Not a week goes by without a designer or luxury fashion brand announcing their venture into the metaverse. NFTs or non-fungible tokens are the latest digital innovation permeating across culture and causing a buzz all over the fashion world.
The proliferation of NFTs in the luxury sphere causes confusion and complex questions about its relevance in the industry.
So the question arises — What are NFT’S and what is its significance in the fashion world?
Non-fungible tokens are considered a form of cryptocurrency, just like Bitcoin. NFTs differ from the latter in lacking a fungible quality, which makes them more exclusive and rare. Coincidentally, the complex world of the metaverse fits right in with a market that thrives off of hype culture and a scarcity model keeping the average consumer on their toes.
Fashion In The Metaverse
NFTs are one-of-one and cannot be exchanged or duplicated, only reacquired through purchasing from its current proprietor.
Digital fashion is an emerging space calibrating the exponential rise of what can be defined as ‘phygital products’. Keeping up with the metaverse expansion, fashion conglomerates are linking NFTs to physical products catering to a consumer culture that goes beyond the physical shopping experience.
Nike’s recent launch of virtual sneaker NFTs, Gucci and Balenciaga accepting bitcoin payments and the infamous Rothchild interpretation of digital Birkins are a reflection of a new crop of innovative, digital-first branding sweeping the fashion realm. This approach to luxury steals being linked with NFTs is not only limited to your favourite sneakers and watches but has also seeped into the runway. No, we’re not making this up!
The ‘Phygital Fashion’ Experience
The Metaverse Fashion Week hosted this February was regarded as a one-of-a-kind fashion event that featured mainstream fashion brands and emerging designers including Dolce & Gabanna, Estée Lauder and metaverse influencers like our very own Kyra( India’s first meta influencer) making her metaverse debut. Unlike physical fashion shows, the meta event was free and accessible at the click of a button, meaning anyone could view the digital show and even purchase cyber clothing for their virtual avatars.
The NFT fashion fever seems to have garnered a bunch of mixed reactions. While some admonish the meta fashion realm as a hype-centric gimmick that comes with its own set of restrictions that includes technical glitches and an underwhelming experience for those who aren’t well versed with the crypto universe, the digital evangelists rallying for the digital realm have been vocal about the refreshing opportunity to step beyond the traditional fashion district.
Our verdict? The ‘phygital’ fashion experience is unlikely to slow down anytime soon. Perhaps one key reason for the boom can be accredited to a new generation of tech-savvy shoppers that aspire to exist in a virtual realm that goes beyond video games and emphasizes accumulating digital assets.
The Indian Imprint
Keeping up with the fashion metaverse takeover, Indian designers are successfully carving their own niche by employing the fashion meets technology concept to entice shoppers in an innovative voguing experience.
Furthering the homegrown imprint is Papa Don’t Preach by Shubhika, an urban fashion house redefining the sartorial world with its venture into the metaverse. Proudly announcing its debut in the metaverse, the label’s Instagram handle shared an exciting glimpse into NNL2.0, the much anticipated collection. Sticking to its signature maximalist aesthetic that emulates an authentic Indian design conscience, the virtual lineup consists of an exciting range of embellished lehengas, tulle dresses and a mix of multi, cut-out designs.
With an exciting drop of NFTs in the pipeline as well, now you can shop for the label’s statement jewelry designs like massive headpieces, matha pattis, and ear danglers and glam up your virtual avatars.
Joining the troop of Indian designers foraying into the meta world, Papa Don’t Preach is all set to match ranks with key players in the industry like Anamika Khanna who recently dropped an NFT and Manish Malhotra who sold NFTs of his famous digital sketches last year.
As the lines between physical and virtual seem to dissipate and break free from the blue screens in our hands, workspaces and influencing the world around us, we can no longer skip over the metaverse lexicon being the buzz in a hyper-digitalized consumer market. The fashion industry is unlocking a digital utopia that invites customers into a virtual mall of sorts, allowing them to buy, sell and invest in unique ‘fashion products’ and become a part of the ‘fashion goes meta’ revolution.
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