So, we are no strangers to internet images, videos, gifs, and audios that can be viral memes, tweets, or posts. We all know how quick the girlies move online, literally quicker than the FBI to find your new boyfriends ex hubbies 👀 However now with the help of crypto bros taking over, NFTs are now the hottest new thing on the block. Although we are disappointed it’s not Jenny on the Block, but let’s get into it 🥂 NFTs are unique, one of a kind digital token that has an individual ownership that is supported and tracked by blockchains. This means that NFT authentic ownership is backed by a digital public ledger and can be traded safely online. NFTs can exist as images, videos but now evolved into physical goods like artwork and real estate (Baukh, 2022). NFTs first jumped to popularity within recent years especially on websites like Reddit and Twitter. Even though websites like that aren’t girly pop, you will be pleased to know that NFTs have streamlined into the fashion community! 😜 Fashion NFTs can be virtual clothing that we can wear digitally, interact within digital contents, or have digital twins of physical products. The first ever fashion NFT was the Fabricant’s iridescent dress that sold for $9,500 in May 2019 (Baukh, 2022). THANKS to Miss Corona, many of the normal facilities of the fashion industry adapted to the online space. The pandemic revolutionised how we interact with fashion in a digital world. Also, Mr. Zuck is rapidly expanding the metaverse (even quicker than I change my boys). NFTs allow for a more interactive method of cultivating fashion culture and relationship with brands. As if I can’t enjoy shopping anymore. NFTs are capitalising on the new wave of tech-savvy consumers like Gen-Z. Catering to fashion shopping and digital content, what more could young people want? 🤭 This is used across from luxury to small businesses. From creating hype to help online shopping through Nifty Gateway, it’s worth spilling your pink gin over! (Baukh, 2022) Consumers and fans can now wear virtual brand clothing that they can buy on different platforms which is a deep dive into the Metaverse! Block chained worlds like Decentraland. The metaverse marketplace is so new and wide, fashion brands are solidifying their share such as everyone’s favourites like Nike, Gucci, LV, Ralph Lauren etc (Baukh, 2022). Fans can show off their fashion brand clothing through fan generated virtual spaces, like in Fortnite. But in the real-life world, brands are developing NFTs physically. Such as Tiffany's Cryptopunk pendants to Nike-owned RTFKT's "Cryptokicks" (Baukh, 2022) which is so fetch it will give you fanny flutters! This is pivoted by the creation of digital twins which can be produced at any given point in the manufacturing or sales cycle. This only fed my rich girl boss mindset! We can have it whenever! But we need to be smart girl bosses here, and not just the delusional manic pixie dream girls. There are a few issues with NFTs, like property rights. What rights do we have? (Because let’s be for real, us ladies could do with a few more unfortunately). Women in stem should document and safeguard any digital assets to prevent unauthorised usages and reserve all royalties (Baukh, 2022). Listen to Miss RiRi when she says B**** Better Have my Money! Instead of ending my first blog post on a sad note, I will end with my favourite fashion NFT which happens to be the first ever one to exist within the luxury brands. Gucci’s NFT Aria collection at Christie's in June for $25,000 where all proceeds were donated to UNICEF USA. It was a rather cute short film to commemorate their collab with Balenciaga (Baukh, 2022). See you soon besties,
Michelle 💋 Reference List: Baukh, O. (2022) What is fashion NFT and how brands are capitalizing on it? Techpacker Blog. Techpacker Blog. Available at: https://techpacker.com/blog/design/how-fashion-brands-are-taking-advantage-of-nfts/#:~:text=in%20this%20industry.-,What%20is%20an%20NFT%20in%20fashion%3F,a%20decentralized%2C%20digital%20public%20ledger
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