What are virtual fashion NFTs?

Introduction

NFTs are distinctive digital tokens that demonstrate ownership of a resource. With transaction histories saved to a blockchain, a decentralised, digital public ledger, these tokens can be traded securely while maintaining transparency regarding ownership and authenticity.

NFTs are sometimes used to track the ownership of tangible commodities like real estate, artwork, and, increasingly, clothing. Typically, NFTs are linked to digital assets like images or videos. Fashion NFTs come in a variety of shapes and sizes, including digital twins of actual objects as well as virtual clothes that users can wear in virtual settings.

In 2021, 17% of the brands studied by the Vogue Business Index reported working in some capacity with NFTs. And when more fashion companies enter the market, it is expected that the burgeoning luxury NFT market will reach $25 billion, according to Morgan Stanley.

How did virtual fashion NFTs emerge?

During the pandemic, most stores were shut and runway presentations postponed. Thus, many brands opted for video games like Fortnite, Roblox, and Animal Crossing to engage with customers and expand business. The popularity of digital fashion has not decreased in the post-lockdown environment, as seen by the present interest in metaverse (shared, 3D virtual settings).

The pandemic did not create the trend. Rather, it simply brought to light the growing consumer interest in virtual fashion and the demand for enjoyable, individualised, and immersive digital experiences. These range from brand activations within video games to virtual dressing rooms like YourFit, where customers can virtually try on clothing and receive fit and size recommendations before purchasing clothing.

High-end brands in the Metaverse

Let us look at how high end brands are joining the world of virtual fashion

Gucci - Roblox

The Gucci Garden, a two-week virtual replica of a physical installation that existed in Florence, Italy, was hosted by Roblox, an online platform that lets users create or play games. When visitors entered the Gucci Garden, their avatars changed into a gender-neutral mannequin, a blank canvas without age, and the trip began. Mannequins representing the visitors absorbed the exhibition's features as they moved through the various rooms, including the opportunity to buy and wear exclusive Gucci virtual products

‍Balenciaga - Fortnite

An open-world video game called Fortnite has welcomed Balenciaga into its realm, allowing players to select clothing and accessories from the upscale retailer. Some Balenciaga locations and its website offered a selection of Fortnite and Balenciaga products for purchase. It included unlocking Balenciaga costumes in the Fortnite game itself by purchasing the real-world clothing.

What can you do with virtual fashion NFTs?

1. Try on new virtual outfits: You can check out how you appear wearing your digital outfit. The major advantage of this is that you can experience your digital clothing in your own environment.
2. Trading: You can also trade your digital outfits. Give your clothing a second chance by selling it to other people.
3. Showcase your collection: Building out your digital wardrobe and showcasing your collection to the public are two ways to flaunt your NFTs. 

Conclusion

In conclusion, NFTs enable creators to profit from their work by sharing it with their friends and followers. Fashion manufacturers are only able to expand their inventiveness as a result of entering the virtual world when it comes to creating items that are less expensive and more environmentally friendly. Several premium companies should soon release entirely digital collections. Its goal may not be to replace brick-and-mortar stores, but rather to make clothing more available to those who don't need to touch the real thing.