NFTs and the virtual fashion wave

NFTs and their play in virtual fashion is creating a lot of buzz in the digital space right now, and for a very good reason. However, it’s still a fairly new concept for many, like we mentioned in our previous articles on the virtual fashion world. Nevertheless, the big news around right now is that Elon musk has hopped on the bandwagon! He is reportedly selling a brand-new music track about non-fungible tokens and is presenting that as an NFT too. This report is as per Coinpedia, about the CEO of Tesla and popular billionaire Elon Musk entering NFTs’ hype fest. In a recent tweet, he announced the sale of his song about NFTs as his first-ever NFT. Right after the tweet, famous artist Beeple, who had just auctioned his digital art “Everyday: The first 5000 days” for $6.94 million, replied to Musk saying, “I’ll give you $69M for it.” Musk then stated a figure of 420M Doge to which he replied ‘SOLD’. It so seems like Elon Musk has a buyer for his NFT-track, but we’ll have to wait and watch.

Virtual fashion and NFTs

Dressing up with virtual outfits was really not possible in games earlier, but that sounds like distant history now. Life wasn’t fashionable enough then, but along came Gucci this year, breaking all barriers of virtual fashion industries. Gucci got laced with advanced technology and so, the idea of virtual clothes has been taken to a whole new level. Virtual fashion sometimes gets more attention than video games or real fashion itself. In a few of the video games around, there’s now an option of getting Gucci or Prada or even other exclusive digital brands to create stunning looks for their avatar. Recently, Balenciaga unveiled its “skins” for characters of “Honor of Kings”, available in China only. But, that does illuminate the bulb of innovation in digital fashion. It is surely taking over the future of clothes and accessories in gaming, and further, expanding towards new horizons, like conquering these non-fungible tokens (NFTs) while they’re hot and trending. Fashion brands have long been under deep research in this wicked world of cryptocurrencies and NFTs. Hence, with all the futuristic possibilities of blockchain, it seems like a few brands are embracing diving in. Gucci recently declared to Vogue Business that it is only a matter of time before brands will also start releasing NFTs. Many other companies which are best known for their cryptographic technologies and are pioneering in the gaming world are competing to make an NFT fashion experience that’s premium, clean, and beautiful. Think Net-a-Porter rather than Amazon. Some high-tech startups are currently working with luxury fashion houses for launching NFTs for 3D wardrobes that plug into everything. For example, if a buyer is fascinated with any celebrity wearing branded outfits on their website, these companies will provide a social media platform that specifically offers filters to the owner posting a photo of themselves wearing that same dress. Digital fashion and NFTs will make it possible to live the same grand life on social media in multiple ways by buying these tokens.

Watch this space for all

Some not-so-well-known brands of fashion and luxury have been jumping in and announcing big news regarding NFTs and cryptos, but there are talks doing rounds that big luxury brands are getting geared up with some Silicon Valley collaborations, and they’re taking their own time to get things right. Indeed, many smaller brands have reportedly been in touch with retailers to play this NFT game through various creative channels, and they’re getting opportunities to sell fashion NFTs at marketplaces. Buying a Dior bag or a Dior dress will not be easy for all the buyers, but one can always buy lipstick or a small piece of skincare to feel the Dior experience. In the same way, brands will be creating different ranges to provide something for everyone through NFTs.

When most of the brands have had to stop real-life sales and fashion shows in the pandemic triggered by COVID-19, they have been working with their techies for crafting video games, virtual fashion features, and moreover, now NFTs. Balenciaga created the video game ‘Afterworld: The Age Of Tomorrow’ to show its Fall 2021 Collection, while Gucci partnered with Pokémon to come up with cool player avatars. Now, it seems like that time has come to get ready for some non-fungible tokens coming in the market space for a new era of this digital world, to give you that glitz and glamour that you’d wish to create on-screen. Augmented reality has bolstered digital fashion and NFTs are these newborn babies rising into the new world as just another kind of consumption we have to experience in the near future.