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How are NFTs used in fashion and wearables?

How are NFTs used in fashion and wearables?

 


The use of phygital NFTs, which are NFTs associated with physical items, is a growing trend among fashion brands looking to create a unique shopping experience.

Many fashion brands that use this strategy offer limited-edition NFTs that are virtual versions of physical items, such as NFT sneakers and jackets. NFTs, which are bundled with physical products, allow customers to own and wear the actual item while having a digital version of the item on the blockchain.

Among the major phygital NFT events that have successfully demonstrated their desirability, the Collezione Genesi de Dolce & Gabbana phygital NFT auction in 2021 stands out. The sale of the nine-coin NFT collection set a fashion phygital NFT record after being sold for around $6 million in Ether (ETH). It proved that there is a significant demand for phygital NFTs.

Since then, many top fashion companies have jumped on the phygital NFT bandwagon. One of them is Givenchy. In November 2022, the French fashion company spear a limited edition collection of NFT phygital in collaboration with Bstroy, a streetwear brand. The unique collection included jeans, t-shirts, hoodies, bags and shoes.

In January 2023, the fashion brand Yves Saint Laurent Beauté of the L’Oréal group also joined trending alongside luxury fashion brands such as Prada. One of the main reasons fashion brands are adopting the phygital NFT strategy is to offer a unique value proposition to customers who seek exclusivity.

An added benefit of using phygital NFTs is that they help counter the proliferation of counterfeit products. In effect, NFTs serve as proof of ownership, a factor that validates the authenticity of their corresponding physical items.

Sources

1/ https://Google.com/

2/ https://cointelegraph.com/explained/how-are-nfts-used-in-fashion-and-wearables

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