NFTs – The Future of Fashion (Podcast 104)
NFTs, innovation in the fashion industry and the metaverse are just some of the hot topics of 2022. In this episode we explore these topics, discuss the news and take note of just some of the innovations in this space.
- NFTs are appearing across industries like gaming, music, fashion, finance and more
- Fashion brands are continuing to wake up to the possibilities of digital clothing
- The metaverse is already here and will keep expanding
Claiming space in the Metaverse
Tech companies are hailing the metaverse as the new digital world where humans will live, work and socialise. Though it may sound a little futuristic and sci-fi-like, we are already living in a kind of metaverse. In the wake of the pandemic, we went digital to keep in touch with our loved ones, work from home and gained collective video call fatigue. The metaverse of 2022 will be a huge upgrade, with specially curated digital spaces, immersive gaming experiences and sleeker technology, it really could be the future. As Meta and Roblox scramble for dominance and the title of ‘King of the Metaverse’, luxury fashion brands continue to innovate and create. Following the successes of many brand collaborations, the luxury fashion industry is claiming space in the metaverse.
First, Burberry collaborated with Tencent Games, famous for creating designs for the battle game Honour of Kings. Next Gucci collaborated with Roblox to launch the Gucci Garden space to mark the brand’s 100th anniversary, Balenciaga collaborated with Epic Games, the creators of Fortnite, to design four virtual outfits and gaming accessories for their 400 million users worldwide. Ralph Lauren also collaborated with Roblox to create the Ralph Lauren Winter Escape featuring a gender-neutral digital clothing collection of 8 winter sportswear looks.
Innovations in Fashion
Earlier this month Balmain and Barbie collaborated to design a ready to wear fashion collection, a bespoke accessories line and 3 unique NFTs. The unique Barbie avatars dressed in pieces from the collection are due to be auctioned off by mintNFT. Winners will receive the NFT and a unique real-life version of their doll.
Brands like Dress X are making AR modelling and digital clothing more mainstream. With less physical constraints on their creations, designers are making literal art pieces digitally. Often higher concept, and couture, digital clothing focuses less on ready to wear fashion and more on making an impactful statement. H&M recently announced launching its first-ever virtual fashion collection, fronted by Game of Thrones actress Maisie Williams. Partnering with H&M to design the entire digital collection, Dress X has predicted that if consumers substitute just 1% of their physical clothing with digital garments, it could reduce the annual carbon footprint of the fashion industry by 35 tonnes.
DAOs could help to change the face of the fashion industry by forming the next stage of governance & overhauling the current hierarchical feeling in the industry that relies on gatekeepers. Formed by a group of people wanting to co-create a community, increase the value of their tokens and the value of the communal DAO, they are autonomous and governed by smart contracts developed by members. The Red DAO focuses on digital fashion purchases. Last year, the group became infamous after purchasing many of the items from the Dolce & Gabbana NFT launch.
More buzz around NFTs
NFTs are appearing across many different industries, like gaming, music, art, social media, collectibles, finance, sports and many more. UK department store Selfridges is planning to sell NFTs and digital fashion in its Oxford Street store in London, bringing digital goods to real-life shopping and broadening their accessibility in fashion. This is just another example of mainstream industries, in this case, retail, expanding into the digital space and making the most of the technology available to enhance their customer’s experience.
Though NFTs have sparked innovation and encouraged creativity, they do raise some questions around ownership, validity and freedom of expression. The creator of Metabirkins, Mason Rothschild, is reportedly in the midst of a legal battle with luxury fashion brand Hermes over his creations. The collection, consisting of 100 unique NFT bags in faux fur, was inspired by fashion’s turn towards fur-free alternatives and the embrace of alternative textiles. The site now hosts a disclaimer re-stating that there is no affiliation, association, endorsement, or any authorisation from the brand Hermes.
Join us next time on Grow With No Code, we’ll be discussing the slow down of the travel industry and suggested solutions to revive it.
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