Fashion is increasingly engaging with the non-fungible tokens, NFTs as we know it. As more gaming and digital fashion are emerging in the foreground, the scope for NFTs in the apparel sector improves. Many luxury brands seek out NFTs, in-game worlds, and 3d virtual spaces and events as more opportunist players want to get there faster and first. They are betting on the first-come-first-served basis that had plagued the early days of the internet. The race to win the metaverse and the related virtual spaces is intense, and apparel brands and retailers are introducing new ways to stream on the digital wave. Likewise, custom design hoodies help fashion brands to thrive in the market using their novel customization and digital features. Its relevant and robust business solutions enable clothing companies to explore the latest opportunities prevailing in the digital spaces.
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The rise of the metaverse and Web 3.0 have already disrupted multiple sectors, including the billion-dollar global fashion sector as the world is shifting its preferences from physical to digital business models, from traditional fashion to virtual wearables that can be leveraged in both augmented reality (AR) and in real life. Many leading brands, such as Gucci, had partnered with the auction house Christie's on an NFT video called “Aria” for its fall 2021, which sold for $25,000 in June. Christie's has also played a crucial role in selling Beeple‘s most famous digital art for $69 million. These enormous successes of the NFTs are now compelling leading auctions companies such as Christie's to accept the digital bids with Ethereum, a well-known cryptocurrency. Similarly, many brands have now opened their eyes to new ways of doing business and succeeding in the fashion market. Some have already dipped their toes in the pond filled with virtual opportunities and are eager to take advantage of the NFT collection boom.
However, on many occasions, brands were caught in the middle of copyrighting their trademark due to the rise of digital formats in the fashion business. Attempted land grabs impact fashion brands regardless of whether they are used to setting up a physical store or a pop-up store. Consequently, many brands have pivoted from physical presence to virtual marketplaces. Recently, the parties filed two trademark applications in the US to use the Gucci and Prada logos in a range of the metaverse-related arena, including the downloadable virtual goods, virtual clothing, and everything used in the digital spaces. And in terms of the metaverse, platforms with user-generated content, such as Roblox, creators are currently selling clothes that feature logos from Louis Vuitton, Chanel, and Prada. While many brands have failed to refrain individuals and other companies from using their logo, is it is likely that famous brands, such as Gucci and Louis Vuitton, will succeed in persuading courts to recognize their marks and overrule land grabs. Many smaller brands may view themselves as preempted by opportunities in the digital space, similar to what happens when leading brands move to other markets and get hijacked by opportunistic registrants in China. As the market for digital goods and NFTs matures, experts hope clothing brands will set up a legal action to counter the narrative spreading across like wildfire that anyone can use anyone's image, logo, design, or any other aspects in the digital world.
To be fair, it would be wrong to judge the digital spaces for what is happening with many leading brands. Despite metaverses and NFTs being relatively newer concepts, they have provided basic securities to fashion brands and retailers and tried to establish transparency with buyers, which in the first place helped companies to identify that something is fishy in the market. Many experts believe that brands are protected under current laws that are workable for the fashion sector. And even if a brand's current filings do not specifically name virtual fashion or the metaverse, there is a legal concept called the “zone of expansion“. Traditionally, this has applied to physical goods. Indeed, laws are to be made because situations were completely different when most brands had physical goods and stores, and as the situation around has changed, brands need to address these issues. There is plenty that needs to be decided in legal terms in the virtual spaces. These are specifically required for the customers because they might get confused with logos and images. What if an image of a virtual handbag is different because it doesn't carry anything and what if it can be worn, such as with Gucci's coveted Dionysus bag in Roblox? These scenarios don't provide the same inherent values of status and exclusivity.
The Hermes NFT case raises questions about what activities in the metaverse are objectionable and concerns about who owns what in the digital spaces. And since ownership may not be the same as it was in the physical store days, there is still scope for apparel brands to make amendments to the existing model. Nevertheless, NFTs provide a seamless way to transform a digital good into endless copies, which can ideally be verified on a blockchain. Ideally, it is a digital version of an authenticity certificate that often acts as collectables that consumers can purchase and store. Fashion seems to be an ideal environment suited to the world of unique collectables that embodies creative NFTs. One-of-a-kind digital pieces can either be adapted from popular items designed by leading fashion houses or specifically created for the digital spaces, which are the cornerstone of the creative NFT market. Creative NFTs ostensibly transform digital clothes from sophisticated marketing into tradable objects. Verification on a blockchain means designers can ensure ownership, authenticity, and originality. These positive aspects of the virtual world motivate other apparel companies to surf in the digital ocean of possibilities. For instance, after securing the attention of hypebeasts with mega-collaboration Yeezy Gap Engineered by Balenciaga, Gap is expanding its clout online with an NFT collection titled “Threads.” The digital experience allows people to snatch up both real and blockchain versions of Gap's signature hoodie, reimagined by Brandon Sines, the artist behind character Frank Ape.
