The 95th Macy’s NYC Thanksgiving Day Parade included NFTs in 2021. Budweiser, founded in 1876 in St. Louis, Missouri, has introduced an exclusive NFT Heritage collection including vintage bottles, and even has its own Twitter handle: beer.eth.
Adidas Originals, a well-known sportswear brand, just announced their metaverse debut with NFTs like Bored Ape Yacht Club (BAYC). It has a BAYC profile image on Twitter and a metaverse section on its website.
What about fashion labels, one could think, as many heritage brands join NFTs and metaverses? After all, its survival rests on exclusivity, limited editions, and highly sought-after designer products. Having a Punk or Ape as your PFP is probably not that different – it implies social exclusivity, that you are in the “in-group”.
NFT stands for non-fungible token, which indicates it is not replaceable or interchangeable with any other thing. NFTs are virtual-ownable items and clothing manufactured by renowned fashion labels like Gucci for usage in-game.
Due to the rarity of each NFT, the value sometimes skyrockets if the producer is a famous person or group. This is why fashion companies utilise NFTs. Louis Vuitton and Burberry, among others, have experimented with NFTs. Why?
Simply stated, these virtual treasures allow businesses to reach a hitherto untapped customer demographic: gamers.
Not every gamer wants a $1,000 purse to parade down the block for a coffee. Online gamers’ social status is less important than their online identity, therefore these NFTs enable them to buy from companies they wouldn’t ordinarily purchase.
This gives enough exposure for fashion businesses. Their wares are not only worn in the metaverse, but their earnings explode as more NFTs are purchased. Not to add that producing NFTs may be cheaper than making physical goods.
Making and promoting a product costs about the same, if not more. A Gucci model earns $62k on average. Brands may create NFTs without a physical model since the thing is intangible. So they may save money on models by promoting their items online as NFTs.
With OpenSea, the top NFT marketplace, Vogue Singapore presented a “new beginnings” NFT collection. Eight more photos from the beauty, fashion, and art domains were generated in collaboration with several digital producers for the collection.
OpenSea showcased this NFT collection from November 10 to 13, 2021, inspired by Vogue’s global September theme of ‘New Beginnings.’
Burberry and Mythical Games have announced a cooperation to create a non-fungible token (NFT) set in Blankos Block Party, a first for the gaming industry.
The limited edition Burberry Blanko, a shark called Sharky B, is an NFT that may be obtained, customised, and exchanged inside the Blankos Block Party community. Burberry will produce in-game NFT accessories including a jetpack, wristbands, and pool slippers that gamers may attach to any Blanko they own.
Fashion businesses might benefit from non-fungible tokens. NFTs are formed when blockchain meets fashion. They may not only give infinite marketing, but also aid reduce manufacturing expenses. Brands manufacturing NFTs today would be a reasonable decision in this digital era.
Brands entering the metaverse as NFTs may be the next step.
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