In recent years, tech fashion has had many developments. New concepts like NFT fashion or Web3 take over. Is this still the future of the fashion industry in recent years?
A few years ago, technology, blockchain, and fashion seemed like two parallel worlds with no intersection. But with the development, over time, NFT began to have applications in fashion, which, accordingly, have become a popular trend in recent years. NFT in fashion is an application of blockchain in which a fashion product is encrypted for the user to view it in a virtual space.
NFT now allows brands to check for real or fake. In 2021, Aura Blockchain consortium signed with major brands to provide a solution for customers to check product history and authenticity.
The first brand to adopt NFT was Gucci. Gucci created a short video and an exhibition in collaboration with Balenciaga, which sold for $25,000 at Cristies Auction. In addition, RTFKT used NFT to make virtual reality sneakers, born in 2019. In early 2021, FEWOcious (Crypto Artist) combined with RTFKT to launch a collection of three virtual reality shoes that can try through a Snapchat filter before auctioning to the winner. More than 600 pairs were sold for more than 3.1 thousand USD.
This trend began to bloom during the pandemic, stores were closed, and brands turned to video games like Animal Crossing, Roblox, Fortnite, .. .. During this time, Web 3 with NFT technology is developing more and more. Nike-owned brand chains such as Tiffany, Prada and RTFKT are pioneers in using digital tokens to provide exclusive access to their physical inventory.
In April 2021, Overpriced (an NFT fashion brand) sold a hoodie with a code with the product history (who bought it, who bought it, and its value). In August 2021, Louis Vuitton produced an NFT product from the mobile game - Loui the game on the 200th birthday of its founder. In 2022, Gucci continues to create Super Gucci combining with Superplastic to create NFT dummies. Prade also has a Capsolute Collection Drop.
NFT in fashion is still a trend and fashion brands like Nike or Adidas continue to grow. Sneakers like the Dunk Genesis Cryptokicks (virtual sneakers) hit the market with prices ranging from $2,500 to $449,000 for a pair. Nike made $240 million through NFT this year. By 2023, the tech fashion market is expected to continue to grow.
Virtual reality stores
One of the practical applications of NFT is the virtual reality store, which applies three-dimensional space simulation of the actual location. The designs are based on real stores to create virtual models, creating an online shopping space at home for customers. These include Ferragamo's holiday campaign and "Gift House". As part of its campaign, the studio creates a movie and premieres it in virtual reality House of gift stores on Ferragamo and partners' platforms.
Metaverse Fashion
Through a virtual lens, you will enter the world of AR fashion. One of the applications that can be mentioned is Crypto Kicks. Or metaverse fashion shows. The first metaverse fashion event takes place on 23-27/2022 at Decentraland, a virtual game world. Since then, many fashion brands have adopted this form.
Clothing applied in virtual and real world
When talking about NFT, it is impossible not to mention Nike's largest purchase of RTFKT in 2022. Thanks to this technology, the company has launched the RTFKTxNike Hoodies line. Users can both wear it in real life and their virtual users online can also wear it.
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