How is NFT taking root in the Fashion industry?
NFTs have taken root in several industries, including fashion. Until recently, the gaming industry was taking the spotlight with its advancement with NFTs. However, now the fashion industry is catching up. So what is Fashion NFTs? Fashion NFTs take up many forms. From virtual garments to digital twins of real-life innovations.
That said, how is the fashion industry taking over this advancement? Let’s find out.
Fashion industry and NFT market.
A research conducted by the Vogue Business Index showed that 17% of brands had worked with NFTs in the year 2021, and soon, the industry is expected to reach $25 billion, stated Morgan Stanley.
As mentioned above, fashion NFTs have emerged gracefully in the fashion industry. These NFTs can be bought from the NFT marketplaces and worn by the user avatars in their digital world.
Augmented reality clothing:
An NFT is a digital asset; however, users still wanted to check out the wearables themselves. This is where AR comes into action. Many retailers have accessed AR technology to let their customers have a virtual try-on session.
Metaverse Fashion
Brands have also devised an alternative solution for customers to wear the wearables in the Metaverse world. There are many examples of metaverse fashion adoption by multiple users. Fashion NFTs became more evident at the inaugural of Metaverse Fashion Week hosted in Decentraland.
Virtual Stores
Fashion industry is also buying several NFTs to build virtual showrooms to attract young customers.
Bottom line
NFTs are catching up with flame in several industries, out of which gaming and fashion are in the spotlight. According to Epsilon, almost 80% of the customers are attracted to brands that provide a personal experience. With this advancement, the demand for NFTs has risen.
