How Are the Fashion Brands Leveraging NFT Development?

2021 has been the year of NFT development fever.

• The total number of NFT art sales was above 1.5 million from October to November 2021. (Fortunely)
• The famous fashion brand Karl Lagerfeld sold 777 pieces of NFTs within 33.77 seconds on September 10, 2021. All the Lagerfield NFTs were 77 euros each in price. (Yahoo Life)

The NFT fever will be running through the veins of several industries, including fashion, in 2022 and beyond. It has no sign of cooling down.
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NFT development companies are also rising high.

• PRNewswire shows that the NFT development market size will grow to $3,57,316.3 million by 2030.
• As of March 15, 2022, the aggregated sales value over 30 days amounted to roughly $37 million. (Statista)

Whether it is the real estate industry, video game industry, or fashion industry, NFT is no longer a fad.

Like other industries, NFT development holds endless promise in refining customer engagement and loyalty across different verticals of the fashion industry.

Initially, it seemed challenging for the customers to put their money into buying virtual dresses and accessories.

But, in September 2021, the final auction price for Dolce and Gabbana’s inaugural NFT collection went on the verge of $6 million. (Prestige Online)

It looks like people are shouting loud out there to embrace fashion NFTs.

NFT Impacts On Fashion Or The Fashion Industry Embraces NFT Development?

The fashion industry always tends to surf through the latest trends. The luxurious brands across the fashion industry have always shown interest in navigating technologies in their business and marketing operations.

NFT is no exception to it.

Almost 17% of top fashion brands featured in the Vouge Business Index have leveraged NFT development at some point. (Vogue Business)

A favorite hot brand Gucci has already introduced its virtual shoes to its customers. Although Gucci Virtual 25 is not a pure NFT due to a lack of Blockchain authentication.

However, it is clear that popular brands like Gucci, RTFKT, and Louis Vuitton, have already dipped their toes in NFT development. They have partnered with top NFT development companies and games like Fortnite.

On its 100th anniversary, Gucci sold its Aria NFT collections at $25000 in June 2021. (Prestige Online)

It is not easy to determine whether the fashion industry is welcoming NFT with two arms open or NFT is storming into the fashion industry.

Both are happening.

NFT is shaping and turbocharging the fashion industry with its power and nature. On the other hand, the fashion industry allows the NFT to do so.

Let’s look at how fashion brands are leveraging NFT development in their business operations.

How Fashion Brands Are Leveraging NFT Development

As soon as the fashion industry invested and minted in NFT development, Fashion NFT turned into a digital gold rush. The big fashion brands are leveraging NFTs in the following ways:

Begin With Smart Digital Collectibles

The present NFT mindset pivots around digital collectibles. Fashion brands are minutely taking care of the availability and exclusivity of their digital fashion collectibles.

For instance, the scarcity of Gucci NFTs challenges customer sustainability. On the other hand, extensive NFT collections may lead the customers to an impression of low value. The right balance between exclusivity and scarcity is critical to impose.

The programmability of NFT enables fashion brands to create engaging and exclusive digital collectibles.

Link The NFT Collection to The Brand Value

It is crucial to connect the NFT collection with the core brand value. Nivea has introduced its NFT collection, The Value of Touch, reinforcing its brand identity with a philanthropic dimension. While linking the NFT collection with the core brand values, fashion brands can:

• Increase brand awareness
• Create unique brand experiences
• Boosts customer interaction
• Virtually visit the place.

Authenticity and Experiments Coincides

Authenticity and uniqueness are the two core pillars of NFT development.

NFT aides fashion companies to disrupt the traditional norms of the market, riding on authenticity.

The less-known and infant brand RTFKT designed an NFT sneaker to put it in an auction. The uniquely designed NFT sneaker got sold at a whopping $28000.

A fashion brand hardly two years old sold an NFT at a great price, which is impressive!

How is this possible?

If you fuel your NFT development with uniqueness and authenticity, you can quickly seize the customers’ attention and grow a tribe of followers.

NFT and Metaverse in Fashion Industry

With the fast moving technology, people are more interested in virtual world. Metaverse is also a virtual world in which you can experience the real world experiments. Gucci is going to create its own store in metaverse, so that you can try, wear and change the accessories in which you are interested. The benefit of metaverse is that, you can visit the virtual store of any brand, along with any individual or friend who is living in a remote location that can be far from your distance.

Metaverse allows you to create your avatars and you can see how you will look after wearing the particular accessory. Not only the famous brands, even small businessmen can also purchase the space or virtual store in metaverse. There are land owners, creators, promoters and visitors inside the metaverse. Some of the latest metaverses for fashion industry are: The Husl, Vulcan Verse and meta arrow etc. Metaverse and NFTs will be a boom in fashion industry a number of people are investing in NFTs and purchasing the virtual land in metaverses.

A Word From EDIIIE: A Leading NFT Development Company

Many famous fashion designers and brands collaborate with the best NFT development company and NFT artists to reap the NFT market benefits.

NFT development is a fantastic way to create an engaging customer experience. The faster you launch your fashion NFT collectibles in the market, the better your chances are to grow millions of followers.

The fascinating aspect is that NFT will stay here for a long time soon to become a part of mainstream digital marketing.

Fashion brands with less technical knowledge can connect with EDIIIE. We are a technology-based Metaverse development company with Blockchain knowledge as a backbone.

We cover all from creating unique clothing and accessories collectibles to developing a fashion NFT marketplace exclusively for your brand.

Let us show our NFT development excellencies.