The Rise Of Wear-To-Earn NFT
The fashion industry has walked down the runways for centuries and marketed its products. The GenZ world portrays a digital picture of fashion via NFTs. They prefer dressing up their virtual avatars more than walking down a store in person. The metaverse is allowing brands several opportunities to create platforms that can act like a wear-to-earn nft marketplace. Brands provide some tokens to the users who wear their clothes, and the users can avail several benefits from that.
Are you fascinated by the idea of creating a wear-to-earn nft marketplace platform but lack the guidance?
Well, Suffescom has a tremendous amount of experience with NFTs for more than a decade. We will help you create your faultless wear-to-earn marketplace through our well-versed team. The most prominent newspaper of India, Hindustan Times, has recently awarded us the “Best in Business’’ in the Web3 and Blockchain emerging companies.
Redefining Fashion NFTs in the Digital Era:
With the advent of the pandemic era, physical apparel stores and e-commerce websites became meaningless. The metaverse was the only way out to have an immersive experience, and that is when the fashion industry jumped into the metaverse to stay. The gaming industry helped them by letting brands release their collections on their gaming platforms. For say, in Decentraland, Nike released its sneaker collection by actually opening up a virtual store. Recently, Gucci on Roblox sold off a bag worth $4000 that is even more expensive than the one it sells in its luxury stores.
Benefits of Bringing NFTs into Fashion:
No geographical barriers
The most important factor about entering the NFT world with your brand is the reach is unlimited and not just constricted within the barriers of a particular city. Your fashion label can flourish in the NFT marketplaces alongside the high-end brands.
Early Access to the newest items
The benefits of NFT in fashion are widespread as the customers have a golden chance to experience the product based on digital advancements like a VR headset where the product can look extremely rare. Many brands like “Balenciaga” release their collections beforehand on metaverse platforms, Fortnite. This helps them to market their clothes effectively when the NFT attracts the gamers to dress up themselves just as their in-game avatars.
Opportunity to new-comers
NFTs portray arts, and arts are never subsided only by known names. The recent growth of the NFT culture has brought several less-known artists to the limelight. Small-scale businesses looking for a golden chance for investment can trust NFTs and market their products.
Marketing benefits in Product Launch
Brands about to launch a Luxe product can trust the power of the NFTs and test the product before it gets launched in the physical stores. A Gucci bag sold for $4000 virtually, whereas the physical store price was much lower than the virtual one.
Unexpected partnerships with designers and influencers
The age of NFTs and metaverse marketing has begun, and the influencer culture has been a groundbreaking source of effective digital marketing. With the support of a million followers, the influencers can directly make a million people witness a product and its benefits.
Easy to compare with other fashion brands
Competitive brands use NFT sales to analyze the success of their products. The virtual world is not just limited to a bunch of people. It can be accessed from anywhere in the world. This gives a larger variable for researching the sale counts of your fashion products.
Options for Bidding
The most important point that differentiates the fashion products sold at physical stores from those sold at virtual stores is that the products at the stores are branded with a fixed retail price. Still, the NFT marketplaces have the options of bidding where the product can be sold off at a higher price.
How To Sucessfully Kickstart Your Fashion NFT Business?
Set Up Your Goals
The most important aspect to be kept in mind is the goal of your fashion product. It’s hard sometimes to fuse comfort with style, but the change of times portrays that the GenZ is more inclined towards comfort with a tinge of style.
Analyze Your Competitors
The world of fashion is highly competitive, and it’s important to monitor your competitors regularly. Many incidents have occurred where competitive brands might steal designs or deceive their customers. Ensure your brand keeps its authenticity and the design ideas safe.
Understand And Connect With Your Target Audience.
The target audience can be categorized by gender, age, ethnicity, and interests. Fashion Industry believes in delivering its products according to the wish of its customers and their preferences with a certain generalized approach. The entrance of NFTs in fashion can expand the scope of increasing the ROI of businesses. Also, the generalized approach of brands can be waved off when a customized avatar is paying by digital currency. It’s the birth period of the metaverse and a golden period for the NFT development.
