In recent years, the fashion industry around the globe has been capable of holding the entire capitalization of 3 Trillion USD which is estimated at 2% of GDP. The fashion industry has shown extreme effort to digitally transform and adapt fashion during the digital era. Today, brands are using non-fungible tokens or NFTs as well as blockchain technology for attracting, verifying, and connecting with consumers from all over the world. The NFTs have the complete potential to shift different things to a digital mode such as tokens. In this blog, we will delineate the top NFT fashion trends that are going on now leveraging brands with NFT. Big fashion brands are now turning to NFT fashion marketplace development.
NFT Fashion Marketplace Development
It is defined as the technical process of establishing an NFT fashion marketplace on any specified blockchain platform that comprises NFT storage, smart contract auditing, augmented reality integration, integration of additional APIs, and many more. The NFT fashion marketplace is created with the potential of buying and selling clothes, gaming assets and several other accessories.
The Extensive Features of Fashion Marketplace Development
In this context, we have mentioned the distinct features of NFT fashion marketplace development
- Augmented Reality Support
- Entirely powered with Blockchain
- NFT Wallet
- Virtual Reality-based
- NFT Minting
- Attractive Avatars
- Store Front
- Cross-chain linking
- 3D view
- Bidding option
- Filters of search
Let's take a look at the distinct fashion brands that are integrating NFTs into their product portfolios.
Top NFT Fashion Trends That Are Ruling
Gucci
Gucci is among such luxury fashion brands that became the first to delve deeper into the NFTs industry. Though the NFT was not styled after the Italian fashion house’s fashion goods, it is inspired by the ‘Aria’ collection when in collaboration with Alessandro Michele. The film was sold at auction for 25000 million USD.
RTFKT
Established in 2019, RTFKT became a renowned brand in selling virtual sneakers. In early 2021, the business had a collaboration with ‘Fewocious’ who is a popular crypto artist. The artist designed three virtual sneakers. On the platform, bidders can try on the sneakers through Snapchat and afterwards enter an auction to buy.
The higher the bid will go, the highest will win the physical pair of shoes to wear in real life. The auction was a success as 600 pairs were sold within 8 mins generating a revenue of USD 3 million. In this way, Nike is also planning to serve as well as grow RTFKT’s creative communities and extend its digital presence.
Louis Vuitton And NFTs
Louis Vuitton in celebration of its 200th anniversary birthday amalgamated fashion and technology by advancing “Louis The Game”. The game is based on an adventure where players had to traverse through a dollhouse that belongs to Vivienne. These NFT games laid stress on featuring 30 hidden NFTs in coordination with Beeple, a remarkable NFT artist.
Fashion Week And NFT
As a result of the Covid-19 pandemic, the fashion week changed to a digital format having NFTs playing a major role. Fashion industries are seriously adopting NFTs that have their benefits. The French Fashion and Haute Couture Federation partnered up with the “Arianne” platform for creating NFTs that can be easily exchanged in 2022 men’s summer fashion week in Paris and several high fashion exhibitions. The distinct tokens enable its users for viewing exclusive fashion. It can be easily stated that the inclusion of the NFTs during fashion week illustrates a paradigm shift.
Dolce & Gabbana
D&G has recently launched a 9piece collection at the Venice Fashion Week that was auctioned for USD 5.56 million. The buyers of each NFT received not only the NFT in addition, they received the physical renditions of the items. Additionally, they also acquired access to D&G events. The fashion marketplace development is a work of expertise performed by qualified and skilled developers who have many years of experience in creating the NFT fashion marketplace platform. With the advent of such luxury NFT platforms, UNXD also planned to launch a USD 10 million “Culture fund” that targets at expanding the usage of NFTs in the fashion industry.
Scannable Hoodies Enabling Owners To Display NFT
As the first fashion brand in the world driven by non-fungible tokens, Overpriced has designed a real-life hoodie that has encoded scannable code enabling the hoodie owners to display it. Significantly, the hoodie was sold on the NFT platform for nearly 26000 USD.
