NFTs, or non-fungible tokens, have taken the world by storm, with releases from famous musicians, DJs, billionaires, digital artists, artists, and fast-food chains. It’s actually pretty fun to guess who’ll enter next and recognize the potential of the new and viral market. Well, you don’t have to take us for granted, but NFTartInfo made a bet on luxury brands.
We appear to have won, as GUCCI is rumored to be the next “superstar” to board the NFT train. The prestigious luxury brand is not the only one considering a foray into space, as multiple industry sources have reportedly confirmed that they are close to releasing their own NFTs.
“Luxury brands were behind on the e-commerce trend, so there’s now more of a willingness to experiment with new technologies like blockchain,” said Marjorie Hernandez, founder of Lukso Blockchain – a blockchain platform that works closely with fashion brands.
Because NFTs have a variety of use cases, GUCCI has a plethora of options. Limited collections sold only as NFTs, where the real owner of the token can go to the store and receive that piece of clothing. They could advertise their work through NFTs, create a digital wardrobe or use them for fan voting. Ours is only to guess but one is for sure, GUCCI will find the best way possible to make them play an important role in their digital presence.
No doubt more fashion brands will follow the example.
Cathy Hack from the Futures Intelligence Group thinks, the future of luxury brands depends on their creativity digital-vise and she said: “As we move into a more immersive web, every fashion brand will need to have a virtual strategy,”.
At the moment fashion NFTs with purely art use-cases are seen in Decentraland. Decentraland is a virtual reality game in which players have access to the Decentraland marketplace where they can purchase NFTs.
Clothia, an accessible luxury online retailer, is also using NFTs for auctioning off NFT dresses. The winning bidder gets a real-life dress the same as the one on NFT.
In the end, all we can do is wait and see how GUCCI will do, knowing their reputation, expecting anything less than a sensation is an understatement.