Highlighting Some Use Cases Of NFTs In Fashion
The fashion industry cannot restrain its hands from adopting and creating innovative ways to fuse fashion with digitalization. Let us discuss some use cases of NFTs in fashion.
Opportunities for designers to monetize their work
The designers of today are blessed by the arrival of NFTs in fashion. Previously, they had to set their products in retail stores and market them on several platforms. The designers that aim to sell their collection to the Gen-Z world are releasing their collection in the realms of the metaverse. Through this strategy, the designers earn a hefty amount of money.
The metaverse has provided opportunities where users can create an event like a fashion show, with the attendees equipped with VR headsets and models walking in their avatars. Any invited guests won’t miss this show as the virtual world is accessible worldwide with just an internet connection.
Massive NFT marketplaces
The designers can enjoy the benefits of the NFT marketing company platforms. The NFTs can be the exact replica of the physical product or an entirely different collection of products. Many high-end brands like Gucci and Louis Vitton have already released a bunch of seperate virtual collections in the metaverse. Brands are selling virtual products for a higher price than at their physical stores. The NFT business allows the fashion industry to sell its apparel as in-game assets.
Resurfacing examples of NFTs and fashion:
Fusing AI with NFT
The metaverse’s virtual stores are the future of physical stores that can be shut off during crises. The metaverse functions 24*7, and anyone with VR gear can access the virtual store. The metaverse helps the users experience the product and its services in the comfort of their homes. The brands combine AI with NFT to create virtual products that can be apparel, tradable, and collectible.
The arrival of Digital Twins
Brands are releasing physical and virtual products side-by-side. Bidders can also choose to win a physical product that comes with digital benefits. The physical products can have a unique QR that can access digital NFT. The aptest example is the recent collection of Dolce&Gabbana that backed 1,885.73 ethers, which is equivalent to nearly $5.6 million at the current exchange rate.
Virtual Stores in the Metaverse
The metaverse’s virtual stores are the future of physical stores that can be shut off during crises. The metaverse functions 24*7, and anyone with VR gear can access the virtual store to experience the product and its services in the comfort of their homes.
Video game assets
Many of the young customers today prefer luxe goods for a thirst for evolving fashion trends as a mode to define their personality. The Genz customers prefer to showcase their financial status by luxury brands, and only a few choose them for confidence.
The trend of collecting Luxe items is evergreen, and the video game industry knows this well. By selling rare virtual goods on their platforms, the video game developers keep the buzz of fashion trends alive.
Balenciaga and Nike are popular brands that release their collection as NFTs in the gamified metaverse.
Louis Vuitton has also created its play to earn nft game development platform game to market its brand and connect with its customers.
You can also create a game that will serve NFT collectibles to market your fashion brand that will attract customers and increase your revenue charts to a skyscraping height. Contact Suffescom, an efficient Metaverse Development Company with a brilliant team of game developers and a gigantic experience of almost six years in the business.
Beyond Virtual clothing
Brands release virtual collections to increase their revenue margins and establish a connection with their customers. The famous brand Mango released its NFT collection to celebrate the launch of its New York Flagship store. Rather than selling the collection, the brand took a bold step to display the digital art in th physical stores and the virtual platform to connect with its new GenZ consumers.
Reaching the Bottom Line
To conclude, NFTs in the fashion industry are drifted by the growing digitalization. They will undoubtedly play a significant role in future fashion as modern-day young customers crave personalized and digitalized products. Almost 80 per cent of people prefer customized products. The technical outlook of NFTs is just a digital record embedded in a blockchain. Still, for your consumers, it’s the chance actually to build up a connection with a brand to have the ideal immersive experience in the way they desire.
Hurry Up! Don’t blink while the chances to create a gamified fashion platform that will serve NFT-collectibles to market your fashion brand fade. It will attract customers and increase your revenue charts to a skyscraping height.
Contact Suffescom Solutions Inc., a profound White Label NFT Marketplace Development Company, to get in touch with its brilliant team of NFT game developers, and make your fashion app’s dream come to life.