Ever wonder what NFTs mean for your shopping habits? What about how they affect the fashion world? Or maybe you’re still wondering... what even is an NFT? Season 2 of Future of Fashion is here to explain all that, and more.
First things first: An NFT is a non-fungible token which, in episode one, Futurist Sinead Bovell explains is a “one of a kind, unique, digital asset that represents a real-world object, like a video game or a digital piece of art,” adding, “the non-fungible part just means that no two NFTs are the same.”
But what does that mean for fashion? Well, Hermès sold a digital Birkin bag for $23,500. Gucci sells digital sneakers for $13. Burberry collaborated with the video game Roadblocks, which sold for $300. The uniqueness of all NFTs, in the fashion world and beyond, is what makes them so special.
When it comes to fashion, exclusivity is paramount in driving up prices of goods. Limited editions, special collaborations, and one-of-a-kind pieces make thousands of dollars with a single sale. When it comes to NFTs, Bovell explains, “this could be a new form of collectible.”
The episode goes on to explore digital fashion and the impact of shopping and styling in the metaverse as opposed to the real world. It is, in short, an entire virtual world, in which you can live out your stylish fantasies — all without shopping for any physical entities to speak of.
Issues, however, pop up with NFTs all the time. They can include problems regarding security, hacking, fraud, theft, or even unauthorized sales and reproductions. NFTs are part of a brand-new world, so complications are bound to arise, but they’ve also taken a serious hold over the fashion industry, making it something to watch — and understand.
As NFTs grow more popular, Bovell explains how you might be able to experience the technology in your own stylish world. One way is through the use of augmented reality glasses, in which others will be able to see you as you walk down the street in an outfit that actually only exists in the metaverse. Another likely scenario would be attending fashion shows through virtual reality as opposed to in-person.
From NFTs to digital clothing, augmented reality to limited-edition collaborations and more, check out the video below to learn everything you’ve ever wanted to know about the digital fashion world.