The fashion industry has been looking at nft’s lately. Non-fungible tokens for fashion are basically the receipt of transaction and ownership. The question is, how should fashion brands be looking at nft? Anything that is going to be collectable, one off items, or something from an archive. Another thing to consider is there a need to have a physical asset attached to the nft’s to create the ongoing, long term value. Currently nft’s have only started to be incorporated into the fashion industry, but there is a lot of hype surrounding nft and it has the potential to be a major disruptor for fashion brands.
Non-fungible tokens (nft’s) have been making waves in the world of fashion. While nft’s haven’t been incorporated into the fashion industry just yet, they have a lot of potentials to be a major disruptor. So what exactly are nft’s? nft’s are basically the receipt of transaction and ownership. nft’s are a digital token linked to something unique, such as an item of clothing or another physical asset. nft’s can be thought of like the art world where items have a sense of vanity towards them and become very subjective. For example it doesn’t matter that you can’t wear these one-of pieces, they’re still valuable because they’re rare and unique. nft’s will be the future of fashion as we know. What is important to note though, nft’s can be classified as collectable items or a better way to think about it, collectable art. This is due to the fact that nft’s are unique and can’t be replicated. This can make fashion items a rarity just like works of art.
nft’s for fashion doesn’t necessarily have to be a physical asset, it can just simply be the proof of ownership. However, in order to create a long term value for nft’s in the fashion industry, it is important to have a physical asset attached. This will make sure that nft’s are not simply used as digital assets and can actually be traded and sold.
nft’s are currently being used in games, music and art. nft’s have the potential to be a major disruptor for fashion brands as it can create collectability among fashion nft users. With nft’s, fashion brands can create one off pieces, limited editions and something from an archive. These items will have a sense of vanity towards it as they become very much like art
What does this mean for fashion brands? Well, currently anything that is deemed as collectable or one off, will have value attached to it. This could be an item from the archive, a limited edition piece, or something that is no longer in production. The key is that these items are unique and can’t be replicated. This is where nft’s differ from traditional currency. With nft’s, you are not just limited to a certain amount that can be produced. Therefore, fashion brands have the opportunity to create one off pieces or limited editions that will have value attached to them.
There is no doubt that nft’s have potential to revolutionize the fashion industry