Digital fashion in the form of wearable NFTs is predicted to see huge growth parallel to metaverse and other entities in blockchain technology. The onset of a world where clothes are made of pixels had begun long before in online games. Outfits made as NFTs allow people to pursue their desired fashion online. Luxury fashion brands like Louis Vuitton, Bulgari, and Prada have joined the race by purring digital outlets and selling popular designs into this NFT category.
Let’s look at how this novelty in the fashion industry and the tech world is shaping a new venture:
Wearable NFTs can be explained in terms of “digital clothes.” They are usually meant for dresses, shirts, pants, sunglasses, necklaces, etc. People can purchase these NFTs for avatars in the metaverse or virtual world. For gamers, “skin” is a popular term that costs around USD 2.
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In the metaverse, wearable NFTs are used for accessorizing avatars and other elements. The market for collectible NFTs grew steadily from 2017 to 2021. NFT fashion found its way into the metaverse when popular brand set up their fashion houses. Generally, this type of NFT is seen as a way to break free from the physical world’s limitations.
Advancing into web 3.0, it has become clear that a company’s online presence might be more important than before. Metaverse’s recreational market might just be the place for novelties regarding NFT.
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When the world was physically frozen due to the pandemic, there was still somewhere to go in the metaverse for which people dressed up using this NFT model. The term metaverse may be fictional, but its business doors have brought together a fast-evolving digital and physical space convergence. Games that mimic the metaverse collect upto $100 billion with virtual goods.
The sales growth of NFTs as certified digital assets has grown from $28 million in 2020 Q3 to $10.7 billion in 2021 Q3. Fashion is the king of luxury and commercial NFTs; a few examples that cracked the numbers are the Iridescent dress, The fabricant, which sold for $9,500, and virtual sneakers x 620 pairs (rtfk x ferocious) that sold for $3.1 million. These price hikes are driven by extreme scarcity motivated by crypto as a status symbol.
Virtual fashion helps people express multiple versions of themselves online. It has grown into something more than just accessorizing. It is now referred to as “experience.” Building experiences that define a fashion culture online has roots in wearable NFTs. As close to the physical world as possible, the metaverse holds events, galas, parties, and others that require avatars to dress up to a theme. NFT fashion stores have particularly been flourishing with profit for the same.
Putting forth an identity with the bizarre collections that are perhaps only available digitally has been dominating use case. With a wide spectrum of body and gender inclusivity, limitless creativity is one of the most sought-after features in the fashion industry, and these NFTs provide end-to-end accommodation for it.
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Metaverse platforms like Decentraland have practical tutorials on how to build this model of NFT. They are helpful for someone just starting in 3D designing and modeling. Software like CLO3D, Marvelous Designer, and Blender are useful for building NFT collections. Finally, we can use an NFT Marketplace to convert our design into an NFT.
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Digital fashion is predicted to become a $56 billion market by 2030. Brands, including Adidas, Nike, GAP, and Crocs, have joined the metaverse with digital merchandise, including wearable NFTs. One upside that can come about because of wearable NFTs is planetary savings. Factually, producing a digital cloth emits 97% less carbon dioxide than real life. But on the other hand, NFT minting and mining consume giant amounts of energy. Advancements are being made to shift into more sustainable practices, leading to a considerable difference in pollution levels. Contact us for a no-obligation consultation if you need help building one.