METAVERSE & NFT IN FASHION & OTHER ARENA | 2023 JANUARY ISSUE

Why to start an NFT in fashion business?

Generally, NFT plays an important role in the Metaverse, bringing an advantage to its development. The amount of transactions increased from 95 million in 2020 to 25 billion in 2021, which has proved its value in the foreseeable future.

If you are focusing on customer relationships, NFTs allow a brand to provide individual customer experiences with their rare or even unique assets. Customers will likely be more engaged and interested in such products. NFT could be used to display the signatures of the brand, which could help to increase customer’s brand loyalty and brand awareness.

Transactions of physical goods can also make use of the blockchain system of NFTs to keep track of all history of rights and ownership, with help from microchip or QR codes on the physical products. This could simplify the sales processes and solve the problem of layering facilitators in traditional sales procedures. In some fashion products, NFTs have been used to secure the storage of customer’s body measurements for calculation to provide a better user experience.

What is the Metaverse & NFT fashion development in future?

NFTs have certainly made a difference in the Fashion industry. By allowing customers, creators, retailers to exchange information and assets on platforms both transparent and secure, NFTs are about to transform the fashion industry in a big way.

The digitized fashion world will be dominated by terms of “ less”. Adopting a selfless, timeless, effortless, seasonless and traditionalists doctrine, in order to stimulate growth within a continuously saturating market.  In addition to the transparency provided by digitization, the circular economy that sustainable communities desire, is thankfully becoming a not-so-distant reality. NFT provides three main types of possible developing for authentication, marketing and virtual fashion

Developing from fine art collecting to fashion collecting in NFT, virtual fashion is not only a digital art to collecting, you may transform to a pretty partnerships rolls out  a multi-pronged collection conference and online game to build up a personalized and professional image, the print pattern may no longer fixed and it can change and moving. It’s unable to work it in physical clothing.  The brands start to tie the item of NFT to a physical product such as luxury items, rare sneaker or watches, jewelry etc.

The brands also develop some product integrate the NFT directly into product through an RFID chip or a QR code. It means that NFTs are not only for luxury or rare products only, it can be common use for marketing and promotion such as Levi’s and Nike etc.

In metaverse platform, you need a visual costume to join the meeting and conference. Your unique image sure to catch attention such as engage metaverse platform. It means you get the digital clothing or physical dress may not enough to fulfill the market needs. The resulting NFT partnerships rolls out a multi-pronged collection of digital and physical collectibles. It may be the new omnichannel retail channels in future. Gradually,  fashion ‘s interest in the metaverse is more important, the evident at the at the  inaugural Metaverse fashion week, hosted by Decentraland. Over 70 brands joined the NFT fashion show, which  include Dolce & Gabbana, Karl Lagerfeld, Tommy Hilfiger etc., participating in digital runways, showcasing collaboration with some famous digital designers.

The digital worlds such as The Sandbox allow customers to buy property in the form of an NFT, Gucci intends to set up their shop. This is not single case, Selfridges just opened the world’s first NFTY department store in Decentraland for exclusive NFTs and browse products.

Metaverse & NFT is Web3.0 and provide a new social media platform for social networking, branding and advertising channels. It will be very important marketing tools in coming decades. In fact, several brands accelerate to roll out virtual pieces and collections, also provide it in the real world such as Balmain and Barbie, Dolce & Gabbana’s digital capsule Genesi etc. The Metaverse is how the internet or virtual worlds will merge and integrate into our real lives that we will be seamlessly interact with it, then use the symbiotic contact between human and machine for Wed 4.0.

Brief introduction of the contributors to this article:

Angie holds an MBA from the Hull University (UK), an MA in Global Fashion Management jointly organized by the Hong Kong Polytechnic University, the Fashion Institute Technology in New York and the Institute Fashion Management in Paris as well as a Doctor of Business Administration from the University of Newcastle, Australia. She is co-founder of Detour A Fa Limited and Sustainable Fashion Apparel Association (SFAA). SFAA is non

Profitable organization with the designer incubation center in Hong Kong.

Tsz Ching Natalie, Ng is a undergraduate student for BA (Honors) Scheme in fashion and textile Design at the Hong Kong Polytechnic University. Her studies in fashion design often involve psychology and philosophy discussions. Natalie joined the internship program of Junior Achievement project at SFAA from July, 2022.