With the popularization of metaverso, NFTs, or non-fungible tokens, are gaining more and more space in the market. It is through this technology that we can buy, sell and authenticate possessions in these virtual worlds. Therefore, more token categories are emerging, bringing new sectors to the game. A great example is the so-called “wearable NFTs”, or wearable NFTs, which bring the fashion industry into the metaverse.
In early December, market analysts Matthew Kanterman and Nathan Naidu, from Bloomberg Intelligence, said the metaverse promises to build an $800 billion market. Meanwhile, the fashion industry is already a sector valued at around $3 trillion, according to estimates by Fashion United.
Putting the two together, we have a new market with immense economic potential and a lot of conceptual synergy. If within fashion the brand is already something that scarily values a piece of clothing, the same can be applied to NFTs. In addition, these digital assets also pride themselves on their collectibility to add value, another nod to the fashion world.
Digital fashion already moves millions
We already have some examples of this convergence. the brand Dolce & Gabbana in October it launched its own collection of digital fashion NFTs, each costing an arm and a leg. At one of the auctions, a physical part set and its associated digital version were sold for over $1.2 million. In total, the collection moved almost US$ 6 million.
Five of the pieces were physical creations, designed and executed by Dolce & Gabbana and with models and virtual iterations for the metaverse. The other four pieces were exclusively digital. Based on sketches by designers Domenico Dolce and Stefano Gabbana, the digital models and non-fungible tokens were built by UNXD and registered on Polygon’s blockchain.
The most interesting thing about this whole story is that, even with small interactions in the virtual environment and almost no practical role, these NFTs managed to raise millions. Scarcity, exclusivity and the Dolce & Gabbana brand were more than enough to raise the price of assets. However, the rising market for wearable NFTs goes even further. He makes use of all of this together with the infinite possibilities of customization and interaction in the metaverse.
We are literally talking about NFTs vestíveis, which can be used by avatars within virtual environments or overlaid on you through augmented reality. The possibilities are endless and brands have already understood the potential of this industry.
In an interview with Yahoo Finance, Megan Kaspar, one of the members of the Red DAO group who was behind the winning bids for the Dolce & Gabbana NFTs, shared her perspectives on the so-called “digital fashion”:
“The fashion industry alone is already worth $2.7 trillion and we predict that this figure will at least double in the next two decades because of digital fashion… Wearables give fashion in general a new usefulness and take this sector to an unprecedented level sustainability, where every piece you wear, like the earrings I wear in the digital world, is not physically produced.”
Kaspar’s vision goes far beyond what exists today in the metaverse and touches on science fiction. Imagine a future where everyone wears simple physical clothing so augmented reality glasses overlay each person with fancy NFT wearables.
We can also think of a more tangible scenario, in which the metaverse has become predominantly used for social interactions and what you wear digitally matters more than physically. On second thought, these ideas taken from science fiction history are no longer so far-fetched.
Wearable NFTs in Metaverse and Augmented Reality
Of course, companies in the fashion world are already considering all this. After all, this migration from physical to digital means giving up raw material and labor costs associated with the production of clothing. Brands and designers in addition to Dolce & Gabbana are already offering this type of product.
DressX, a startup in the wearables market, has been working with designers to offer 3D clothes for augmented reality. Launched last year, the project has already attracted millions of dollars from investors. The company has an app that allows users to “try on” different digital clothing.
More recently, DressX has partnered with the Farfetch platform to enable influencers to promote digitized clothing from the latest collections by Off-White, Balenciaga, Dolce & Gabbana and others. The company’s co-founder, Natalia Modenova, spoke with the Yahoo Finance about the subject.
She highlighted that wearable NFTs geared towards game characters and metaverse avatars are the most real examples we have today of digital fashion. These assets already move a lot of money within digital worlds, like The Sandbox, for example. However, Modenova believes that this concept can already be applied to the reality of those who work at home office.
“We all have our own bodies and we don’t need any kind of avatar to appear on screen. We all have some kind of device that will help us show ourselves on screen and that’s why this technology opens up the biggest opportunity.”
I mean, through DressX’s existing technology, you can be in your pajamas at home and appear on the video call in a completely different outfit, layered on top of you.
Digital fashion was barely born and already promises to be a huge force. However, their appeal seems to be entirely aesthetic and lacking practical features for the consumer, with wearable and collectable NFTs geared exclusively to customizing our digital appearance.
We already have relatively close examples of this in the gaming world, with or without NFTs. Ultimately, every game sells costumes for characters, whether in DLC format or in-game stores. Just enter any MMORPG and you will see a digital fashion show.
In the end, buying physical clothes will always be necessary (no one is going to walk around naked), while digital clothes and NFT wearables arrive more like a great opportunity for companies profit on products much cheaper to produce.
With information: Yahoo Finance, The New York Times