The rise of blockchain and NFTs have changed the way people interact with fashion industry. It’s a progressive step in the right direction. There are numerous ways NFTs are reinventing how to consume Fashion, both digitally and physically. Let’s see 4 Ways NFTs are reshaping Fashion.
How NFTs are reshaping Fashion
If an NFT (Non-Fungible Token) can be taken as unique digital asset certified and authenticated by the collective verification system which is the Blockchain, it means it can be applied to multiple industries, the Fashion one in particular.
NFTs have certainly made a difference to the Fashion industry. By allowing customers, creators, retailers to exchange information and assets on platforms both transparent and secure, NFTs are about to transform the Fashion industry in a big way.
The growing need for ownership and authenticity in Fashion
The potential applications of NFTs in digital Fashion are as real NFTs: they can be used to avoid counterfeiting and replication, and they ensure that the originality of a digital product is maintained. The importance of maintaining the integrity of the item’s data (such as design, materials, etc.) increases as fashion consumers become less tied to specific brands and buy often from fast-fashion companies.
When it comes to NFTs, things have moved to a whole new level. What was once a niche area has become a top priority for many brands as they try to make their way over the counterfeiting wave that’s sweeping its way across the globe. With the Fashion Industry having been the target of countless counterfeits, NFTs came to prove the authenticity of the works. The NFT is beneficial for the brand that thwarts counterfeiting thanks to the certificate of authenticity, and for the consumer who is sure of the product purchased.
NFTs as an alternative to the overconsumption in Fashion
The advance towards Web3 will raise challenge in terms of sustainability. The crypto world tends to be more green with gas emissions. So there are a lot of opportunities for brands to reinvent product consumption by providing different experiences to their consumers, either in the metaverse or in real life.
NFTs in Fashion is as well a way for brands to be innovative and give their consumers the incentive of an eco-friendly way of consuming Fashion. Recently, Levi’s brand has succeeded in this challenge and has offered its consumers a remarkable NFT campaign. Levi’s has released a premium version of its new 501® Original that is made from recyclable and organic materials. The Levi’s 501® NFT stands out as the first series of Levi’s jeans with a lifetime warranty thanks to NFT. The brand proceeded with a contest to offer its consumers 10 units of this series. Those who own these NFTs will be able to have their jeans repaired for life at the Levi’s® Store located on the Champs-Elysées in Paris. This remarkable action of Levi’s emphasizes its value: longevity, as the brand is famous for the durability of its products. In addition to this, there is a branding through a drop of 501® Originals Trading Card NFT starring the famous tennis player Naomi Osaka. This is a unique and exclusive NFT featuring trading cards signed by the famous tennis player, and will be released on #501Day.
A committed consumption with NFTs
NFTs in fashion have other objectives than to make people buy the brand’s products. Sometimes, it is simply a question of the brand defending or supporting a cause by selling its NFTs. It is about havving a positive impact, not serving the brand or the users, but a greater cause.
Gucci for instance has put as its first and unique token, an artistic NFT video format during June 2021. This NFT video had as title Proof of Sovereignty: A Curated NFT Sale by Lady PheOnix. This short film presenting the dreamlike world of the Aria collection and bearing the signature of the Gucci brand was sold for $25,000. All proceeds from this NFT were donated to Unicef USA. The point was to support Covax, an initiative that promotes access to anti-covid vaccines internationally. As a matter of fact, Gucci has shown itself to its consumers as a committed brand, all at a lower cost, by teasing its Aria collection.
Adidas did the same with its collaboration with Prada. The project sold 300 NFTs minted on Polygon and the profits were shared between the participants and Slow factory, a non profit structure fighting for climate and social inequity.
NFTs as an alternative to the overproduction in Fashion
Selling NFTs has benefits, especially for the brand. It is a way to avoid waste and regulate overproduction. Just the manufacture of a single garment requires an enormous amount of resources: material extraction, natural resources refinement, logistics and transportation costs, marketing, etc. This represents a considerable investment that can result in waste and ecological disaster in case of unsold garments. Virtual clothing, however, does not require as many resources, but yields almost the same profits.
Producing digital wearables looks more sustainable than its physical equivalent. It represents 97% less greenhouse gas emission, with way less waste, a save of 3,300 liters of water consumption, in a nutshell, less pollution. Going to digital clothing gives brands the possibility to lessen their carbon footprint to 30%.
Moreover, benefits in terms of digital Fashion consumption and sustainability are various. Brands have the capacity to build their NFTs on a less energy-intensive blockchain, such as Tezos or Polygon. In this way, they can prove they are aware of their ecological impact on the digital and optimize their carbon footprint. In the same vein as virtual twins for physical products, it is possible for digital garments to play the role of real items in an effort to reduce the use of natural resources. For example, they could be used instead of real clothes in a purely digital campaign or for test phases.
For exemple, DressX is reinventing multi-brand fashion consumption for audience throught digital wearables and collectibles.
Web3 stands as a path for brands to more sustainable projects. While the funds collected with the sale of NFTs will allow the preservation of the ecosystem, Fashion brands can strengthen their approach towards Metaverse and NFTs. With the help of Metav.rs, Fashion brands can reinvent themselves with 3D, Augmented Reality and NFTs.