NFTs Brings Authenticity and Exclusivity to Digital Fashion

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=36VYNLOeNV8

Of course the fashion world is interested in NFTs: In an industry obsessed with authenticity and exclusivity, a token that guarantees precisely those qualities makes perfect sense. • Just how much sense you find in the digital clothes authenticated by those non-fungible tokens, meanwhile, probably depends on how you feel about the metaverse. • New York-based communications consultant Josh Ong has already spent $500 on a pair of silver NFT sneakers and probably won’t stop there. • “For instance, when I’m hanging out at the Atari Zed Run race track or at the Bored Ape Yacht Club when they open, I might want some more items to go with my avatars,” the 37-year-old said, referring to spaces where activities include virtual horse-racing and creating digital graffiti. • Online spaces where users can interact with each other and participate in a virtual economy have their origins in gaming. But competing is far from the only thing happening there. Real-world musicians are performing for audiences of millions, hard-earned cash is getting spent on virtual land and Big Fashion is making inroads into a global community with 2.7 billion members. • For example: Gucci recently sold a digital version of its Dionysus bag on Roblox Corp.’s platform for about $4,115. That’s more than the price of the physical item. Kering SA stablemate Balenciaga presented its Fall 2021 collection within a playable video game. All the way back in 2019, LVMH Moët Hennessy Louis Vuitton SE released a capsule collection for Riot Games Inc.’s League of Legends. • • The virtual economy is “one of the greatest economic opportunities of our generation,” John Egan, CEO of L’Atelier BNP Paribas, said in an email interview. • “It represents a huge opportunity for companies in any sector. Sports, tourism, entertainment and especially finance. New financial products, designed for digital lives, are only a couple of years away,” he said. • These worlds might be virtual, but the money backing them is very real. In April, Epic announced a $1 billion funding round to support its “long-term vision for the metaverse,” while BNP Paribas expects in-game spending on items like digital clothes and character upgrades to grow to $129 billion in 2021 from $109 billion in 2019. • Paying for purely cosmetic digital items isn’t a new idea. Gamers have been purchasing add-ons such as stickers or character armour since at least the mid-2000s. And looking good online is something more and more of us are invested in, after months of pandemic-induced virtual meetings (and a decade and a half of social media). You may well already know someone who has spent a three-digit sum on a selection pack of Zoom backgrounds, or a ring light to better illuminate their face on-screen. Think of virtual fashion as a step further down that digital path. • NFTs transform digital garments from a sophisticated form of marketing into tradable design objects. By recording ownership of an asset on the blockchain, they ensure ownership, authenticity and scarcity. • “It’s only a matter of time” before major fashion houses get into NFTs, Gucci told Vogue Business back in March. The company recently auctioned a four-minute NFT video at Christie’s for $25,000. • Smaller brands are already going much further. RTFKT Inc. - pronounced “artifact,” and considered NFT fashion’s frontrunner - sold about 600 pairs of digital sneakers for $3.1 million in seven minutes in February. • The company, founded by Chris Le, Benoit Pagotto and Steven Vasilev, recently raised $8 million in a funding round led by Andreessen Horowitz. It has collaborated with Atari Inc. and Electronic Arts Inc., as well as heiress and early NFT adopter Paris Hilton. • “I believe in a future where augmented reality will be a huge part of society,” Le said in an interview. “You’re going to be walking out on the street and seeing NFT clothing on people.” • • Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm • Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. • To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app. • Have a story to tell? Fill out this survey for a chance to have it featured on Bloomberg Quicktake: https://cor.us/surveys/27AF30 • Connect with us on… • YouTube: / bloomberg • Breaking News on YouTube: / bloombergquicktakenews • Twitter: / quicktake • Facebook: / quicktake • Instagram: / quicktake

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