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Bitcoin has become the most popular cryptocurrency, beating out more than 8,000 other currencies for this spot. Amazingly, Bitcoin made history when it launched in 2009 as the first cryptocurrency, and since then, the crypto world, in general, has grown tremendously.
The NFT hasn't been around as long as Bitcoin, but it has recently taken the world by storm. Is it something that you should pay attention to, or is it a fleeting trend?
Keep reading to learn more about how this is impacting the fashion industry and what you should know.
An NFT is a unique digital token. Most commonly, you'll see digital art NFTs, but they can also be videos, songs, stories, or other digital assets. Imagine a one-of-a-kind digital item that can't be stolen or copied.
Similar to cryptocurrencies, NFTs are recorded in a digital ledger, so there is a record of who owns each NFT.
Buying virtual clothing is not a new concept. Video game outfits are an example of how fashion has been part of the digital world for quite some time. Louis Vuitton even created an NFT collecting game by partnering with Beeple, a popular NFT creator.
There are a lot of predicted fashion trends for 2022, and fashion NFTs are shaping up to be a big contender.
Designer Anifa Mvuemba debuted a collection of 3D rendered clothes in May 2020. This collection represents an important moment in fashion history and many consider this the start of fashion NFTs.
RTFKT made waves when they sold a digital jacket for over $125,000 and specialized in creating virtual sneakers. They have since become a part of Nike.
Gucci definitely saw the potential in NFTs and became the first luxury brand to produce NFTs.
Paris Fashion Week Men for the spring/summer 2022 and the Haute Couture week are two of the first fashion weeks to include NFTs. Because of this, NFTs are poised to be the hottest trend on the runway this year.
Digital certification consortium Arianee teamed up with the French Fashion and Haute Couture Federation to launch this NFT project. Their goal is to not only cement Paris' position as the fashion capital of the world but also as a capital of NFTs
There has been an argument with the purchase of NFTs about whether the owner should also receive a physical representation of the NFT.
This led to online retailers like Clothia not just selling the digital garment, but if you won the bid, you also received the corresponding real-life garment.
In a similar fashion, Coach offered NFTs of animals from their holiday campaign, and if you managed to snag one, you also received a Rogue bag as a physical gift.
The popularity of the NFT has just started scratching the surface of potential when it comes to the fashion world. We will see in the coming months where NFTs will take us.
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