How do we break free from staying on trend and make fashion unique in a world where fashion trends can change at the drop of a hat? The answer lies in NFTs – Non-Fungible Tokens! This groundbreaking tech is taking India’s growing fashion industry to new heights.
Through NFTs, Indian designers have devised novel ways to ensure that each piece they produce is one of a kind and not subject to ever-changing trends.
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In this blog post, we’ll be exploring what NFTs are, their role in India’s fashion industry growth, and their potential impact on the future of Indian Fashion. Read on to learn more about this innovative technology!
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Recent NFT Trends in India
India has heralded the use of NFTs as a new form of art and entertainment, giving Indian artists an avenue to reach their hitherto inaccessible audience. The emergence of NFTs has recently opened the doors of opportunity for digital artists in India.
It provided them a more secure way to showcase their work and enabled them to access an otherwise inaccessible audience.
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Following this trend, many popular celebrities have also ventured into the NFT space – examples include Rajnikanth, Amitabh Bachchan, Salman Khan, Sunil Gavaskar, Rishabh Pant, and Yuvraj Singh. For these stars and their admirers alike, it has offered a unique connection that was previously impossible.
Like the entertainment and fashion world, the Indian car industry is experiencing a paradigm shift in marketing and promotion, with several firms actively experimenting with Non-Fungible Tokens (NFTs) to engage their audience.
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Mahindra & Mahindra, one of the leading car manufacturers in India, recently auctioned four NFTs, each priced at a whopping INR 2.6 million, with a fantastic opportunity to enjoy an off-road experience of driving the Thar.
Moreover, MakeMyTrip launched virtual vacation NFTs valued at INR 14,999, themed around the best travel destinations across India. And now, MG Motor India has plans to launch 1,110 NFTs starting at just INR 500. These NFTs promise fans of MG Motor an opportunity to own a piece of the company through its exciting themes.
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Through the power of blockchain technology combined with digital arts, India is truly creating its own milestones for digital content expression in this ever-evolving landscape.
Future of Fashion NFTs in India
With the recent success of NFTs with Bollywood stars and celebrities, top Indian fashion designers are eager to test the waters. Manish Malhotra, one of India’s premier fashion designers, teamed up with FDCI X Lakme Fashion Week to launch five NFTs that sold out in a matter of seconds.
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This set off a wave of interest amongst Indian designers wanting to check out the potential of this new space, with Anamika Khanna being yet another success story.
How Indian Fashion Icons See the Future of Fashion in NFTs in India
Here’s what prominent personalities of the Indian fashion world have to say about the future of NFTs in India regarding the fashion landscape. Their solid and upfront views will show you a clearer picture of the role of NFTs in the future of fashion in India.
- Raghavendra Rathore
Raghavendra Rathore, one of India’s most renowned fashion icons, believes that using non-fungible Tokens (NFTs) as a digital currency may revolutionize the future of fashion in India.
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According to Rathore, virtual fashion has been on the rise since the onset of the pandemic, and the use of NFTs is only bringing it to further heights. He said it helps give consumers access to traceable and authenticated assets they can own throughout their lifetime. NFTs encourage a secondary market exchange between creators and consumers, which has never been seen in luxury or fashion goods.
An example of this he pointed out is how even established brands like Burberry and Gucci now have diversified into selling virtual products that brought an entirely novel adventure for their customers.
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- Manish Malhotra
As one of India’s most celebrated fashion icons, Manish Malhotra has his sights set on the future of fashion and how this can be created through blockchain-based NFTs. He acknowledges that what was once merely a buzzword has unexpectedly become an integral asset with borderless potential.
With opportunities for concert tickets, artist payments, and property to now be transacted via the NFT space, Indian craft, and technology can be brought together under one collective unit. After its successful response, Malhotra explains that “we can’t wait to explore its horizons.”
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According to him, the Indian fashion industry is now readying itself for its own foray into the unchartered world of blockchain-backed tokens to expand its creative endeavors even further.
- Rahul Mishra
Indian fashion icons, like designer Rahul Mishra, are in awe of the future potential of Non-Fungible Tokens (NFTs) in the Indian market. NFTs are an innovative way to express ideas and create more digital fashion experiences. Reflecting on its relevance during COVID times, Mishra says: “With more fashion being consumed ‘digitally’ after the pandemic, NFTs have become very relevant in our market — they bring endless possibilities.”
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And while the true potential of NFTs (in India) remains to be seen, Mishra has been vocal in his enthusiasm for these new opportunities, and we can only imagine that this space will become a great hub for modern designers.
- Priyanka Modi
Priyanka Modi, Creative Director of luxury fashion brand AMPM, sees a promising future for NFTs in India. According to her, the most significant advantage that NFTs and blockchains offer is the assurance of proof of ownership and the ability to verify any transaction on the blockchain.
Modi also believes that utilizing NFTs in fashion can help reduce fakes; however, these benefits will take some time to become fully evident.
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Despite being an experimental technology, Modi visualizes a bright future for NFTs in India’s fashion industry and encourages all stakeholders to explore its use and maximize its potential.
Conclusion
The future of fashion is promising with NFTs, and India is at the forefront. With a rich history in textiles and a booming digital economy, India is well-positioned to take advantage of this new technology. NFTs offer a unique way for designers to create and sell their products, and they have the potential to revolutionize the fashion industry.
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Designers are already creating blockchain-based garments that can be bought, sold, or traded like traditional collectibles.
We are excited to see what the future holds for Indian fashion as more and more designers experiment with this new technology.
