Fashion and NFT: A union made in heaven
The fashion world makes extensive use of NFT. Yes, skeptics can continue to claim that NFTs are "useless", however, fashion houses do not seem to have received notification of their uselessness, as an increasing number of them have begun to offer these tokens as part of their collections and product lines.
In fact, the list of fashion companies using NFT in one way or another has become quite large, including such luminaries as Balmain, Philipp Plein, Gucci, Prada, Salvatore Ferragamo, Rebecca Minkoff, Burberry, Diesel, Guerlain and many others. And in many ways, NFT and fashion make a natural pair, if only because both are focused on rarity and status.
One of the big advantages of using NFT in fashion is that it has allowed the industry to attract new customers, people who otherwise might not have spent money on certain brands. And at least some fashion houses accept NFT as a new reality for them, these relationships can also work in a different direction when fashion serves to attract new people to NFT and cryptocurrency.
Fashion and NFT: A union made in heaven
Swiss fashion group Philipp Plein was one of the first to introduce NFT and cryptocurrency in the industry, starting accepting cryptocurrency as a form of payment in August 2021.
This involvement expanded to the use of NFT in April of this year, when the group launched a concept store in London that offers buyers non-interchangeable tokens representing the real goods they buy in the store. For Philipp Plein himself, this is of great importance for business, since fashion and NFT are an art form.
"It means that both are a way to express yourself or express feelings or ideas. If we add luxury brands to the mix, NFT will also become a status symbol," he said. Cryptonews.com .
The fact that fashion and NFT are intertwined with each other at a basic level is supported by the NFT industry itself, and Raible co-founder and Chief Strategy Officer Alex Salnikov agrees that rarity and artistic expression are two big areas of intersection.
"The fashion industry and NFT often revolve around the same basic principles of artistic expression, constant innovation and rarity, which creates a natural and promising partnership. I believe that further cooperation between the two sectors will allow both industries to continue to develop in new ways that were previously considered unimaginable, and will open up an exciting new era of digital and physical fashion," he said. Cryptonews.com .
Judging by the huge number of fashion brands that have entered the NFT, it seems that a "new era" is slowly emerging. And although some companies have just started using non-interchangeable tokens, others already recognize that NFT is not going anywhere.
"This is a new reality for us, we firmly believe that this is the future, and it is happening now," said Philipp Plein, adding that all future projects of his brand will probably include NFT and cryptography as an "integral" part.
However, fashion brands are unlikely to deal only with NFT, as many are also experimenting with metaverse platforms. The same is happening with Philippe Plein, who established his presence in the metaverse in February.
"We have acquired our land in the metaverse Decentraland for more than 1.5 million euros, PLEIN PLAZA, and since then we have been engaged in its development. We even had a fashion show there during Milan Fashion Week," Plein said.
Indeed, the metaverse has become an important element of the fashion industry: in March Decentraland hosted the Metaverse Fashion Week, which featured brands such as DKNY, Tommy Hilfiger, Paco Rabanne, Dolce & Gabbana, Etro, Charles & Keith and Prive Porter. your virtual goods. Needless to say, non-interchangeable tokens were a big part of the event, as the Metaverse festival in Amsterdam, which took place in June, also relied heavily on NFT.
What Cryptocurrencies and NFT Do for Fashion
Speaking with numbers on both sides of the equation, it becomes clear that fashion's love of NFT has helped it attract new customers. According to Philip Plein, the adoption of crypto payments in August 2021 led to "incredible results" within ten months.
"When we started, we accepted 15 currencies, and now we accept 24 different currencies. The turnover received through crypto payments on the website has already reached more than 2.5% [of the total turnover], which brings it closer to the level of a real payment method," said Philippe Plein.
Plein also reports that in relation to the retail outlets of the brand, buyers are showing great interest in paying with cryptocurrency and/or receiving NFT, which creates "additional points of contact"
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