What is a Fashion NFT, and How it Brings Opportunities forYoung Designers
Updated: Sep 18, 2022
I've been playing fortnite since I was 11. I remember a couple of years ago when I missed the drop on the Power Cord skin, a pink rockstar type character. Since i've been introduced to the concept of NFTs, it has confused me. What is the purpose? Why would people want to buy digital artwork when they could just screenshot it and save it that way? And while some of those questions still arise for me with other forms of artwork, fashion NFTs are starting to make sense to me. Nft serves a purpose of like a mark of originality for digital creators, like how the original Mona Lisa is worth way more than a poster of it from 5 below. Everyone who had that Power
Chord skin was considered an “og”, and the skin was non-transferrable so it was verified that that exact user had bought that skin on its release date. As time went on the skin didn’t appear in the item shop again until a year or so later, which made it more valuable, and users that missed the first drop were eager for it to drop again.
The internet today is very preeminent. After watching one specific youtube video it was brought to my attention that someone's digital identity could possibly be worth more than their physical.
Being able to convert any form of art into something digital that’s easy for people to access will have way more reach and impressions to the targeted audience, and big companies already have their eyes out. Brands like Adidas and Prada, Gucci and superplastic, Lamborghini, and Mercedes are jumping onto NFTs, dropping items like shirts, cars, belts. Some brands have also done collabs where they produce a physical item and a twinned digital nft item, nicknamed “phygital”. While some users want the real thing, others see more value, or potential value, in the NFT.
Hermes even dropped a collection of NFT birkin bags, ranging prices from $13,000 to $65,000, similar to the real bag. In some cases the nft version of a drop ends up being worth way more than the physical item. Making your own NFT clothing item would take lots of knowledge and “a very long timeline to learn that kind of thing”, according to an article by glossy. The Fabricant is releasing a platform called “The Fabricant Studio”, a platform with available templates for fashion users to make their own NFTs. (which actually drops tomorrow at 10am!)
This is a great opportunity for young designers, without years of knowledge and experience to tap into and release their creativity to the digital fashion world. Fashion NFTs give buyers the option to even virtually try on their clothes or dress up their game avatar in them. People use digital shopping platforms such as Nifty Gateway, KnownOrigin and OpenSea to buy and sell their clothes. And as the NFT world grows, developers are soon opening platforms that would allow holders of fashion NFTs to transfer their clothes across different platforms, something I've never seen before. Given all of these benefits to digital fashion, a careful and creative approach could be very profitable to young designers and artists. If you play your cards right, you could earn commissions from royalties or resells, and investing in the right piece of art could land you recurring revenue.
Basically we should keep an eye out for the timeless stuff. In the end, digital wearables can be even more profitable than physical wearables. For example, if I wanted to put my drawings on a shirt and sell it, I'd have to invest in the shirt and materials first, which would ultimately take away from my final profits. With a virtual shirt, I'm pretty much earning the exact price that I set my item for. (besides the initial cost of my laptop, and maybe the application needed to create my NFT). A fashion nft could be like a skin, but i could also see it being like a mockup of a clothing item.
Written by Mars Shabazz, a student from our STARZ* Web3 & NFT Accelerator Program
#phygital #digitalfashion #youngnftartists #fashionnft #skins
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