NFT, fashion and metaverse | Ingram Yuzek Gainen Carroll & Bertolotti, LLP

2021 has notably been named the Year of Digital Fashion and NFTs. And with good reason. As in most other industries, NFTs have catapulted the fashion industry into a new digital age. Luxury fashion brands and major fashion houses continuously release new NFT drops. This article presents a timeline of digital fashion innovation and shows how fashion brands are successfully using NFTs.

January 2021: Auroboros x Drest collaboration

Auroboros, a fashion house creating virtual clothing inspired by biomimicry, has released a digital-only couture collection on Drest, a fashion styling game. Although not technically an NFT, it is an early example of how fashion designers present digital clothing. Auroboros is now accepting registrations for upcoming NFT deliveries.

February 2021: RTFKT Studios generates over $3 million selling virtual shoes

Digital fashion brand RTFKT (pronounced “artifact”) made history by teaming up with 18-year-old crypto artist Fewocious in a virtual NFT drop that netted over $3 million less 7 minutes. RTFKT and Fewocious have created three virtual sneakers. Potential bidders could “try on” the shoes via Snapchat before bidding on them. The winning bidder also received the physical sneaker.

March 2021: Zuzana Bastian launches virtual jewelry as NFT

JEVELS (the “v” stands for “virtual”) is an Ethereum NFT platform for virtual jewelry and fashion accessories to collect and wear virtually. Each wearable artwork is available as an NFT that can be worn in augmented and virtual reality.

April 2021: Overpriced.™ is selling an NFT-Wearable hoodie

High-end streetwear brand Overpriced, a brand that creates “fashion for the crypto generation,” has sold an NFT-linked hoodie for $26,000. The virtual hoodie was sold on the digital art marketplace to an anonymous buyer who can “wear” the digital hoodie by scanning a unique V-code. Owning the NFT grants unlimited physical replacement hoodies. “If at any time the hoodie is lost, stolen, damaged or sold, the V codes may be invalidated and a new hoodie will be shipped to the address chosen by the new owner, becoming the new genuine part”, explained Overpriced.

May 2021: Gucci’s NFT Movie: Aria

Gucci was one of the first luxury fashion houses to enter the NFT world. To celebrate its centenary, Gucci created an NFT film inspired by its Aria collection. The four-minute short was auctioned off at Christie’s and sold for $25,000 – proceeds were donated to UNICEF to aid COVID-19 relief efforts.

June 2021: Paris Fashion Week presents NFTs

The French Fashion and Haute Couture Federation and Arianee, an NFT platform for the luxury and fashion industries, have collaborated to offer NFTs to guests of the Paris Spring/Summer 2022 menswear and haute couture shows .

July 2021: ASICS launches digital shoes

ASICS has become the first major sporting goods company to digitize copies of some of its most popular shoes. ASICS presented the NFT collection as a “celebration of sport and the start of an idea to connect physical and digital activity”. Proceeds from the collection were used to create the ASICS Digital Goods Artist-in-Residence program, an opportunity for digital artists to partner and receive direct investment from ASICS to design digital goods that inspire activity physical.

August 2021: Burberry Blankos NFT

Burberry has collaborated with multiplayer game Blankos Block Party from Mythical Games to launch its own NFT. The game features digital toys called Blankos that live on the blockchain and features NFT accessories that can be purchased to adorn any Blanko in the game. Burberry has also created its own limited edition vinyl NFT toy called Sharky B. Burberry is the first luxury brand to debut in the game.

September 2021: Dolce & Gabbana breaks the record for most expensive NFT fashion

D&G launched a 9-piece NFT collection during Venice Fashion Week. The NFTs were auctioned off for $5.56 million. Buyers of each NFT received not only the NFT, but also the physical versions of the items and exclusive access to D&G events.

October 2021: Ray-Ban launches NFT glasses

In collaboration with artist Oliver Latta, Ray-Ban has launched the first-ever NFT Aviator eyewear. The company described the NTF as “a unique virtual product that will create an unparalleled brand experience, which will once again allow our brand lovers to express their uniqueness.”

November 2021: Patek Philips Nautilus 5711/1A-010 NFT

This discontinued model is one of the most difficult watches to obtain. The NFT version was valued at $120,000 and divided into 1,000 fractions, 920 of which were for sale. The token was created by SM-ART in partnership with a private collector from the Middle East.

December 2021: Nike acquires RTFKT studios

Nike acquired RTFKT Studios (the digital fashion company that generated over $3 million selling virtual sneakers). “This acquisition is another step that accelerates Nike’s digital transformation and enables us to serve athletes and creators at the intersection of sport, creativity, play and culture,” said John Donahoe, President and CEO of NIKE, Inc. Terms of the agreement were undisclosed. RTFKT was valued at $33 million at the time of acquisition.

January 2022: Barbie x Balmain Collection

Balmain and Mattel collaborated and created three virtual Barbie and Ken dolls adorned with Balmain prints and silhouettes. The digital outfits were sold alongside the physical garments on Balmain’s online store. All of the dolls’ winning bids exceeded the prices of the actual ready-to-wear pieces.

February 2022: SUPERGUCCI

Gucci and SUPERPLASTIC, makers of limited edition animated celebrities, vinyl toys and digital collectibles have unveiled SUPERGUCCI, a limited run of CryptoJanky NFTs and handmade ceramic sculptures.

March 2022: Metaverse Fashion Week

Inspired by New York Fashion Week, Metaverse Fashion Week was the first Metaverse event of its kind showcasing digital apparel and accessories. The four-day event was hosted on Decentraland and featured fashion shows, galleries and panels hosted by the brand. Vogue pointed out that “the whole experience was blockchain-based, created on land sold as NFTs and digital fashion bought and worn as NFTs.”

April 2022: Paris NFT Day

As part of Paris Blockchain Week, Paris NFT Day was the first European event focused on blockchain, crypto and NFTs. Representatives from fashion brands and technology companies attended the event and discussed some of the fashion industry‘s biggest NFT projects to date and the future of luxury brands and NFTs.

As you can see, the fashion industry has fully embraced NFTs and the market for virtual fashion and crypto clothing is growing rapidly. Fashion brands are gradually using NFTs and blockchain technology to attract, verify and connect with customers around the world. What is your opinion on NFTs and the fashion industry? Engage with the Ingram NFT Newsroom where we discuss new NFT developments weekly.

Luz W. German