Non-Fungible tokens are all the rage at the moment with people spending millions to buy them. Luxury brands have brought into this and are now creating their own.
"What is an NFT?"
NFT stands for Non-fungible token meaning that is is unique and can't be replaced with something else, eg Bitcoin is a Non-fungible token (you can trade a Bitcoin for another one and you'll have exactly the same thing). Think of a NFT as a one-of-a-kind trading card, if you traded for another NFT you wouldn't end up with the same thing, you would have something completely different. NFTs are apart of the Ethereum Blockchain (Ethereum is a type of crypto currency like Bitcoin). The Ethereum Blockchain supports NFTs, storing extra information that cause NFTs to work differently for something like an ETH coin or a BTC coin. NFTs can be anything digital - like drawing, videos, music, etc - but a lot of the current excitement about NFTs is held around the tech to sell digital art. NFT will become like collecting art, because NTF can go up or down in value. "But can I just download the NFT on the internet without buying it?" Yes you can, but NFT are designed so they give you ownership of the work, like physical art work artists can still retain the reproduction and copyright rights , therefore giving you something that cannot be copied. "How would I purchase an NFT?" well most NFTs are Ethereum-based tokens so you would need to purchase some Ethereum which can be done on many trading sites like Coinbase, Binance, eToro etc. Trading NFTS aren't for the faint hearted Beeple (Artist) put up one of his pieces with a starting bid price of $100 but the bidding started to get higher and higher with the closing bid being $69.3 million. Now I can see why luxury brands are catching on to NFTs!
As a new day starts Luxury brands are looking for more ways to reach their target audiences, create more wealth, be more creative and become more familiar. With the new NFT world booming, fashion brands have taken the time to get to know the industry, which has many possibilities and become a part of the wacky world of blockchain.
With fashion brands like Burberry, Gucci, Dolce & Gabbana already jumping on the NFT wagon its only a matter of time before other fashion brands join the ride . As Gucci said "it's only a matter of time" before luxury brands release NFTs. Marjorie Hernandez, founder of blockchain platform Lukso, has said "luxury brands where behind the e-commerce trend, so they're now showing more willingness to experiment with new technologies like blockchain. Every single fashion person I've talked to have asked about what they'll be able to do within the NFT space".
Dolce & Gabbana have launched a NFT collection in partnership with #UNXD a digital marketplace. The collection is called Genesi and will be promoted at their next fashion shows Alta Moda, Alta Satoria and Alta Goilleria. Louis Vuitton and League of Legend released a digital fashion line together. Burberry was one of the first to launch an in-game clothing NFT collection partnered with Mythical Games. Arianna and The Fédération de la Haute Couture et de la Mode (FHCM for short) partnered together to give NFTs to selected attendees, buyers and journalists during Haute Couture Week and also Paris Fashion Week Men. Balmain has also recently presented there first NFT as well naming it "Flame Dress" created by Olivier Rousteing a creative director for Balmain.
Althought these Luxury Brands are becoming aligned to the crypto world which has a younger, crypto-wealthy market the luxury brands are targeting their high end products to their traditional audiences. This just goes to show how the tech and fashion industries will always be at the forefront of changes.
コメント