High Fashion Is Finding Their New Niche In A Digital World
NFTs have caught the attention of business typhoons like Mark Cuban, Gary Vee, and Daryl Morey and celebrities such as Paris Hilton, Snoop Dog, Ellen Degeneres, Shawn Mendes, Emily Ratajkowski, and many more.
However, the concept of NFTs is hard to explain or to put into simple terms. I even own multiple NFTs and it is still hard for me to wrap my head around this futuristic idea. So let’s start with the basics...
What is an NFT?
NFT stands for non-fungible token. ““Non-fungible” more or less means that it’s unique and can’t be replaced with something else. For example, a bitcoin is fungible — trade one for another bitcoin, and you’ll have exactly the same thing” Mitchell Clarke from The Verge continues to say “a one-of-a-kind trading card, however, is non-fungible. If you traded it for a different card, you’d have something completely different.”
“NFTs are also generally one of a kind, or at least one of a very limited run, and have unique identifying codes,” John Schmidt continues to state, “this stands in stark contrast to most digital creations, which are almost always infinite in supply. Hypothetically, cutting off the supply should raise the value of a given asset, assuming it’s in demand.”
What is the Metaverse?
The metaverse is a virtual world where the NFTs that you own can be your avatars. But, your avatars are going to need clothes, and that’s where luxury brands have found their niche in this new age of digital art.
High Fashion in the Digital World
The luxury house Dolce & Gabbana set records for fashion NFTs by auctioning off a nine-piece virtual collection for $6 million. To be exact, the fashion powerhouse sold 1,885.719 ETH, $5.7million, worth of NFTs, alongside some couture.
Collezione Gensi, the collection designed by Dolce & Gabbana and constructed and auctioned by UNXD. The attention to detail in these dresses is absolutely breathtaking, it's no surprise the NFT community would value these designs. These two dresses are both digital and physical. The Dress from A Dream in silver sold for 188.1 ETH, roughly $639,540, and the Dress from A Dream in gold sold for 225.5 ETH, $766,700.
“The Impossible Tiara” shown above is deemed the rarest in the Collezione Genesi NFT drop. The rare tiara features “gems that can’t quite be found on Earth” according to the fashion house. The virtual only tiara sold for 99.99 ETH ($339,966).