{"id":14298,"date":"2022-09-30T15:22:40","date_gmt":"2022-09-30T15:22:40","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/how-nfts-and-the-metaverse-can-keep-fashion-luxurious\/"},"modified":"2022-09-30T15:22:42","modified_gmt":"2022-09-30T15:22:42","slug":"how-nfts-and-the-metaverse-can-keep-fashion-luxurious","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/how-nfts-and-the-metaverse-can-keep-fashion-luxurious\/","title":{"rendered":"How NFTs and the Metaverse can keep fashion luxurious"},"content":{"rendered":"

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It\u2019s no secret that the fashion industry has started to explore the cryptoverse, with brands like Dolce & Gabbana, Gucci, Philipp Plein and Tiffany & Co. taking their own path down the metaverse runway.\u00a0<\/p>\n

Decentraland\u2019s Metaverse Fashion Week hinted at a new wave of fashion, while Philipp Plein brought the metaverse and nonfungible tokens (NFTs) right into his London shop. The innovative technology mixed with the ever-changing fashion world was an inevitable pair, but there is always room for more.<\/p>\n

Even during its inception, the promise of the metaverse has convinced people to pay millions for land in the virtual worlds \u2014 so, why not fashion? The fashion industry is always looking for new ways to innovate and create new traditions. <\/p>\n

While the metaverse removes the tangible aspect that captivates many in the fashion industry, it is a new way to experience wearing and using beautiful pieces digitally on a personal avatar. Lokesh Rao, CEO of Trace Network Labs, previously told Cointelegraph that \u201ca digital avatar can wear any garment without any constraints of type, design, fabric and use.\u201d<\/p>\n

As many know, however, the fashion industry remains one of the most exclusive industries in the world. With Chanel\u2019s bag quota or purchase criteria and the long waiting list to get a Herm\u00e8s Birkin or Kelly, a lot of the influence in the fashion industry comes from exclusivity, price, outfits and, in many cases, who one knows. <\/p>\n

And as many fashion enthusiasts understand, there is nothing like opening the box of a long-coveted piece and holding, wearing and loving it for the first time. The idea of luxury is a melange of both exclusivity and passion. Why should fashion in the metaverse be any different?<\/p>\n

Keep and grow traditions\u00a0<\/h2>\n

While prominent brands value their traditions, they should also evolve as time goes on. However, appealing to a new user base while keeping the existing ones entertained is not easy.\u00a0<\/p>\n

In a fight to keep customers and enthusiasts loyal to the brand, Indr\u0117 Viltrakyt\u0117, a fashion entrepreneur and the founder of Web3 fashion venture The Rebels, suggested they \u201cco-create digital wearables with members of their community and sharing commercial rights\/profits or royalties with them.\u201d <\/p>\n

In this case, Viltrakyt\u0117 told Cointelegraph that digital collectibles could help showcase fashion enthusiasts\u2019 interest in a brand. These would not only be available to influencers, or the lucky ones who are given PR packages for their large following and interest in a brand, but could be for everyone. <\/p>\n

For example, Maison Margiela could offer a set amount of digital wearables when buying a pair of the Bianchetto Tabi Boot. The boots can be worn in the Metaverse and in real life for those diehard fans who do not necessarily have a following behind them.<\/p>\n

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Tiffany & Co. has already done something similar with their CryptoPunk NFT collection NFTiff, a collection of CryptoPunk-inspired NFTs that are \u201cexclusive to CryptoPunk holders.\u201d <\/p>\n

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We\u2019re taking NFTs to the next level. Exclusive to CryptoPunks holders, NFTiff transforms your NFT into a bespoke pendant handcrafted by Tiffany & Co. artisans. You\u2019ll also receive an additional NFT version of the pendant. Learn more: https:\/\/t.co\/FJwCAxw8TN #NFTiff<\/a> #TiffanyAndCo<\/a> pic.twitter.com\/pyKlWejHv4<\/a><\/p>\n

\u2014 Tiffany & Co. (@TiffanyAndCo) July 31, 2022<\/a><\/p><\/blockquote>\n

For 30 Ether (ETH), CryptoPunk holders can secure a physical version of their favorite and probably most expensive NFT to be worn as a status symbol. This is something that would not be exclusive to those with influence and can carry online into the new era of Tiffany\u2019s little blue box, an iconic emblem of the brand.<\/p>\n

