What are NFTs?
Early this year, non-fungible tokens (NFT) became the first application of blockchain technology to achieve apparent public prominence. NFTs are tradeable rights to digital assets (images, music, videos, virtual creations). They provide digital certificates of authenticity which prove ownership.
Are fashion NFTs legal?
The ability to turn something virtual into tangible profit shows how much technology has evolved. The NFT gold rush has stirred much controversy in whether NFTs are ethical and sustainable.
Designer brands such as Gucci have jumped on this bandwagon and created digital Gucci bags and boutiques on Roblox and Zepeto — online game platforms and game creation systems, some bags selling for over $4000, which is on average more expensive than a physical copy of the bag. So why do people purchase fashion NFTs? Some may argue that there is no point in buying fashion NFTs because you cannot wear them in real life. Amidst a pandemic, there is a decreased urge to go outdoors, meaning fewer people are inclined to purchase physical clothes and may opt for an NFT instead. Your avatar in-game probably wears more outfits out than you!
Our lives have shifted online quite quickly during the pandemic. We are demanding more digital products such as purchasing zoom backgrounds which allows us to enhance the digital experience, given we are spending an increased amount of time online. Fashion NFTs push the boundaries of where fashion can be taken — shoes that change colour, levitating collars in jackets. Each NFT has a unique code, once you sell or give it away, you no longer have access to that code on the blockchain. Yes, you can share the original picture or piece of clothing with your friends, but what shows ownership is the unique code behind the actual product. This code allows NFTs to create a newfound scarcity, which will enable companies to demand high prices similar to physical collectibles.
Paris Hilton and NFTs
You may know her more famously as a Hotel Heiress or US TV personality, but Paris Hilton has changed the crypto game by collaborating with leading female crypto artist Blake Kathryn to launch her collection of NFTs. Her highest-selling NFT series is “Iconic Crypto Queen” at a bid at $1.11 million with Hummingbird in My Metaverse and Legendary Love, following at $10,000 each. From naming her new puppies “Crypto Hilton” and “Ether Reum” to starting her own Crypto-empire, Paris Hilton has shown to be very interested in the digital world.
“NFTs have literally taken over my entire mind and soul”— Paris Hilton.
NFTs will change the world of luxury fashion. Luxury shopping used to be all about the in-store shopping experience. With our current restricted mobility and enhanced digital experiences, customers can now create images of themselves wearing 3D clothing and share them on social media. As all luxury brands are aware, no one purchases a pair of Louboutin’s because they need shoes desperately, but they do so because they wish to be a part of the luxury culture. NFTs are like social assets that can offer customers a certain status, they provide a new market for traders and investors.