. I recently attended a remote forum run by experts regarding opportunities for luxury fashion and beauty brands in New York’s Fashion Technology Institute. At this point, the winning brands provide a deep path to this straightforward technology as well as pinpoint the defined market strategy that triggers the call to join.
Using blockchain technology belongs to the NFT Brian Foote – founder and CEOHUMBL—In addition to a new product line called Origin Assurance ™, it targets several challenges that could hinder growth projections for the global fashion industry.
HUMBL Marketplace recently teamed up with Hollywood celebrity photographer Smallz + Raskind to create tokens and create an exclusive print catalog on the blockchain, ensuring that customers receive a certificate of authenticity and a digital signature QR code to track the life cycle of any product.
Nowadays, it is increasingly important for retailers and consumers to ensure accessibility in luxury fashion via blockchain. When it comes to millennials and Gen Z, they often feel left out of the luxury shopping experience. At this point, most market groups are well aware that this age group prioritizes experience over acquiring goods. I think I’m teaching right now, but technology is a proven way to capture this emerging market sector.
“The tokenization of luxury fashion on the blockchain will create attractive opportunities for the high-end fashion industry and attract a young market,” Brian said. “HUMBL Studios is where the tokenization of luxury fashion items, NFTs, physical and esoteric assets will take place on the blockchain.
It’s important for luxury fashion customers to find what they’re looking for under one roof, and a marketplace that makes the shopping experience seamless is key.
“In fashion, accessibility is essential for luxury brands to stay relevant. Smart luxury brands will take advantage of the blockchain-powered web 3 to make it accessible in the primary and secondary resale markets, especially in luxury brands where there is a longer collection life cycle. “Said Foote.
Unlike in the past, high-end luxury fashion consumers are no longer limited to in-store shopping experiences, as technology is now bringing the experiences busy wealthy people crave most to their homes and offices, and even in the palm of their hands. they. VR technology captures fitness and precise measurements, while blockchain keeps records for repeat shopping experiences.
This is even more common today as physical stores remain closed due to the pandemic. Max Krupyshev, CEO at CoinsPaidCrypto payment processing gateways also echo the same view. His company has seen increased integration of luxury brands since the start of the pandemic. “With blockchain technology and the acceptance of crypto as a means of payment, more luxury brands can reach a wider circle of customers and especially millennials, who are the biggest fans of digital assets,” Krupyshev said.
According to reports on Harvard Business reviewThe global counterfeit trade total costs producers $ 4.5 trillion, with the luxury market accounting for 60% to 70% of that figure. Another report by the World Trademark Review puts the losses caused by counterfeit luxury goods in 18 US states at $ 12 billion per year.
When asked about the importance of implementing Blockchain technology in today’s luxury sector Luca Spano Director at IFG Men’s Fashion have to say this. “This has become a very important part of many businesses and it is imperative for all of us to implement it sooner rather than later. Covid has moved our industry 10 years into the future and made us understand what technology can do to keep the economy moving and becoming. strong. Marketing must think ahead and definitely make blockchain implementation one of their top priorities ”
Tokenization on the Blockchain allows valuable luxury products such as bags, sneakers, or luxury watches to be assigned a unique, irreversible identity. The product identity is recorded in the blockchain ledger and can be traced back to the end consumer. More importantly, consumers have a growing concern about living up to the culture of a brand by knowing its production path from start to finish. It uses technology to eliminate the need for wasteful and environmentally hazardous procedures to curb counterfeiting in sophisticated ways.
Rafael Papismedov, Managing Partner and Strategy Director at HB Antwerp:“The innovative blockchain technology allows HB Antwerp to track and trace the entire process from mine to finger. This is important for today’s luxury consumers who are, on average, much younger than they were five years ago, and are more often women. Millennials and of course Gen Z are usually more confident and know the world than previous generations. They demand answers to their questions and place importance on fair trade. They want to know under what circumstances the product is made, what the ecological impact is, the working conditions in which it is produced, and they want to know this about all consumer goods… whether it’s chocolate or diamonds.
We use blockchain technology and data visualization techniques to monitor and map all steps in the process from mining to gems. We have created an ecosystem called Signum, where participating partners exchange information, both on the mine side and the jewelery shop side. Thanks to this Signum ecosystem, the jewelers working with HB Antwerp are currently the only ones who can tell their consumers exactly where their Signum diamond came from, how it was mined, when it was discovered. “
Today, I think luxury fashion shouldn’t be limited to the traditional ideals it started with. By maintaining exclusivity and ensuring anti-counterfeiting, technology is still the best bet for solving most of today’s luxury fashion challenges.
