Global fashion brands reportedly considering NFT foray

Major brands like Gucci are mulling whether to create nonfungible tokens based on their wares.

Fashion giants may be the next globally recognized brands to enter the expanding NFT metaverse.

According to Vogue Business, several premium fashion houses are moving closer to releasing their own nonfungible tokens.

The move follows the emerging trend of creating digital twins of products and services in the lifestyle and entertainment markets, such as art pieces, music, pop culture merchandise, among others.

Fashion NFTs for gaming and virtual reality is already a thing, with several companies creating digital clothing items for use in both metaverses. Earlier in the year, Enjin partnered with augmented reality platform MetaverseMe to deploy fashion NFTs for digital avatars on the latter’s platform.

Some retailers are also creating digital twins of real-life clothing items for sale on NFT platforms. Purchasing these fashion NFTs often grants the buyer access to the corresponding real-life apparel.

According to Marjorie Hernández, founder of blockchain multiverse platform Lukso, high-end fashion brands are keen to go with the curve on NFTs and not get left behind as was the case with e-commerce back in the 1990s. Lukso (LYXE) was one of the NFT project tokens that experienced significant price bumps in the last few weeks amid growing interest in digital collectibles.

For brands like Louis Vuitton and Christian Dior, creating NFTs will be an extension of the already-emerging blockchain utilization in the fashion industry. Back in March 2019, both luxury brands teamed up with Microsoft and blockchain infrastructure builder ConsenSys to utilize the novel tech in authenticating luxury goods.

Apart from creating digital twins, there are also reports that these luxury fashion brands coming into the NFT space might be looking to release their own digital collectibles beyond tokenized garments and apparel.

With celebrities like actors and musicians launching their NFT collections, fashion giants could also create their line of digital collectibles.