Wear-to-earn NFTs looks the new billion-dollar fashion industry
The rise of Metaverse and Web 3.0 will disrupt several sectors, including the multi-billion dollar global fashion industry. As the world moves from physical to digital, traditional clothing designs may be transformed into virtual wearables that can be used in both augmented reality (AR) and real life. Megan Kaspar, managing director at Magnetic Capital and member of Red DAO, a decentralized autonomous organization focused on fashion, told Cointelegraph that she believes that cool intangible digital tokens (NFTs) will be the largest category of NFTs in Web 3.0.
“Digital fashion NFTs include clothing, shoes, jewelry, accessories and more that can be worn virtually or within gaming ecosystems. These digital wearables are currently being used for speculative investment and collecting, to clothe avatars in decentralized games, to wear in augmented reality environments and to be superimposed onto photos and videos.”
Wearables are currently being used in decentralized gaming environments, such as the NFT used by Decentraland. She explained that wearable mods will become more interactive over the next two years. For example, during a recent video interview, Kaspar demonstrated how virtual NFT imports and other accessories can be worn.
Kaspar explained that while digital wearables are being used in decentralized gaming environments like the NFTs used in Decentraland today, wearables will become more interactive over the next two years. For example, during a recent video interview, Kaspar demonstrated how virtual NFT imports and other accessories can be worn.
Kaspar noted that "wearable" models will thrive in augmented reality environments, noting that designers, brands and retailers will create clothing for the digital wardrobe. To build long-term relationships with consumers, Kaspar said designers will pay consumers to wear virtual items.
“Brands will compensate customers for wearing pieces by giving them access to exclusive items or airdropping fashion pieces to their virtual wallets, or by paying them in the form of a fungible token.”
Italian luxury fashion house Dolce & Gabbana will soon launch D&G Family, a community-based NFT betting on the curated marketplace UNXD, Caspar said. "This will give consumers access to exclusive physical clothing that can only be purchased through the drop," she said. Dolce & Gabbana recently launched the NFT
"Collezione Genesi" collection on Metaverse, highlighting the power of wearables.
Caspar expects UNXD to be the first high-end platform to offer durability features, but other NFT ecosystems are starting to embrace the concept.
For example, Davaproject, an NFT project from startup studio Unopnd, is currently creating an NFT system for avatars that reflects various combinations of changes in the blockchain network. A recent announcement claims that the project will initially consist of 10,000 avatar NFTs called “Dava,” which will be minted with 30,000 wearable items. Davaproject will set the rarity of each wearable, showing different rankings across a user dashboard. Owners will then receive benefits such as invites to community events, NFT airdrops, giveaways and new item drops by wearing these items.
Given the rise of virtual wearables, Norman Tan, editor in chief at Vogue Singapore, told Cointelegraph that he is bullish on digital fashion. Tan recently published Vogue Singapore`s September issue, which demonstrated the theme of “New Beginnings.” The September issue featured a unique print cover in the form of a QR code serving as a portal to two digitalonly NFT covers.
Not only will digital fashion disrupt the metaverse, but virtual wearables will help address sustainability issues by introducing a post-waste economy, Tan added. According to Kaspar, 40% of Western-style wardrobes will never wear out, and digital clothing could be an environmentally friendly replacement for physical items.
Virtual fashion shows are also becoming more sustainable and accessible. For example, NFT Runway, a company that democratizes fashion by enabling brands to grow in a sustainable way, is hosting a digital fashion show on December 35th during San Francisco Fashion Community Week. The interactive fashion show is broadcast live on Metaverse with NFT versions of physical objects recreated using patented 3DREALtm technology. This allows the audience to virtually step onto the runway to view each item and rotate the avatar to view the outfit from any angle.
Tepmongkol, COO of Ohzone, Inc., a company that provides 3DREALtm interactive technology for Ohzone, told Cointelegraph it makes sense to enable NFTs in both virtual and real-world fashion shows. charity. For example, the NFT runway digital fashion show consists of auctions in which a number of non-profit organizations receive revenue from sales.
According to Tepmongkol, smart contracts on the blockchain allow the NFT Runway to generate “NFT donations”. "Here, you can create a charitable organization that can receive a portion of the sales through a smart contract for an unlimited period of time," she said.