Digital artist Mike Winkelmann is named after Beeple. His work “Everydays: The First 5000 Days” was sold for US$69 million at an online auction on March 11, 2021, making history.
Six months before the huge auction, Beppel’s artwork was sold for $100.
Beeple’s art really paved the way for the explosive development of NFT.
Beeple rises to the Digital Art Hall of Fame
in Interview Beeple shared with Insider on March 16 that he never thought his work would be sold at first, until people urged him to “look at the NFT thing.”
Beeple launched the first batch of NFTs in October 2020 and sold a pair for $66,666.66. In December 2020, his series of works sold for 3.5 million US dollars. Then, in February 2021, one of his first NFT artworks was sold for $66,666.66 and resold for $6.6 million.
He explained: “If everyone wants it, then it has value.”
When it comes to “every day: the first 5000 days”, which is his most expensive artwork so far, worth nearly 70 million US dollars, Bipper shared his thoughts. He wanted to create a collage, which he has since 2007 All “everyday” images made since May 1, 2015.
Christie’s is honored to provide you with “Everydays-The First 5000 Days” @bee It is the first batch of purely digital art works provided by a large auction house. The bidding time is from February 25th to March 11th.
speak Interview On “Fox News Sunday” posted on Twitter on March 21, Bepp shared that the entire NFT mania is a “bubble.”
He said: “To be honest, I definitely think this is a bubble.” “There was a bubble. The bubble burst. It wiped out a lot of nonsense, but it did not wipe out the Internet. Therefore, the technology itself is powerful enough, I think it will be better than this. Live longer.”
Earlier, in his Interview Beeple said in a CNBC report published on March 12 that he believes that the technology itself has so many use cases, even beyond digital art.
He added that he sees NFT as a blank board, and the value at this time is purely speculative.
People who want to prove ownership in today’s digital world can use this technology and cast everyday items such as legal documents as NFT.
In short, NFT can be used to record the ownership of assets on a digital ledger similar to a network that supports cryptocurrency.
In the case of NFTs, the digital ledger will be the Etherium blockchain.
Currently, the focus of NFT revolves around digital art, memes, music and sports competitions.
FEB. 27 SIGNED releases a trio of sneakers that look like doodles on Air Force Ones – a collaboration between design studios Rtfkt and a little, an 18 year old digital artist living in Seattle. Listed for $ 3,000, $ 5,000 and $ 10,000, respectively, three chaotic designs, each slightly different, were sold over a seven-minute period. In total, 621 pairs were purchased, the equivalent of $ 3.1 million. In today’s frenetic sneakers market, this fast-paced exchange of money isn’t all that surprising. (A pair of Air Jordans sells at auction for $ 10 $ 615,000 in August.) What really matters, however, is that Rtfkt shoes cannot be worn. They can’t even be touched or held. At least not yet.
These rainbow colored virtual sneakers are released digitally as NFTs or nonfungible tokens. Latest internet based collect hobbies, NFT are digital art or collections that are authenticated or “printed” using blockchain technology and then purchased using a cryptocurrency such as Ethereum. The digital ledger, which is accessible to anyone, keeps track of who owns a particular NFT, and ensures that the NFT cannot be duplicated or tampered with. Having an NFT doesn’t mean you own the copyright to a particular asset, but it does give you a right to brag. And NFT sales can come as a surprise: Last week, internet artist Mike Winkelmann, known as Beeple, sold a digital collage via Christie broke a record $ 69.3 million for the Singapore cryto fund Metapurse.
With all the money flowing around the NFT market, it will seem like a natural playground to a luxury industry player like Gucci, Saint Laurent or Prada, who have long been selling expensive and eye-catching items. But so far, the roughly a year old company known as Rtfkt (deliberate misspelling of the word “artefact”) is a leading player marketing NFT sneakers and now clothing. Its success could offer companies a roadmap mode if they choose to enter the NFT.
“Sneakers are a basic vehicle to get started,” because it’s an existing asset class Benoit Pagotto, one of the three founders of Rtfkt. (In the corporate structure of the internet age, Mr Pagotto is based in Paris, but his partner Chris le and Steven Vasilev located in Salt Lake City and Los Angeles, respectively.) Mr. Pagotto, who previously worked in the esports industry, noted that, by 2021, even teenagers know you can buy a cool new sneaker like the Adidas Yeezy Boost day and sell it. to get some serious profit the next day.
