Gucci and a host of other leading fashion brands plan to enter the non-fungible token (NFT) space. A report broke this news on April 5, noting that various fashion houses are gradually getting closer to launching their NFTs. While there are no specific dates for when these brands will launch their NFTs, industry experts believe that once one of the fashion houses steps up and launches an NFT, the rest will follow suit.
Contributing to the report, the founder of Lusko, a blockchain platform that works with fashion houses, Marjorie Hernandez, said that luxury brands lagged behind in the e-commerce trend. As such, they are now willing to experiment with new technologies, such as blockchain. He added that those brands are curious about what they can do in the NFT space. Fortunately, brands are in luck because they can turn anything digital, including art and music, into a distinctive NFT and register its ownership on the blockchain.
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Enthusiasts believe that NFTs will become the next generation of fashionable leathers. Since NFTs are rare and have the ability to gain value, proponents say they will bridge the gap between digital fashion and real fashion.
A fledgling industry that is full of potential
According to Cathy Hackl, CEO of Futures Intelligence Group, an organization that advises brands on how to deal with emerging technologies, fashion houses can only sell NFT in the form of fashion art. To this end, shoppers cannot do much with their purchases except admire them. However, the race by fashion houses to implement NFT could change this completely, as each brand will strive to deliver a premium and quality NFT experience.
To help fashion brands market their NFTs effectively, an Australia-based startup called Neuno has stepped up the game. At the moment, the company is working with five fashion houses to help them develop their NFTs. According to the firm’s CEO Natalie Johnson, Neuno intends to become a universal three-dimensional wardrobe that works with anything.
Johnson revealed that Neuno is working with a social media platform to create purchased NFT filters. For example, if a buyer purchases an NFT of a Versace dress, they can take a photo and use the filter to make it appear that they are wearing the dress. Apart from this, Neuno is working with an Asian game developer to allow users to dress up their game avatars with the dress. As such, the NFT will have multiple applications.
Alternatively, fashion brands can use NFT as collectibles where the NFT becomes the digital version of a real garment. By auctioning NFTs, brands may decide to offer the winner the actual garment, as in the case of Clothia.
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