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How Covid-19 Pushed Fashion Designers to Welcome Blockchain Tech

Published Tue, May 31 2022 06:14 am
by The Silicon Trend





NFTs May Change Our Views on Fashion

When maestro Indian couturier - Manish Malhotra forayed into the crypto market with his first-ever NFT collection in 2021 - seeming like the Indian fashion sector was all set to explore the new digital avenue. The same year, another Indian menswear designer - Raghavendra Rathore, introduced his artwork collection as NFTs through blockchain tech.

Rathore said the COVID-19 has accelerated the development of virtual fashion. NFTs open a novel world of customers to brands and may change our views on fashion by offering access to customers to retain lifetime ownership of authentic, traceable assets and a secondary market for customers and creators - uncommon in the luxury and fashion sector. He also cited examples of how developed brands like Gucci and Burberry have started selling their virtual products, thereby transforming into a new and adventurous portfolio.


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Mere Buzzword Turned into Digital Assets

Last year, Burberry jumped on the movement, introducing its first-ever digital item as part of its B Series launch. In addition, the brand has collaborated with Mythical Games for a multi-player game featuring toys called Blankos, which all live on a blockchain. Famous luxury fashion brand Gucci, earlier this year, collaborated with e-character brand SuperPlastic to introduce a SuperGucci NFT collection. Developed by the Gucci's design head Alessandro Michele in alliance with SuperPlastic, the idea was to merge classic Gucci motifs and designs with SuperPlastic e-characters Janky & Guggimon.

For Malhotra, the COVID-19 forced people to be themselves, which led them to explore existing digital items like NFT. He added that they were just mere buzzwords that turned into digital assets. As a result, the past two years witnessed dramatic transformations in expectations of how customers interact with art and added novel layers to luxury purchases.


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Ceasing Fashion Fakes with Digital Assets

The NFTs have also garnered attention in the footwear industry, not just in luxury segments. For instance, Nike recently released its first wearable metaverse sneakers, called Rtfkt x Nike Dunk Genesis CryptoKicks.

The creative director of luxury fashion brand AMPM - Priyanka Modi says the most significant advantage with blockchain and NFTs, in general, is the proof of ownership and that you can verify the authenticity of any transaction that occurs on the platform. In addition, she said NFTs can play a pivotal role in helping cease fashion fakes, which is a big issue for brands in 2022.

It's also vital to remember that the rise of AR/VR and Metaverse, to a great extent, will shape the NFT future. Whether that will be negative or positive is still too early for anyone to talk about.


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