Crypto Revolution In The Fashion Industry
This blog post will cover:
- How blockchain affects the fashion industry
- Famous brands got involved into digital experience
- Why do people pay for virtual clothes?
- Future of crypto and blockchain in fashion
Today we are going to talk about the crypto revolution and the fashion industry – two spheres that very few expected to come together. Fashion has existed for ages; however, cryptocurrency just came into reality. Metaverse shows to be among the latest discoveries in the modern world today because several fashion brands are adopting the “trend” in Metaverse. We will consider the most spectacular and interesting of them further in our article.
Also blockchain technologies, which are already used in many spheres, have reached the fashion industry. For example, AURA, a leading technology company, created a blockchain platformance where it traces luxury items from raw materials into finished goods. AURA claims to uphold authentication and proof of ownership in fashion and cloth production.
Fashion industries adopt the new trend of crypto exploration – could cryptocurrency be the new beginning in the fashion industry? Let’s get into it to explore some important values!
How blockchain affects the fashion industry
The blockchain is decentralized and non-editable. Thus, all the processes combined in a blockchain are transparent with global reach. The same application is observable in the crypto and fashion industry merge. Recently, many organizations have introduced a transparent fashion industry: people see and follow the production process of particular fashion wear. For example, AURA is one technology company that provides an accessible channel for all consumers: they see the production process, follow it, and know the release date.
This is how blockchain works in the fashion industry. Live display, around-the-clock monitoring, and unchangeable blockchain advantages find their way into the sphere: consumers relate directly with the producing industry. Yes! The bridges between wholesalers, retailers, online stores, and many other third parties have been broken. Blockchain is set to reduce “all the charges” added to the main selling price from the manufacturer. Even if all charges are not quenchable, the transparency increases the opportunity of maintaining consumer trust.
The production trend: farmers – manufacturers – transporter – distributors - retail outlets – consumers. Consumers are the last in every channel of production. Even if the channels are unlimited, with blockchain, transparency is assured! All consumers want to be active in the channel: understanding how “distributors” communicate with “retail outlets,” how “manufacturers” receive goods from “farmers,” and so on.
Famous brands got involved into digital experience
Fashion shows were muted during the Covid-19 pandemic; however, digital production was among the surviving platforms at that time. The fashion industry adopted digital production; thus, the birth of digital fashion shows! Many fashion brands opted for digital display and stepped on the Metaverse lands. Some famous brands that had a digital experience of fashion shows include:
Moschino changed the digital game when it introduced dolls in its fashion shows. The report came from Jeremy Scott, a designer and fashion expert, who held digital fashion shows with dolls instead of models. The clothes are made specifically for the dolls; even he did make front row attendees as dolls. Fashion was shown in several digital spaces, including another Moschino’s collaboration with The Sims, where they introduced a new collection inspired by the virtual world of the game.
Prada not only had a great digital show in 2021 but also added a question section after the show. Yes, Prada made time to answer questions from viewers worldwide – making the digital display so passionate. Although the performance was not physical; still, the emotions and feelings were real in the Prada S/S21 womenswear show.
Collina Strada began Thursday fashion shows on several digital platforms proving that fashion display on the digital space is never boring to the right audience. The fashion shows feature models, clothing, color, and sound. The production is great; your eye would thank you if you behold the show.
The Metaverse Fashion Week
This show is probably the most important of them all. It took place on March 23-27, 2022 in Decentraland, which is a decentralized platform built on Ethereum blockchain. There, guests could not only enjoy the view of magnificent haute-couture pieces, but also purchase NFT dresses and costumes. The interest in this event increased, when Dolce & Gabbana and Philip Plein decided to take part in it. Also, amid the famous brands you could notice Estée Lauder cosmetics, Jacob & Co watch boutique and Hèrmes Birkin bags. The invited star, Grimes, has closed the show with her performance. Not bad for the first Metaverse fashion week show?
Tiffany & Co
The famous jewelry brand is going to launch an exclusive series of jewel inlaid medallions. They will only be available to CryptoPunks NFT owners. On the Tiffany website, sales of NFTiff tokens will start August 5. The NFTiff token will cost 30 ETH ($50,000) and will only be purchased by NFT CryptoPunks owners, with a maximum of 3 tokens for one customer.
Why do people pay for virtual clothes?
If you ever wonder why people buy virtual clothes, think about why they buy cryptocurrency and NFTs. Everybody does that because of security, value, reputation, and recognition. Cryptocurrency is no longer new; it is a “dream come true” for enthusiasts. Gamers and digital lovers are enjoying the values embedded in cryptocurrency. Now, fashion lovers are making great impacts via virtual clothes. It’s just a natural process of adoption, with crypto and blockchain taking over all the available and demanded niches.
Virtual clothes exist on the metaverse: a digital space for collecting, selling, listing, community building, and validation of digital assets. The Metaverse is a brand new world: although we live in a physical space, the metaverse is an opposite world made specially for digital explorers. Virtual clothes are assets in the Metaverse. The similarity between physical and virtual clothes is the “value for money”. Virtual clothes are worth as much as the physical ones and sometimes even more.
Metaverse produces many digital cloth designers specializing in creating and selling virtual clothes. Digital designers dedicate their time and money to make digital clothes, market, and sell them, while the metaverse lovers buy and resell the digital pieces. All in all, we can say that the main reasons for people to own digital clothes are:
- Becoming the owners of an exclusive digital piece. The rights, as with all the NFTs, are officially passed to customers.
- Reselling the NFTs. Usually, they become more expensive within some time, so the owners of virtual clothes and accessories can sell them at a higher price.
- Collecting favorite brands. Some people are obsessed with fashion brands and don’t care if it’s a real piece of a digital one — they have to add it to their collection for sure.
Future of crypto and blockchain in fashion
Fashion brands can monitor and analyze the lifecycle of a fashion product with blockchain. There are many options for crypto lovers and traders in the fashion world. Fashion is a global system for everyone. Blockchain is known for authentication: it fights counterfeit products in the fashion world. Digital fashion designers are making great impacts in the metaverse. Not only will individuals have personal jobs, but fashion and crypto will also be a source of livelihood!
The combination of crypto and blockchain with fashion is nothing but a great combo which could grow into something more beautiful and profitable than it is now. Very soon we will likely see most of the popular brands on the catwalk and in the NFT stores.
Fashion in the digital space is another career opportunity for digital lovers. Fashion lovers or designers embrace the opportunity in the fashion world coming into the blockchain.