After digital artwork and the sports entertainment industry, it’s the luxury fashion industry excited to dabble in the game of non-fungible tokens (NFTs). As per the recently published article by Vogue Business, luxury fashion brand Gucci has confirmed that it’s “only a matter of time” that they would release their NFTs.
Besides, the publication also confirmed with other industry brands and sources who have claimed that the fashion industry is the next big industry to adopt the NFT game. Marjorie Hernandez, founder of Lukso, a blockchain platform that works with fashion brands said:
“The question is just who will pull the trigger first. Luxury brands were behind on the e-commerce trend, so there’s now more of a willingness to experiment with new technologies like blockchain.”
Hernandez has talked to several popular personalities from the fashion industry in recent and all of them have shown interest in NFTs. However, the NFT use-cases in the fashion industry are still limited and luxury brands are exploring ways to give a premium experience to their high-paying customers.
Besides, customers in this segment would be wanting something very seamless and not like going through the hassle of creating a browser-based Ethereum wallet. Cathy Hackl, CEO of the Futures Intelligence Group spoke about this recent anomaly. Cathy advises brands on how to approach new emerging technologies. She said:
“Right now, fashion being sold via NFT is fashion as art, and not necessarily fashion as a utility. We’re eventually going to get to the point where there’s more utility, but we’re not there yet.”
Taking Up the Challenge of Luxury Fashion Brand NFTs
Startups from the crypto space are already exploring on how to blend NFT utilities with the luxury fashion brand industry. Sydney-based Neuno is currently working with five luxury fashion houses to launch NFTs. Neuno CEO Natalie Jhonson told Vogue:
“We want to be the universal 3D wardrobe that plugs into everything. We are working with a social media platform that specialises in filters so the owner will be able to post a photo of themselves ‘wearing’ the dress, and we’re also working with one of Asia’s biggest games, so they’ll also be able to dress their gaming avatar in the dress. The buyer only needs to buy the NFT once and they’ll be able to use it in multiple different ways.”
Neuno is not adopting the traditional approach to launching NFTs on existing marketplaces. Rather, it’s directly working with brands. It is working to provide a premium buying experience for high-paying customers and reassuring them about authenticity.
NFTs can certainly help luxury brands unlock new revenue streams and provide their customers unique access to their favorite brands.