The foldable nature of shoes applies even in the digital world. Just a few weeks after its launch, some Fewocious “shoes” were swapped for about double their launch price. And unlike traditional auction markets, every time an NFT is resold, Rtfkt receives a discount. This is a common practice in the market and makes NFTs all the more attractive because on paper, creators can make money forever.
Companies aren’t just digital. Rtfkt has hired two respected former employees of shoemaker Clarks to create real-world samples of its digital shoe designs and will release a real, factory-produced version to all NFT holders. “We think emotional attachment to physical objects is still important and can increase attachment” to design, Mr said. Pagotto. The tangible Fewocious sneakers will ship from April, but Mr. Pagotto says that to company customers these original shoes represent an unattractive side show for a digital release. In the weeks since the virtual shoe was released, she has watched NFT holders happily post about the designs on social media, all without ever touching a physical copy.
Rtfkt’s main audience consists of two groups that often overlap: digital fans accustomed to social media; and cryptocurrency fanatics who have made fortunes online. Arthur Meucci, 30, a photographer and early NFT collector, purchased a version of the Fewocious Rtfkt shoe. She hopes to accept a physical partner, if only so she can make a YouTube video of her opening that rare shoe box. After that even though she planned to take off her shoes. “I don’t see myself walking around in an expensive pair of shoes,” he said. For him, shoes and NFTs are more speculative assets than wearables.
The thirst for digital flex may hold the key to where “wearable” NFTs are headed. Clothing has long played a role in the digital experience. Popular contemporary games like “Fortnite” and “Animal CrossingAllows players to do everything in their character’s gear. Fashion brands have even entered the virtual fashion ecosystem: Earlier this year Gucci introduced its North Face collaboration in the game “Pokèmon Go”. However, the outfit was limited to that particular game. As Rustin Sotoodeh, 25, the CEO of tech accessories company Higround and a true NFT believer explains, this is the same as buying a pair of Nikes but only being able to wear them in a store.
He believes that in the future he will be able to “own” a clothing item digitally – beyond the parameters of a single game – giving one the ability to wander back and forth in any virtual space. Her “pipe dream,” she says, is to have a real world version and an NFT version of her favorite Stone Island jacket. He can walk into the corner shop inside, or he can digitally play “Hello” in it.
There are indications that the company is pursuing a one-to-one relationship between household closets and one’s digital wardrobes. In 2019, Nike patented “CryptoKicks, ” a system where customers receive a virtual version of a shoe when they buy it for storage in a “digital locker”. The technology has not yet been launched and Nike representatives did not respond to requests for comment regarding the patent. Even NFT supporters believe that the open landscape of Mr. Sotoodeh is still far away. Gaming “is a very competitive industry,” said Mr. Pagotto of Rtfkt, and it takes a high level of cooperation for video game publishers to use the same NFT-enabled technology.
For now, NFTs are mostly static objects – comparable to a painting hanging inside someone’s home. Even within that framework, some NFT lovers see the potential of the fashion world. Jeff Carvalho, one of the founders Lofty, a clothing and culture website, theorizes that a fashion label like, say, Tom Ford, could create memorable runway moments and offer them for sale. This is comparable to NBA Top Shots , a very lucrative market where fans spend five or even six figures to own NFT highlight clips like the LeBron James dunk. Mr. Carvalho also envisions fashion houses selling NFTs of their most iconic designs. If you’re already a hoarder Margiela’s signature is split Tabi boots or the cute heart logo t-shirt from Comme des Garçons Play, which has a very rare NFT version of this design can be a cherry on top.
Mr. Pagotto offers a reality check: Unlike basketball, fashion is “not a fan business.” Not millions of people stream runway shows and the number of Tabi boot collectors is far less than LeBron fans. These facts limit the audience – and the huge profit potential – of a fancy NFT. When contacted about possible future applications of blockchain technology, several fashion brands including Gucci,
The next straightforward step for a fashion-focused NFT is probably something Mr Sotoodeh created for purely fun. A few weeks ago he printed a cell phone “passport photo, ”- a head-to-toe photo of what she’s wearing – which she claims is the first suitable photo for the NFT. This isn’t a very good photo – her head was cut off and her arms disappeared from the frame. But it’s the sort of part of ephemera that can thrive in this crazy NFT world. After all, Twitter founder Jack Dorsey is auctioning the NFT of his first Tweet worth up to $ 2.5 million on Valuables, an NFT marketplace. So far, no one has bought a photo by Mr NFT. Sotoodeh, but with only a few thousand Instagram followers, Mr. Sotoodeh is not a blockbuster fashion influencer. If someone with a few million followers makes a photo that fits – it sounds ridiculous – crypto sales might start to take off.