If you’re a fashion designer, you probably hear the word blockchain being used more and more often, but it still sounds like science fiction to you. You’re not alone. Blockchain is complex and can be confusing, but it has several applications that could help the fashion industry become more organized and efficient while also making sure your designs are protected when they are sold in the Metaverse Marketplace. Here’s what you need to know about blockchain and why it could benefit your business as well as other industry experts in their own unique ways!
What is an NFT?
Non-fungible tokens, or NFTs, are one of a growing number of blockchain applications being introduced in virtually every industry. In its simplest terms, an NFT is any virtual asset that is unique and has no value beyond its ownership by one party. The applications for these digital tokens are endless; they can be used as tickets to exclusive events, as loyalty rewards at grocery stores or online retailers, and more. Here’s how fashion designers can leverage these items for their collections.
Are non-fungible tokens the future of fashion?
While NFTs won’t be a one-size-fits-all solution for every designer, it does represent an opportunity for fashion designers to explore creative use cases for blockchain technology. In 2018, non-fungible tokens seemed like a niche idea that might only appeal to niche audiences. Today, we’re seeing developers across all industries take note of what’s possible with blockchain technology and non-fungible tokens are poised to become a powerful tool for a variety of people and industries. We aren’t far off from day when everyone will have their own set of NFTs securely stored in an online vault—and once that happens, there will be no stopping fashion designers from experimenting with more exciting ways to sell and trade custom clothing.
Crypto Kitties, a Great Thing
Crypto Kitties, a blockchain-based digital cat breeding game, shot up in popularity when one of its users, digital art pioneer Katy Perry, bought one for $140K. The craze that followed drew attention and buyers from all over — enough that the company behind Crypto Kitties raised an additional $12 million within 30 minutes. This makes it clear NFTs for fashion designers can bring benefits for both players and companies alike. It seems only a matter of time before some truly ground-breaking applications come along; NFTs could open up a new type of interactive fashion. The blockchain could also allow designers like Yusuke Takahashi to expand their businesses more globally without necessarily having to grow their team or learn another language first. Blockchain technology has allowed designers like Yusuke Takahashi to launch his own brand. By creating unique non-fungible tokens (NFTs) on Ethereum, he was able to create non-transferable assets based on sales of his products at auctions.
The Rise of Non-Fungible Tokens (NFTs)
To get started, fashion designers need a platform that allows them to easily create and distribute non-fungible tokens (NFTs). NFTs are Ethereum tokens that come with additional metadata or attributes. The most common use for NFTs is for collectibles like CryptoKitties, but they can also be used for any virtual or physical asset that an owner can own. For example, consider a designer selling a limited edition jacket with an actual sewn-in label or tags from an event at which it was purchased. The digital token would serve as proof of authenticity of both item and event attendance and could even help reward customers for promoting sales in various ways.
The rise of NFTs for fashion designers and companies will be driven by consumers. As more consumers are exposed to new ways for brands and designers to operate within a market, change is inevitable. Brands like Sophie Theallet’s we should not be asking why, but how? Philosophy paired with emerging blockchain technologies like crypto-collectibles and digital representations of luxury goods could result in revolutionary business models that inspire further innovation.