Non-fungible tokens (NFTs), cryptocurrencies, and web3—to many people these seem like a “phase,” because PNG files are really not that important. Electronic currencies will be hunted down by regulators to exile, and web3 is just a fantasy. For many of us who have grown up with web2 (or as we all address it, Big Tech) in our livelihoods and experienced exclusivity of tangible goods and services, these new innovations seem highly impractical.
It’s Cher’s world, and we’re just living in it. Nowadays through apps and websites like Whering and Replicant Fashion, we can curate that perfect outfit and/or live our wildest dreams in ocean glass kimonos. Photos courtesy of Clueless movie and Replicant Fashion, designer KAI KAI.
But only until you realize these are just innovations on innovations of inventions that have already been a part of our day-to-day activities for at least two millennia. Intrigued by recent applications of these technologies in the fashion industry, I wanted to see whether they were truly here to stay.
You probably have experienced the glory of NFTs through its very close relatives—character closets for Sims and other virtual avatar games. The infamous Episode? Temple Run character upgrades? The list goes on and on. You may have shelled $1 or more to don your character in the most grandeur of dresses.
With my first ever article for this column, I talked about consumers becoming more comfortable with ‘phygital’ spaces, and beauty companies that invest in augmented reality for their products are likely to supersede their competitors in brick and mortar.
Or, as I see it now, if you can gamify an industry, you can grow your company to levels that a 2,500 square foot store space cannot. From luxury to mainstream brands, the gamification of fashion is here. As uncanny as I find this to be, I think I am ready for it.
Last December, Nike acquired RTFKT (pronounced ‘artifact’), a leading NFT producer connecting many creatives. Nike’s CEO, John Donahoe, stated that this opportunity allows Nike to “serve and grow their innovative and creative community and extend Nike’s digital footprint and capabilities.” While I am not experienced in how RTFKT is going to immortalize the Swoosh, the idea does sound similar to other projects like Kobe Inc.’s trademarks that allows Kobe Bryant’s and Gigi Bryant’s story to live on.
Decentraland hosted the Metaverse Fashion Week from March 24-27, which featured many high-end brands like Estée Lauder and Dundas. Estée Lauder came out with an NFT of their popular Advanced Night Repair cream which allows virtual avatars to have a “glowing, radiant look.” Virtual shows have a unique ability to captivate the audience in ways that in-person fashion shows do not, and the collaboration between designers and artists is admirable (check out the Moschino collection from Spring 2020, which I think is very cute!).
Yet, the million dollar question is how will the customer approach these innovations? Will it replace the in store experience of trying fabrics? Do NFTs and virtual worlds allow the fashion industry to be more sustainable in a world of fast fashion? Or are these just marketing gimmicks?
I might come off bold, but that is the conversation. Research by Morgan Stanley states that digital assets could possibly represent $57 billion in revenue in the next ten years. Last October, Dolce & Gabbana sold 9 NFTs worth more than $5 million on the UNXD platform, with one of their pieces sold for $1.275 million. Clothia, a brand that brings smaller high-end boutiques to the limelight, has also introduced their own crypto coin, $CLOTH, offering many benefits if users use their crypto currency for Clothia shopping.
The metaverse, NFTs, and cryptocurrencies have found a new home in the fashion industry. But they have ways ahead. Creating virtual couture could definitely make our methods of curating pieces sustainable, but they are not the solution to environmental and social concerns. The virtual world of fashion overshoots that you still need to try on clothes in person. Finally, what makes luxury a luxury is exclusivity—if you have hundreds of thousands of coins and creatives churning new products every day, how are you going to contain your market share? I am obsessed with the future of NFTs, but nothing beats talking with a designer in a boutique about what you want to wear, feeling the cloth wrap your body, and seeing your confidence glow when you find the outfit.
On the topic of boutiques and fashion, here’s a personal plug: Stevens FAME will be hosting our Spring Fashion Show—An Evening in the City—next Thursday April 14th from 7-9pm on Babbio Patio. Be sure to attend and bring your friends for an evening of music, food, entertainment, and display of wonderful pieces curated by local boutiques!
Not Financial Times (NFT) is an Opinion column created by Roshni Revankar ‘22 to share insights and research into students’ favorite companies, industry trends, and anything in financial markets that really irks their curiosity.
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