Why should fashion companies embrace Web 3.0 as soon as possible?

Why should fashion companies embrace Web 3.0 as soon as possible?

Blockchain
May 20, 2022 by Diana Ambolis
372
The creative economy is undeniably prospering now that NFTs are being utilized. Similarly, the fashion industry is an integral part of Web 3.0. Well-known designers such as Dolce & Gabbana, Gucci, Louis Vuitton, and Prada are launching their NFT collections on various marketplaces. Let’s take a look at some of the uses and benefits of
Time for Brands to Move into WEB 3.0 – Here's How To Do It

The creative economy is undeniably prospering now that NFTs are being utilized. Similarly, the fashion industry is an integral part of Web 3.0. Well-known designers such as Dolce & Gabbana, Gucci, Louis Vuitton, and Prada are launching their NFT collections on various marketplaces. Let’s take a look at some of the uses and benefits of Fashion NFTs.

Investigating how NFTs have sparked controversy in the fashion business.

Virtual sneakers: When iconic brands debut limited-edition shoes, they undoubtedly generate a lot of buzz. Nike also purchased RTFKT, a popular NFT marketplace. Virtual sneakers may usually be tried on before purchasing. Snapchat Lens combines 3D and Augmented Reality (AR) to provide potential investors with a never-before-seen experience.

The “Nike Dunk Genesis Cryptokicks” series, in particular, was auctioned for a staggering $186,000. As a result, buyers are actively bidding for these skin vial-powered digital shoes.

ASICS also released NFT sneakers in collaboration with STEPN, a Web 3.0 lifestyle app. More than 10 million dollars was paid for the collection. The Move-to-Earn (M2E) philosophy rewards fitness enthusiasts for partaking in physical activities. Users can purchase a pair of Solana blockchain-based shoe NFTs. After that, they can play the game and earn digital tokens.

Physical clothes: Dolce & Gabbana made its metaverse ambitions plain at the Venice Fashion Week in October 2021. The Italian luxury fashion house’s Collezione Genesi, a nine-piece collection, was sold for $5.65 million. The collection included physical designs, sketches, a men’s suit, and a multi-colored garment.

The acclaimed fashion designer Manish Malhotra raised eyebrows when he revealed his NFT collection at the Lakme Fashion Week. “Illuminous Showstopper,” an NFT for Kareena Kapoor, sold in 12 seconds for Rs 2,80,000. It had beautiful drawings of dresses and constellations worn by celebrities and models. Daniell Avakian, a well-known designer, will also show couture pieces at the next Australian Fashion Week (AFW). As a result, investors will be able to own both the actual and animated versions of the costume.

DressX, a metacloset, is best described as wearables – blockchain-based digital fashion. There are accessories, blouses, suits, sweatshirts, shoes, and bodywear for sale. Users can also upload images and receive an instant digital makeover. DressX’s online marketplace aims to solve problems in the global fashion industry, such as excessive product returns and ineffective inventory management. The Augmented Reality (AR) clothing will enchant many men and women.

Also, read – A Trip To The World Of Facebook Metaverse

Trevor Andrew, a brilliant street artist, teamed with Gucci to produce 385 unique skirts, rings, and handbags, which were sold. Guccighost was created with the intention of being a Halloween costume. On the other hand, Trevor has had a lot of success with his paintings and bespoke apparel, which has sparked a lot of attention from investors.

Digital Models: Digital models produced by a student named Lior Cole were sold at Cornell University’s Spring Runway Show. To raise funds, she plans to sell the NFT. “Colours of the Metaverse,” an 8-second film, portrays the ideal balance between the physical and digital worlds. The NFT expects a record-breaking sale, as it is the first in the Spring Runway Show’s 38-year history, with bidding open for ten days.

Is the future of Web 3.0 a mix of physical and digital?

Monkey Kingdom is a well-known NFT project on the Solana blockchain network. There are 2222 NFTs in total. It has partnered with AMBUSH, a Tokyo-based lifestyle brand. Those who previously purchased the Monkey Kingdom and AMBUSH NFTs will have access to fashion items, tangible stuff such as jewelry, and an avatar known as MONKEY LEGENDS. All of the NFTs represent Sun Wukong, a mythical figure. The Monkey Legends will eventually become Kingdom Metaverse citizens. They can also dress in AMBUSH gear. The Monkey Kingdom and AMBUSH’s collaboration shows the seamless merging of the physical and digital worlds.

Last Thoughts

The fashion business will alter swiftly as interest in NFTs grows over time. Importantly, when companies and designers want to lure the public with their special collections, technologies like Augmented Reality (AR), Virtual Reality (VR), and Artificial Intelligence (AI) will be crucial. NFTs would be a battle for both creativity and profit in the fashion industry. Web 3 Crypto is predicted to have a huge impact on the fashion sector, so those that act now will be in a stronger position.