Auroboros
As a digital fashion house, Auroboros is entirely inspired by the biomimicry concept. The brand is pioneering an IRL and URL future that is inclusive and sustainable. At London Fashion week Auroboros is the first-ever RTW line to debut at the event. Mainly, the products are digital couture purchasable as NFTs on Decentraland.
How do Designers Take Advantage of The NFT Platform?
- With the help of NFTs, one can claim ownership easily.
- Having broad exposure to clothing NFTs
- Helps in the process of registering any kind of clothing NFTs.
- There is no price range for bid value.
- Promotes easy connection with investors.
Important Ways To Develop A NFT Fashion Marketplace
NFT fashion marketplace development is not everyone’s cup of tea. It involves effective expertise of developers and multiple phases of work such as deriving business plans, agile methodology and distinctive marketing strategy. It also requires a highly skilled technical team who have hands-on knowledge in creating a top NFT fashion marketplace. Let's take a look at the different plans involved in NFT fashion marketplace development.
Deriving A Business Objective
Analyzing the market completely as well as deriving the perfect business plan that makes it shine distinctively.
Completing Whitepaper
Planning a detailed whitepaper with different details of your business.
Development
As the whitepaper is complete, one requires to dive into the agile methodology process.
Testing
The platform can be tested entirely to release the platform in the pilot launch.
Marketing
Marketing is completely inevitable for any kind of business with the help of incorporating a unique marketing strategy.
H&M Looop Island
Nowadays, H&M ‘Looop’ partnered up with Animal Crossing for promoting recycling with the game's first-ever recycling station. The brand assisted in creating an initiative that encourages customers to reuse, recycle, and remake also in the physical world and also in the digital world. In this platform, the values and ethics can be well expressed and shared.
Fashion Industry Is Greeting Blockchain Technology
Besides the fashion industry greeting NFTs and utilizing blockchain technology as a relevant part of the business strategy, brands like LVMH, Prada, and Richemont have begun collaborating in unique ways. The three fashion giants have teamed up to create the ‘Aura’ blockchain group for offering solutions to the customers. When it comes to tracing product histories and a product’s authenticity, customers are capable of tracing the origins of raw materials that are utilized for creating buys and searching for a specific product in a specific store.
Several other luxury fashion brands comprising Hublot, Bulgari, Louis Vuitton, Cartier, as well as Prada have all joined the NFT platform. NFTs offer an outlet for fashion brands, artists and icons for displaying their work for sale. Many top brands such as Coach, Burberry and Longines are starting to sell Non-fungible tokens in different virtual fashion exhibitions with the help of metaverse.
The Scope of NFT Fashion marketplace
The NFT marketplace for fashion brands is still in its growing stage. The business model is rapidly becoming popular and is going to stay for a long time. Among various industries, the fashion industry is the most sophisticated one having huge investors and a demand for fashion. Different fashion brands and companies have already started to create their NFT fashion marketplace.
The demand for NFTs is growing with different companies in the digital space such as Epic Games and the Fabricant. It helps brands in developing digital garment collections and archives for putting them into the metaverse. The head of Epic Games stated about the technology that the company is working with Unreal Engine for creating the vast repositories of 3D assets.
Retail Frontiers & Advertising
The digital twin stores and augmented shopping experiences are capable of paving the way for the subsequent retail frontier. The digital shopping experience is offering a rich ecosystem that amalgamates into multiple online channels. Therefore the digital space is becoming significant on a global level opening up an abundance of creative opportunities that cannot be replicated on-ground. Different virtual platforms are another way for brands to interact with an engaged audience where the spaces act as media spaces for visibility and advertising.
Final Considerations
Looking for NFT fashion marketplace development for your brand? Nextbrain is the leading NFT Marketplace development company in India that offers a broad spectrum of NFT solutions such as NFT gaming development, NFT wallet development, and NFT consulting. As a renowned company in the blockchain and NFT domain, it has a talented pool of professionals with hands-on experience with non-fungible tokens development, blockchain development and many more. Our proficiency is spread to several jargons of NFT fashion marketplace, NFT real estate marketplace development, gaming development and many more
Saran
June 21, 2022 Author