Non-fungible tokens or NFTs are cryptographic assets; in simple terms, it's unique and can't be replaced with something else. Most NFTs are part of the Ethereum blockchain; Ethereum is a cryptocurrency similar to bitcoin. Keeping the crypto mumbo jumbo aside, what makes an NFT an NFT? There is no limit; NFTs can be anything digital. So how does fashion relate to all of this? Well, NFTs have given rise to something known as Digital Fashion.
Digital Fashion is an umbrella term for everything ranging from AR filters on Snapchat to more complex fashion ecosystems in integrated games like Roblox. Digital Currency has always been a crucial part of the gaming industry, but the pandemic has fueled the rise of so-called "second worlds ."Digital Fashion is an essential part of this second-world ecosystem. It promotes commerce in these digital worlds and is fundamental to their growth. A way to look at Digital Fashion is something that you can show off in these digital worlds. More prominent brands have definitely been getting into Digital Fashion for a long time; an excellent example of this is how Gucci launched a bag in Roblox that sold for 4000 USD.
The real reason behind me telling you all of this is to illustrate how Digital Fashion is the new frontier for the fashion industry where innovations are being made every single day. The next step for Digital Fashion is definitely NFTs, and it's already here; companies like Artifact have sneaker drops that sell for millions of dollars. People have always brought digital items, and for those who spend a significant chunk of their life, online fashion NFTs can provide a completely different experience.
NFT fashion allows creators to push the boundaries of traditional fashion with things that wouldn't be possible in real life; these can include items like shoes that are constantly on fire. Consumers can experience this eccentric fashion which wouldn't be possible in real life, while at the same time, artists are given no limit for their work. NFTs provide fashion artists with a blank canvas with endless possibilities. In simple words, NFTs allow artists to push the realm of creativity.
With upcoming things like the metaverse and people spending more of their lives online, fashion NFTs have no actual growth cap. Currently, it is a whole new subpart of the fashion industry that will grow significantly in the coming years, and most of this growth is fueled by NFTs.