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Opinion

What the NFT Gold Rush Means for Fashion

The NFT gold rush is getting started, and many brands are realising the potential of digital fashion and entering the metaverse.

BNV Team
digital landscape

NFTs are changing everything.

NFTs (Non-fungible tokens) is a new type of cryptocurrency asset that may be used for anything, from purchasing and selling digital art to paying for a cup of coffee at Starbucks. They're also being used in the fashion industry more than ever before—and we're about to see how this will change the way we buy clothes forever.

We are living in a fantastic time when it comes to new technologies. 

With the rise of blockchain technology, many innovations have started popping up in different industries, and there's no better place than fashion to play with these technologies. Here are some of the ways NFT transforms the fashion world.

  • Affordable Prices — For most of us, the brand of an item of clothing or accessory greatly influences its price. You can create unique and transferable NFTs that represent the same thing but at a fraction of the price with blockchain technology.
  • Transparency — Blockchain technology is beautiful in that it is both decentralized and transparent. When you create an asset on a blockchain, everyone can see it and verify its authenticity. You might even be able to track clothing items from their creation to their end destination in the future.
  • Unique Designs — The beautiful thing about digital fashion is that, as it's digital, designers can be as creative as they want. There are no limitations to what they can create and as such, people can buy wearables that are literally out-of-this-world. AVAVAV’s Break From Gravity and Jack Irving’s Deep Metaverse Collection are just a few examples of collaborations that BNV has done with fashion designers, bringing that creative eye into the metaverse.
  • Better Data Collection — Fashion is becoming increasingly data-driven. As an industry leader, you need to look into how you can get a hold of customer data to better appeal to customer needs and increase your profitability. With blockchain technology, you can easily create NFTs representing your products and be given loyalty benefits to customers or even exchanged for goods and services.
  • Fast Manufacturing — Everyone knows that fashion is a fast-paced business. The competition is tough, and to stay on top of it all; you'll need to produce on a large scale, quickly. With tokenization and digitization, brands will be able to produce goods much faster, getting ideas out.
  • Improved Customer Experience — The best way to make customers excited is to put them first and design your products around their needs. Products like clothes and accessories present a vast array of options, which can be difficult for customers when they want something specific. With NFTs, you can design and issue new digital fashion wearables that represent exactly what your customers want, giving them the ability to customize their avatar accordingly. 
  • Collaboration With Other Brands — The fashion industry has always been about collaboration. Nowadays, even big luxury brands like Louis Vuitton are jumping into the NFT space to get a piece of the pie. As the world becomes more digital, fashion brands are seeing the vast opportunity to be placed in the metaverse, and as such, more collaborations are bound to be seen, Web3 is heavily community-focused. 

Navigating Web3 

What does it all mean for fashion?

The NFT gold rush is getting started, and many brands are still figuring it out. 

As more and more fashion brands begin to realize the potential of digital fashion and enter the metaverse, firms like BNV help to navigate into the space more smoothly.