NFTS

NFTS Will Be Used at Virtual Fashion Week

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The fashion world is abuzz with the March Virtual Fashion Week coming up from the 24th to the 27th. Computers and the internet have changed pretty much every type of event. Almost anything that can be done in real life, can be done online. This includes runway shows and the Meta Fashion show at the end of Virtual Fashion week is expected to attract tens of millions of viewers worldwide. The entire week will be hosted by Metaverse platform Decentraland. The metaverse is a digital universe where users can experience real-life events online. Popular with gamers, the fashion industry will now be taking advantage of the technology.

NFTs Are Here for Fashion

NFTs, non-fungible tokens, are sold on gaming platforms and have now entered the world of fashion. These digital files have a unique signature which means they can be purchased and owned by individuals. They can take the form of images, music, or text. They are collectibles that can be bought and sold, much like cryptocurrency. Values of NFTs change based on supply and demand, just as in any other type of market.

At Virtual Fashion Week, avatars will be walking runways. Viewers will be able to purchase NFTs in the form of outfits that can be put on the avatars and displayed. Some of the biggest names in the industry are creating NFTs. Italian fashion house Dolce & Gabbana worked with UNXD, a luxury NFT marketplace on the programming used to create its NFTs. D&G will be prominently featured throughout the week with many NFTs available for its fans. Other major designers such as Gucci and Burberry are also creating NFTs for the Meta Fashion Show.

D&G’s Success With NFTs

Dolce & Gabbana are not strangers to NFTs. Last fall, the luxury fashion house created a nine-piece NFT collection. Consistent with their clothing line, the NFT collection was rare and extremely high-end. Utilizing the UNXD platform, every piece in the collection sold netting a total of $5.65 million with the highest-priced piece going for $1.25 million. The collection consisted completely of one-offs and included both women’s and men’s pieces as well as museum-grade jewelry. Each of the pieces had both a physical version and a digital video form. They were created by D&G founders Domenico Dolce and Stefano Gabbana.

Fashion’s Move into the Digital Universe

The evolution of technology over the past few decades has made significant changes to the way we work, play, and live. Email supplanted standard letter mailing, digital photography and music are now the norms, and gaming has reached a level where you can play with people all over the world sitting in your own home. It was inevitable that fashion would jump on this trend.

With the digital platform Decentraland‘s creation and hosting of March Virtual Fashion Week, fashion brands now have a new platform in which to display their collections. The industry is embracing the metaverse and NFTs and going forward, expect this to be a regular part of every fashion house’s marketing strategy.

The Evolution of Fashion

Fashion has been evolving from the moment the first primitive people created garments out of animals skins. It has always reflected the current times. In the computer age, life moves much faster. Fashion looks that can be put together quickly and easily while still maintaining a chic, couture look are in demand. The metaverse is now a part of this modern age of fashion.

Fashion has always moved forward and reflected the technological advancements of the times. In the digital age, houses like Dolce & Gabbana are using NFTs and online shows such as March Virtual Fashion week to expand and grow their businesses and reach a much larger pool of customers and fans.

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