Fashion NFTs Are Here To Stay in 2022
The Balmain x Barbie collaboration in January is an example of a "phygital" product. The NFT release debuted an auction-style sale, with three different digital dolls adorned in monochromatic pink garments embellished with the French fashion house's monogram print. The co-branded collection came with a lineup of tangible pieces that were available to shop offline.
When the NFT craze emerged early last year, there was still much planning needed for implementing NFTs as digital fashion experiences. The user experience design of most existent fashion NFT platforms once lacked the ability to appeal to a demographic of luxury consumers, but in just one year, more digital creators have successfully employed this concept to entice shoppers to invest in NFTs. An archetypical example is the MetaBirkins NFT.
The MetaBirkins NFT showcases a digital art gallery of luxe handbags reminiscent of the silhouette of a Birkin bag, decorated with furry florals, cow print, distorted smiley face motifs and other psychedelic patterns. Conceived by LA-based digital artist Mason Rothschild, the NFT was also part of an Art Basel Miami showcase last December. Although contradicting the nature of NFTs with ownership and trademark infringement, the fact that the MetaBirkins NFT could blow up the way it did, in itself, is evidence of the demand that can be generated through digital fashion products.
Currently, there are companies working on offering more luxurious digital experiences to appeal to NFT-inclined consumers. An example would be Australia-based start-up Neuno, a digital platform where fashion enthusiasts are encouraged to buy, collect and digitally wear, sell and trade on the Flow BlockChain.
The rise of NFTs gives fashion brands the opportunity to capitalise on a new generation of shoppers that is incredibly tech-savvy, enjoys creating and curating digital content, and desires to collect highly coveted virtual novelties that are one of a kind. Creative application of NFTs can also be beneficial for luxury brands looking to bolster their diffusion lines - their more casual and affordable sub-brands - by generating buzz. Even smaller brands can experiment with NFTs and sell them on digital shopping platforms such as Nifty Gateway, KnownOrigin and OpenSea.
The discussion and utilisation of NFTs are inevitable these days, and these ongoing digital projects prove that NFT fashion is certainly not going anywhere anytime soon.