Did you know that you can wear NFTs?

NFT is undoubtedly the most discussed topic today in the digital world but did you know that NFTs are wearable as well? By wearable, we either mean clothes or some smart devices like smartwatches, smart glasses, or any fitness tracker. These smart devices generally help in augmenting the abilities or help in data collection of any activity. In the context of the digital art world, wearable denotes digital art pieces that can be used by digital avatars created by Genies. The wearable can be articles of clothing selected from the avatar’s virtual closet or any micro transaction which has the possibility of getting bought in-game marketplaces; For example, Fortnite made a profit of 44.3 million USD in April 2020 through selling wearables. If you are still skeptical about the utility of wearable NFT then one more example can be cited from May 2021 when the luxury brand Gucci sold a virtual bag at Roblox, a video game marketplace, for a whopping $4,115. Wearable devices showcasing NFT assets might sound absurd at the beginning but a young jeweler named Eduardo Jaramillo became a sensation after he converted an Apple watch into the accessory that showcased the NFT assets of the owners. Today NFT development services are not confined in niches rather can be applied to bring unexpected changes. 

How wearable NFTs are created?

Decentraland is the first multiplayer Metaverse that got built on the Ethereum blockchain and buying and selling virtual land is possible in Decentraland. Almost everything existing in Decentraland is part of NFT. In the Decentraland, wearables refer to the clothing for avatars and these clothing can be traded on blockchain in the form of NFTs. Companies flocked to build NFTs after its explosive popularity earlier this year as crypto enthusiasts were much interested in this new asset type which bestows ownership on virtual items alone. Big brands like Louis Vuitton have already launched a Metaverse game for a collection of NFTs; famous brand Burberry has created NFT accessories for Mythical Games and Gucci has sold non-NFT clothing for the Roblox game avatars. In Decentraland there are certain categories of wearables like Mythic, Legendary, Epic, Swanky, and Uncommon. They come in several editions like 10, 100, 1000, 5000, and 10,000 respectively. The real thrill is in acquiring the rarest items.

Are virtual shops the future of retail?

It is too early to predict the future of the NFT wearables market while it is still in the growth process but reports say the profit was near to $270,000 in 2020 but increased to $750,000 till the beginning of 2021. According to the director of Republic Realm, a $10 million virtual real estate investment vehicle, “Instead of scrolling through a feed and shopping online, you can have a more immersive brand experience by exploring a virtual space – whether you are shopping for your online avatar or buying physical products that can be shipped to your door.”

To many, virtual clothes can reduce the wastage of garments often used to flaunt on social media. The hype of virtual wearables is so high that there are existing companies at present that make virtual sneakers, which can be worn only in the virtual world or via Snapchat filters. The company is ready to deliver a free physical version of the shoe as well in exchange for these NFT tokens but people are keener on owning the virtual rather than the physical.

NFTs- A game-changer in gaming fashion:

With the increasing advanced tools and technology in the gaming world, the world of gaming has already received a lot of new personalized touches to its existing self but NFTs have enhanced it a bit more. With Covid 19 making everything digitalized famous fashion houses grabbed this chance to collaborate with gaming platforms to enable players to buy clothing from their brands for their digital avatars. The virtual sneakers by Louis Vuitton created quite the hype when one of the characters from league of legends wore them. The brand also released a capsule collection similar to the virtual ones. Same with another brand named RTFKT, which diminished the lines between digital and physical fashion by coming up with both virtual and physical pairs of shoes. The relation between the virtual world and fashion is not new; back in 2019 the digital fashion house Fabricant released one NFT based garment, donned by Johanna Jakowska which exactly looked like a real one and was actually made to order to befit the wearer.

NFTs work wonders in the fashion industry as well. It protects the rights of ownership by allowing tracing the creator’s IP address in regards to the pattern, the digital textile used and even the color. In some cases even the designer loses the right to reproduce similar garments, thus driving away from the worry about duplicity. In conventional/physical market, brands don’t get paid whenever their creations get resold but that’s not the case with NFT backed assets because in this case every time the NFT goes from one hand to another, the brand gets the right share in the sale process in form of royalties. Wearable NFTs have reduced the wastage of resources as well. From the environmental point of view, digital fashion based on augmented reality has the potential to reduce carbon footprint by saving water usage, reducing waste from material scraps, and finally by eliminating the need for physical samples. PUMA recently followed this path on ‘Day Zero’ and reduced water wastage by 17 %.To know more about wearable NFTs, you can connect with Monkhub. We are a leading NFT development company that can assist you in developing NFTs for works of art, games, sports, music, film, etc by providing a new set of advantages different from the conventional ones.