NFTs and Design
Roksanda, a womenswear label, partnered with the Institute of Digital Fashion (IODF) and Clearpay to construct a shoppable NFT of the label’s demi-couture final look of the Autumn/Winter 2022 show. The NFT adds a dimension that appeals to younger generations of consumers. Younger consumers are drawn to fashion that signifies that they are part of the community. NFTs help us envision ourselves being part of the brand in a way through which we have never been able.
Italian brand Dolce & Gabbana’s recent sale of nine NFTs for $5.7 million, albeit small, highlights the virtual and hybrid luxury goods’ huge potential over the coming years.
Rebecca Minkoff debuted her brand’s second NFT collection, but she solely focused on digital creation that still aligned with the brand’s identity. This fantastical mindset seems to be a theme with digital fashion. Brands are capitalizing on the lack of physics and further developing their creative expression using digital fashion.
Minkoff unveiled one piece from the new collection on the digital runway during Crypto Fashion Week. The full line is now available via The Dematerialised (DMAT), a marketplace for fashion NFTs, where customers can view, purchase and style their avatars.
The success of her first collection of NFTs (costing between $60 and $600 USD), which sold out in nine minutes, also showed a demand for accessible luxury in the metaverse. Brands should find the balance between exclusivity and opportunity while providing value and a way to resell.