Wear-to-earn NFTs target the multi-billion-dollar fashion industry

The rise of Metaverse and Web 3.0 will disrupt multiple industries, including the multi-billion-dollar global fashion industry. As the world moves from physical to digital, traditional fashion design can be transformed into virtual wearable devices that can be used in augmented reality (AR) and real life.

Megan Kaspar, managing director of Magnetic Capital and a member of Red DAO, a fashion-focused decentralized autonomous organization, told Cointelegraph that she believes that digital fashion irreplaceable tokens or NFTs will become the largest NFT category in Web 3.0:

“Digital fashion NFT includes clothing, shoes, jewelry, accessories, etc., which can be worn virtual or in the game ecosystem. These digital wearable devices are currently being used for speculative investment and collection, and are the avatars of decentralized games. Put on clothes, wear them in an augmented reality environment, and overlay on photos and videos.”

Although Kaspar realizes that digital wearable devices are being used in today’s decentralized gaming environment-for example NFT used in Decentraland ——She explained that wearable fashion will be more interactive in the next two years.For example, Kaspar recently Shows How to wear virtual NFT proceeds and other accessories in a video interview.

Wear-to-ear model enters the fashion industry

Kaspar further mentioned that the “buy as you get” model will flourish in the AR environment, noting that designers, brands, and retailers will create clothes suitable for digital wardrobes. In order to establish a long-term relationship with consumers, Kaspar pointed out that designers will pay consumers to wear their virtual items:

“Brands will compensate customers for wearing these items by allowing customers to obtain exclusive products or airdrop fashion items to their virtual wallets, or pay them in the form of fungible tokens.”

According to Kaspar, the Italian luxury fashion brand Dolce & Gabbana will soon launch “D&G Family”, which is a community-based NFT price cut on the market planned by UNXD. She said: “This will give consumers exclusive physical clothing that can only be purchased at reduced prices.” Dolce & Gabbana recently launched their “Collezione Genesi” NFT series to emphasize the power of metaverse wearables.

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Although Kaspar predicts that UNXD will be the first luxury platform to provide “as you go” functionality, other NFT ecosystems have begun to adopt this concept. For example, Davaproject-an NFT project from the start-up studio Unopnd-is currently building an avatar NFT system to reflect changes in various combinations on the blockchain network.Recent announcement Claim The project will initially consist of 10,000 avatar NFTs named “Dava”, of which 30,000 wearable items will be cast. Davaproject will set the rarity of each wearable device and display different rankings on the user dashboard. Then, the owner will get benefits such as community event invitations, NFT airdrops, gifts, and new item drops by wearing these items.

Given the rise of virtual wearables, Norman Tan, the editor-in-chief of Vogue Singapore, told Cointelegraph that he is optimistic about digital fashion. Tan recently published the September issue of “Vogue” Singapore, showing the theme of “New Beginning”.September issue Featured The unique printed cover in the form of a QR code serves as a gateway to two purely digital NFT covers. Tan said:

“Fashion and innovation have always been at the core of our work in the Singapore version of “Vogue”. With’New Starting Point’ as the theme of the global September issue, we have taken a bold step and entered the meta universe-a new generation of digital artists and The designer’s destination.”

Digital fashion will not only disrupt the Metaverse, Tan added that virtual wearables will help alleviate sustainability issues by introducing a post-waste economy. According to Kaspar, 40% of Western wardrobes are not worn, and pointed out that digital clothing can be an environmentally friendly alternative to physical objects.

In addition, it turns out that virtual fashion shows are more sustainable and accessible. For example, NFT Runway-a company that democratizes fashion by allowing brands to deploy in a sustainable manner-will host a digital fashion show during the “San Francisco Fashion Community Week” from December 3rd to 5th. The interactive fashion show will be broadcast live in Metaverse, where the patented 3DREALTM technology is used to recreate the NFT version of the physical project. This will allow audience participants to virtually “jump up” on the runway to view each item, while turning their avatars to view the clothing from any angle.

Oh Tepmongkol, Chief Operating Officer of Ohzone, Inc, told Cointelegraph that NFTs are included in both virtual and real world fashion shows:

“They are tokens that serve as certificates of authenticity, and they can bring a lot of extra utility to any clothing project. This may mean unlocking the digital version of the project or gaining special access to the designer’s online community. In addition, NFTs are easy Included because they can be integrated through a small QR code on any garment.”

Tepmongkol added that NFT wearable devices can also easily donate to charities. For example, NFT Runway’s digital fashion show will include an auction to benefit many non-profit organizations through revenue generated from sales. According to Tepmongkol, smart contracts on the blockchain allow NFT Runway to set up “NFT Endowment Funds.” She said: “You can set up a charity here and receive part of the sales permanently through smart contracts.”

The future of digital wearables

Although the concept of interactive digital fashion is still emerging, Kaspar believes that the model of “wearing to make money” will eventually be greater than “playing to make money”.With the release of Axie Infinity, the game earns Become the most popular search term In the blockchain ecosystem.

However, Kaspar explained that the concept of “buy it now” will undoubtedly appeal to the mainstream—especially women—and not just gamers. For example, Kaspar mentioned that digital wallets will soon resemble virtual closets, and this feature will attract many new users into the blockchain space: “Many companies are working hard to create interoperable digital closets where you can move NFTs in and out. “

Despite being innovative, Tan points out that online games can help inspire the rise of digital fashion:

“Fortnite and other online games have created a whole new economy, and brands such as Balenciaga have seen opportunities to reach these users in a digitally native way. This, coupled with the emergence of COVID-19, has allowed more people to go online and explore them. How to best interact and express yourself in the digital realm.”

Sebastien Borget, co-founder and COO of The Sandbox, a decentralized gaming virtual world that uses NFT, further told Cointelegraph that the difference between play-and-ear wearable devices and fashion-focused NFTs is for players and other socialists . He added that The Sandbox will soon incorporate Wear and Earn NFT into many of its games:

“Having a wearable device that rewards users based on participation is an interesting model. It really fits the identity of the avatar NFT-the more time you use the avatar, the more revenue players can earn.”

Tepmongkol further shared that NFT Runway is seeking to link the virtual fashion industry with decentralized games: “Some Web 3.0 metaspace spaces like Decentraland require some additional formats and registrations to run on their platform; we are working hard Make it part of our long-term roadmap.”