NFTs Will Transform The Fashion Industry

January 27, 2022 3:21 pm

The fashion industry is going through a transformation as blockchain technology and NFTs continue to be game changers for the entire industry.

Some of the early use cases of how blockchain and NFTs were that it enabled the detection of fraudulent items.

The emergence of something called digital fashion has now come into play as digital wearables are now being built on blockchain networks.

In this new model, fashion brands are now moving to a digital first-concept where customers can see and interact with a product virtually before deciding to buy the product after gets created.

Cointelegraph reports:

“This is where collections are created digitally first, whether in-house or outsourced to a company.

The digital-first process reduces time, energy and capital, all of which are no longer required to preview collections prior to production.

The digital collection can then be superimposed onto photos through digital tailoring.”

While innovative from a marketing perspective, there are other benefits of digital-first fashion.

For instance, Adrienne Faurote, fashion director at Haute Living, remarked in her feature story that “the days of shipping over 20 trunks of clothing across the globe” are gone.

This is an important point to consider, especially as the COVID-19 pandemic has resulted in a number of supply chain issues, such as shipping containers getting delayed across the world.

The blockchain technology will also serve as a trusted layer between Web3 and ecommerce transactions.

For brands to introduce their items into the metaverse, a virtual world where users can interact with others for goods and services, companies will have to digitize the items as NFTs.

A potential use case here that companies see is actually selling an item as an NFT first and then being able to exchange that NFT for a physical item if the user desires.

When goods are distributed this way, everyone has visibility into the quantity or quality from a digital world and makes items globally accessible to anyone.

Within the fashion industry, limited edition fashion drops are also a very popular type of event.

By utilizing blockchain, companies will be able to be completely transparent with customers as they will be able to see how many of each item actually exists on the blockchain which was demonstrated by Dolce & Gabbana when they launched a rare NFT collection.

With that being said, there are still a few issues to the digital first model that might slow down mainstream adoption of blockchain and NFTs in the industry.

TechnicalRipon shares:

While digital-first models can bring some benefits to the fashion industry, there are challenges that can hinder adoption. For example, while it’s remarkable how realistic the digital Fendi collection looks like Kaspar, the amount of work required to create such an effect is staggering.

Until now, Modenova shared that the process of digitizing clothes always depends on the materials provided by the brand.

“All nine Fendi outfits have been digitized from photos, with the fabrics, patterns and silhouettes of the luxury garments created from scratch in the 3D space,” said Kaspar, adding that all elements of fashion design — such as shape, color , space, shape, texture, etc. — play a fundamental role in the digitization of garments to create a perfect visual design. As such, this process requires professionalism that is hard to come by as the space is still emerging.

Essentially, it is still difficult right now to come across talent that can create realistic NFT collections and that the industry will need time to acquire new talent in order to keep up with the demand.

Companies do not see that as a major issue though as more and more brands continue to jump into the space and participate in the fashion space of the metaverse.

 

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