Let us look at the various characteristics of the NFTs and other digital trends using which many brands are upstreaming their sales:
- The Gaming Sector Influences the Fashion Industry
There are already many instances to suggest that many leading fashion houses are taking an interest in the digital spaces by creating digital replicas of their existing garments that can be displayed using virtual and augmented reality. These marketing gimmicks are designed to target modern buyers, including Gen Z and millennials who are more tech-savvy and, as a result, are more receptive to this form of advertising. Let us once again consider the case of Gucci's Dionysus bag, which we have discussed in the above paragraphs. The bag was sold on Roblox's platform for $4,115, making it more expensive than the physical bag itself. Similarly, the French label Balenciaga displayed its Fall 2021 collections using the bespoke game Afterworld: The Age of Tomorrow. In fact, LVMH was one of the early birds to tap on the rising use of the gaming sector in the fashion business. It leveraged the trend as early as 2019 and collaborated with Riot Games to release a capsule collection in League Legends.
The increased gaming industry use in fashion has made customers more attached to their brands because they are now emotionally invested in designing clothes and characters. This golden chance of customizing their character's clothes motivates them and helps them explore the fashion designer in them. Likewise, the customized hoodie online enables fashion brands and retailers to provide the same choices to their buyers and take the digital stand of the company to the next level. Its customization solutions, along with digital features, allow your buyers to let them get the hang of designing their apparel and preview them using 3d technology.
- New Digital Spaces Help in Creating Unique Experiences
Digital technology has dented the originality of the fashion industry as the unique nature of the NFTs are offset by low entry barriers. However, the unique nature of the NFTs is offset by low entry barriers because anyone can create NFTs. As high-end fashion relies on scarcity and exclusivity, this seems to be plummeting their appeal; as a result, there has been uproar in certain sections that anybody can make designs and copy them. However, this will be dealt with the lawmakers. Furthermore, the fashion NFT market is divided, which can become a little headache for brands as there is no single marketplace where people can trade art and fashion luxury goods. The same trend can't be seen in any other industry, including sports. Many different marketplaces are competing here, and competition is extremely intense as everyone is fighting to be at the top for the NFTs products. We have already discussed that Christie's is making efforts to compete in the NFT market. New is also striving to be at the top as it offers them the chance to cater to tailored, sophisticated marketplaces that act as a storefront for high-end fashion.
The fashion industry is offering the latest mind-bending examples of various leading fashion houses dipping their toes in the water of digital transformation. Fashion juggernauts, such as Dolce & Gabbana, have recently started experimenting with wearable, digital collectables attracting astronomical prices. At a recent auction, a combination sale including a jeweled physical crown coupled with a digital NFT version sold for more than $1 million. Accompanying custom-made digitally wearable Dolce & Gabbana jackets also attracted more than $300,000 apiece in ethereum. Seeing several fashion companies gaining success with the NFTs, Tom Brady, the well-known footballer, has stepped into the world of NFTs with the launch of his platform Autograph along with his collection. Similar to his game, he plans to stay ahead in the NFTs and hopes to build a fashion empire of his own with his multi-functional clothing brand.
- Digital Avatars Enables Brands to Experiment
Fashion is generally used to express oneself, their desires, and personality. Of late, many fashion brands have started to use this platform to raise awareness among people regarding causes, such as environment, politics, societal changes, and many others. Many high-end brands also use this platform to raise money for underprivileged kids, budding designers, people hit with disastrous life events or anything. The introduction of the NFTs and other digital spaces has helped them use this technology to help others. For instance, Rebecca Minkoff uses these platforms to experiment with avatars, develop brand engagement with younger buyers, and do charities close to the brand. After the brand's phygital presentation during New York Fashion Week, the designer said, “We have always been at the intersection of fashion and technology. So for us, NFTs were the next logical step in that progression. We wanted to test the idea of not just a 2D image, but also digital merchandise, as people begin to experiment with dressing themselves and their avatars and having more experiences online.”
Based on the brand's “I Love New York” collection, it has worked with the digital marketplace The Dematerialised on 400 digital garments that sold out in auction at OpenSea in 10 minutes.
Wrapping Up-
From the facts and figures mentioned in the blog, it is apparent that NFTs and the related digital spaces offer the necessary stunt and boost to the online marketplace. They bring them into the digital era and attract younger audiences that are not afraid to experiment and try new ways of wearing and purchasing clothes. The success stories of many leading fashion houses show that there is no dearth of options and possibilities, and if brands are well-prepared to capitalize on these digital spaces, they can open new avenues. The custom design hoodies by iDesigniBuy offer robust business solutions to apparel brands and retailers, thus, helping them tap on these latest digital trends and up their game in the virtual landscape.
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