Digital fashion items are nonfungible<\/h2>\n

NFTs, according to the Ethereum Foundation, are \u201ctokens that we can use to represent ownership of unique items.\u201d They are not able to be modified or deleted once minted, and \u201cdigital assets never deteriorate,\u201d said Viltrakyt\u0117.\u00a0<\/p>\n

Unfortunately, many assets in the fashion industry, such as the aforementioned Birkin, which has \u201coutperformed the S&P 500 over 35 years,\u201d according to Finty, can be stolen, destroyed or worn down over time without proper care. This is where digital assets rise above because, \u201clike some ultra-exclusive, non-tangible experiences currently available, not everything expensive needs to be \u2018touched\u2019 to have value,\u201d Viltrakyt\u0117 noted. <\/p>\n

Plus, outside of collectors and caretakers, it is almost impossible for an enthusiast to get their hands on an archive piece, especially if preservation could be a problem. Sometimes, brands will showcase their archive in cities like Paris or Milan for a limited time, but in many cases, it is a private affair owned by private people. However, one way that brands can utilize this exclusivity of a non-deteriorating asset is through NFTs and blockchain-based NFT museums. <\/p>\n

Viltrakyt\u0117 said, \u201cIf an NFT gives you direct access to Chanel archives or the creative director of Herm\u00e8s, it signifies the special status you can have or even upgrade with time.\u201d The NFT will never expire, and there will always be a way to create a luxurious and exclusive experience.<\/p>\n

Another way, she suggested, is to create something like a fashion bond, where after some point, the NFT can be exchanged for a luxury item. \u201cFor example, if you are a Herm\u00e8s client and would like to purchase a deed for your daughter to redeem it for a one-of-a-kind bag on her 18th birthday, you can do it seamlessly as an NFT,\u201d she said, adding:<\/p>\n

\u201cPaper certificates burn; servers crash and lose data; but blockchain does not lie, and a nonfungible token like that would be 100x more liquid, verifiable and longer-lasting than any traditional document.\u201d<\/p><\/blockquote>\n

Embrace e-commerce and the technology<\/h2>\n

As exciting as it is to go to the shop and try on, feel, walk around and experience the shop and its clothes, e-commerce is already on its way to becoming the main way to shop. The metaverse can help make it as luxurious and modern as traveling to Paris to buy a beloved Kelly. A new and creative approach is necessary because, as Viltrakyt\u0117 said, \u201cnow, post-covid, 99.99% of brands are selling online, including Herm\u00e8s.\u201d Brands need to embrace what technology can do for their image and customers.<\/p>\n

Viltrakyt\u0117 believes that the industry is in the experimental phase of Web3 and virtual reality to see how they really affect the fashion industry, as \u201cwe don\u2019t have solutions capable of making a digital garment \u2018fit.\u2019 When we have a \u2018good enough\u2019 depth sensors in our smartphones\u2019 front camera and AR technology that can \u2018fit\u2019 any item perfectly on anyone, it will be the true start of the digital wearables era.\u201d <\/p>\n

According to Vogue Business, a Los Angeles modeling agency, Photogenics, has already experimented with this type of technology by creating \u201cavatars via 3D scans of models\u2019 faces, while their bodies were rendered from scratch.\u201d The models and their avatars, personalized to the model\u2019s preference of reality or creativity, are available for use in the metaverse as virtual models. <\/p>\n

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Digital wearables can also shape who we are online. If one decides to move into the metaverse for various reasons, an identity there is as important as it is in real life. In fashion, people use details to express themselves, adding their own embroidery to pieces and customizing it to represent their personality. This concept will be just as important online as it is offline, as Viltrakyt\u0117 suggested: <\/p>\n

\u201cThe virtual presence can be an extension of one\u2019s physical self and personality, or it can be something completely different from who a person is in real life. I think we\u2019ll be seeing a mixture of those two concepts.\u201d\u00a0<\/p><\/blockquote>\n

The simple fact is that the technology is not there yet. But as the fashion industry has proven time and time again, \u201cour creativity shows how we can leverage all of this potential in the fashion industry.\u201d\u00a0<\/p>\n<\/div>\n