NFTs have been revolutionizing many arenas lately - gaming, art, trading, fashion, etc.
They have been transfiguring the fashion world rapidly. Many luxury fashion brands seem to have quickly jumped on board with it - Dolce & Gabbana’s inaugural NFT collection sold for nearly US$6 million last September.
The fashion NFTs represent an evolution in design and creativity. From digital avatars to wardrobe collectables that can be used across multiple games; these tokens are changing how we think about buying clothes!
But first, what is an NFT? It stands for Non-Fungible Tokens.
Still confused? Don’t worry, you’re not alone - even Keanu Reeves is still not up to ‘speed’ about the NFTs of his film, The Matrix.
In simple words, one non-fungible token isn't equal to another, hence the name “non-fungible”. They're all different from each other but have their own value and there's no limit to how much someone will pay or trade for them!
Even though they have been making headlines for being sold at ridiculous prices, the reality is that luxury non-fungible tokens only account for less than 1% of all transactions. The vast majority (99%) are occurring on a lower scale with retail-level purchases under $10k worth in cryptocurrency!
The 1% luxury non-fungible tokens are grounded on the digital scarcity and bragging rights, it’s the other 99% that could transform and clean up the discrepancies in the fashion world.
The other 99%
Fast fashion has always been under scrutiny for its impact on the environment - in terms of materials used, reusability and wastage. But digital fashion has been making strides in addressing all these drawbacks. The digital world opens up endless possibilities for fashion. With materiality and physics removed from the equation, any fantasy can become reality in this virtual space where outfits can change color or texture. It is a limitless canvas with endless possibilities!
NFTs can help designers get their due credit and fairly distribute royalties in a notoriously unfair fashion value chain, which has been dominated by companies that mass produce clothes like fast-fashion retailers.
When talking about non-fungible tokens, it’s imperative to talk about blockchain too.
Think of a blockchain as an electronic ledger that stores information in blocks. The verified, connected representation is known as the “chain” and each new entry must be checked against all previous ones to ensure accuracy before it can get added on top - this way no tampering happens unnoticed! Blockchain has inspired innovations like decentralized applications (DApps) where users are able to share their own code with others while still maintaining full control over transactions; smart contracts which allow them complete flexibility when agreements between parties need enforcement through automated reactions without middlemen brokers getting involved. With blockchain's assistance comes long overdue fairness - all those worthy enough deserve what they've earned!
Fashion Technologies are also welcoming blockchain with open arms.
Let’s take an example: The recent innovations in technology have made it possible to virtually visualize garments on models without having them actually shoot the footage. This is done with software like TRI3D, for effective garment rendering as well as digital draping purposes.
Now let’s assume a big brand which procures garments from small artisans from around the world is partnering with TRI3D to make their catalog images. The brand sends the pictures of their garments, the tech company hires a few models to take pictures and then converts them into photorealistic templates, on which you can visualize any garment.
Only 1 image above is actually from a photoshoot, while the other 4 are computer generated
The brand pays the tech company and gets their catalog images, posts on their website, sells most of them and makes a huge profit. Now how do we ensure that everyone involved in the value chain gets paid their due?
This is where blockchain will be a potential game changer for the fashion industry. It will help decentralize profits and keep track of all parties involved in the value chain, which means that buyers can digitally trace their products' ownership history as well as authenticity--an important feature when you're looking at high-end brands like Louis Vuitton or Gucci – and also know about the journey of the products they purchase!
In the age of omnipresent social media, NFTs help to level the field by allowing anyone to make money off of their online influence. Big brands and small artisans stand to benefit from blockchain alike!
Blockchain is also a game-changer for content creators and consumers alike. It seeks to take power away from those who have always held it favoring big shots, helps give back owed shares and eradicate the imbalanced status quo that has seen little improvement over the past.
TRI3D, an IIT Madras and NASSCOM10K incubated startup is working in the field of fabric visualization. They have a software which can visualize garments on models without actually running a shoot for them! This app has many potential uses like digital saree draping or rendering various garment styles into 3D form--500+ happy customers are already using it to show dress shirts/trousers etc.