PARIS, France – January 16: A model walks the runway at Louis Vuitton show during Paris Fashion Week … [+] The principles that govern the luxury fashion industry are no different that other business sectors. Modifications are sufficiently important and complex that the luxury fashion and beauty industry have developed detailed documents to better comprehend the competitive marketplace. Make no bones about it, the raving flames of NFT have given the fashion world a burning desire for blockchain technology. In this feature, my aim is to show you what luxury fashion is doing with this crypto tech, and what to expect as fashion forges ahead into a tech-savvy future.
Firstly, NFT is an acronym for Non-fungible tokens. A cryptographic asset created through blockchain technology. It allows for the exchange of value through a medium that cannot be replicated. NFT is not the new kid on the block, rather, the digital collectible dates back as far back as 2012. More to the point, this digital asset didn’t make a name for itself until 2017, with Crypto Kitties – a digital asset that could be raised like a cat, which was later traded for as much as $140,000.
NFT in Fashion: How it all began:
In recent years, the fashion and beauty industry have gone to great effort to encourage an accurate and unbiased understanding of business modifications to reinforce new terms consistent with the modification in business today. The birth of NFTs proved to be fashion’s only hope of getting back on the fast-paced tech train, as it missed its opportunity with E-commerce by far. When e-commerce first arrived on the scene, I remember an abundant number of brands completely uninterested in moving forward with the new platform at the time. The fashion business has since become much more cautious. This year alone, Gucci introduced product offerings such as one of a kind sneakers as an NFT. Even luxury watch brands are promoting NFT auctions within the available platforms to promote on social. This is NFT 2.0 and there is no end in sight. PARIS, FRANCE – MARCH 01: (EDITORIAL USE ONLY) Kaia Gerber walks the runway during the Givenchy as … [+] In March 2019, an ingenious concept was born into the raving vibe of blockchain technology as it makes its way through major industries such as the Arts & Entertainment industry. The item was the brainchild of a 3 brand community, Dapper Labs, digital couture house , and Johanna Jaskowska , iridescence is a digital outfit that was eventually sold on blockchain for US $9,500, then in May that same year, top luxury brand LVMH Moët Hennessy Louis Vuitton, owner of some of the world’s biggest fashion brands such as Fendi , Dior , and Givenchy , became the very first company to leverage blockchain-based tokens as a means of ensuring an item’s authenticity.
Joining forces with Microsoft and Consensys (blockchain software company), the Aura platform was established. It is a blockchain system that allows consumers to track the origins […]