Gucci and many other luxury fashion brands are reportedly about to launch their NFT assets.
NFTs in the Fashion Industry
Thanks to NFT’s (otherwise known as the “non-fungible tokens”), which are authenticated and minted by blockchain technology, you can transform the intangible into a tangible benefit.
A virtual archive that codifies an accessible record of each operation is built into the blockchain (like purchasing a pair of Rtfkt and Fewocious sneakers). The record cannot later be altered, which means that the transaction backed by a blockchain is verifiable evidence of the price, validity, and ownership of a property.
Every new day brings a breathless tale to the new NFT sale, but the world of luxury fashion has stayed relatively calm. While trying to elevate, fashion brands tested the wild, the ambiguous blockchain world with all its imaginative and business opportunities.
According to a report recently made by Gucci to Vogue Business, it is only a matter of time before the brand releases its NFT. Vogue Business has also reported that many luxurious trend houses are close to launching NFTs with multiple industry sources.
Marjorie Hernandez, the founder of Lukso, a fashion brands blockchain network, said the question is who will first get the trigger off. Luxury brands are behind the eCommerce trend, and such an emerging technology like blockchain is more ready to explore.
“In the last few months, every fashion person I ever spoke to asked about what they could do in the NFT region. They can transform all the digital elements from art to music to mode into an exclusive NFT, a digital leader, or blockchain ownership. “
The Race to Create NFTs
Proponents suggest that NFTs are the potential evolution of digital fashion that luxury fashion brands have already adopted. They believe that NTFs can bring digital fashion closer to the fundamental mode by its scarcity and capacity to increase value.
NFT cases, particularly for fashion, are currently in their infancy. Cathy Hackl, CEO of Futures Intelligence Group company that advises brands on handling emerging technology and virtual products, says that right now the way fashion is marketed through NFT is fashion as art, not necessarily fashion as a utility. She added that they will finally reach the stage where there’s more usefulness, yet they’re not yet there.
NFTs cancel the issue on copycats and add value to all NFT-related physical goods. High fashion brands such as Gucci, Louis Vuitton, and Prada aim at an obsessed young resale market and thus benefit much from approaching NFTs.
It means that brands can now market NFTs and sell GIFs of parts of clothing. However, customers cannot do anything with them, including admiring the GIFs, and the current NFT user interface lacks the shine that luxury buyers desire.