Big Brands Are Going For Fashion NFTs For Revenue Streaming
Big names like Nike, Gucci, and Burberry have gone for fashion NFTs or non-fungible tokens. These digital assets will be proof of ownership for each creation.
With this change, the fashion world has reached a new milestone in its evolving ecosystem. Further, this fusion of art and technology will change the way brands interact with their consumers. In addition, monetizing the digital assets will create a new revenue stream for the brands.
Overall, these NFTs are going to maintain the exclusivity and demand for limited fashion creations. So, brands can always boost the demand and revenue.
Fashion NFTs will also boost brand engagement, and with a verifiable certificate for each NFT, there will be absolute ownership. This, in fact, can be a great move for small fashion houses or independent designers.
They can create digital items or designs and get those encrypted on platforms like Ethereum. One cannot copy an NFT. Also, every time a purchase of an NFT happens, the creator will get a percentage as the royalty.
To keep up with this trend, Gucci has come up with the Aria collection as NFTs. It has partnered with Arianee to be sure of its authenticity. This partnership shows how fashion brands today can collaborate with digital creators to improve brand engagement and encourage sustainable practices.
Nike has taken the same alley by patenting a system that tokenizes its sneakers. So, the brand now has a digital version of its signature sneakers. This is, in fact, a great example of sustainability. The brand can now reduce its infrastructure by reducing physical production. Thus, eco-friendly practices are promoted.
The third brand to make its mark in the NFT world is Burberry. This brand has worked with Mythical Games to bring unique NFT skins. These NFT skins are for the “Blankos Block Party” game.
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