How NFTs are changing the Luxury Fashion Industry?

By Palak Malhotra
Published August 4, 2021 Updated August 4, 2021
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How NFTs are changing the Luxury Fashion Industry?

By Palak Malhotra
Published August 4, 2021 Updated August 4, 2021

Non-Fungible Tokens (NFTs) have gained raging popularity in just a few months. The trend has taken over all market spheres, from traditional auction houses and multi-million-dollar art galleries; to commercial giants like Coca-Cola and Sports legends. High-end fashion houses dread the FOMO of this NFT trend and have joined the race of tokenizing their products.

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With the Web 3.0 approach, digitization has taken a 180-degree turn, and blockchains are preparing to get embedded in daily routines. Couture studios are walking the ramp towards democratizing their work and increase accessibility through the NFT sphere.

Louis Vuitton and Burberry’s NFTs in Video Games

Louis Vuitton has announced the NFT launch integrated into a game, commemorating the 200th Birthday anniversary of the quintessential founder, Louis Vuitton himself, on August 4. LV has collaborated with the popular digital artist, Beeple to design ten NFTs for the video game. This will be LV and Beeple’s second NFT collaboration after 2019.

The video game titled, “Louis: The Game,” has an illustrative art-centric display. The game follows the journey of LV’s brand mascot, Vivienne, as she travels to seven different metropolitans like London, Beijing, Tokyo, New York, and Paris. On the quest, the players will come across 30 collectible NFTs as they proceed further in the game. The accumulated NFTs are to be stored in a digital wallet and stay locked until 2022.

Burberry has also announced the launch of its NFT in the multi-player online game Blankos Block Party. The high-fashion studio has partnered with Mythical Games to provide its NFT to the new generation of gamers in a more accessible environment.

Burberry NFT will guide into the cartoon-style world, a cross between Fortnite and Roblox, through the eyes of a shark-inspired character Sharky B, created by Burberry’s designers. The character can be kitted out on accessories such as jetpacks, armbands, and pool shoes, all bought through Mythical’s blockchain marketplace.

D&G and Gucci’s latest collections to be auctioned as NFTs

Dolce and Gabbana’s first NFT named Collezione Genesi, or Genesis Collection, features the collection at its shows for Alta Moda, Alta Sartoria, and Alta Goilleria in Venice focusing on the deep-rooted artistic traditions of Venice. It NFTs will be set out for auction at the end of August.

Gucci also announced the launch of its NFT earlier this year, inspired by its Fall/Winter 2021 collection in an online auction hosted by Christie’s. The auction closed on June 3, with a final sale price of $25,000. Gucci’s NFT took inspiration from “Gucci Aria,” the fashion film produced by filmmaker Floria Sigismondi and Gucci’s creative director Alessandro Michele, to be played at a runaway show. Gucci Aria signifies “a jubilee of breath,” portraying the universal themes of renewal, growth, and hope for the future.

Apart from NFTs, Gucci has also explored the market of augmented reality, to sell virtual sneakers. Gucci partnered with the virtual sneaker app, ‘Wanna’ to launch its first augmented reality sneakers, which come as a package of 25 pairs available for $9.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
220 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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