“Wear -To -Earn” NFT Collection Set For Targeting Billionaire Fashion Industry
As All The Physical Businesses Are Moving To The Digital World, The Traditional Fashion Design Can Change Into Virtual Wearables. The Virtual Wearable Can Be Leveraged In Augmented Reality And Real Life.
“Wear To Earn” NFT Collection Predicted Effects On Fashion Industry
The managing director of magnetic capital and member of Red DAO, a fashion focus decentralized autonomous organization. She said that
She believes that digital fashion NFTs will be the massive category of web 3.0, Source by Cointelegraph.
“Accessories, pieces of jewelry, and clothes are included digital fashion NFT. The digital fashion NFT includes all that stuff which are wearable in virtual and in the gaming world. These virtual wearables are currently can be used for speculation investment and collecting, also to clothe avatars in decentralized games. Also, to use in the augmented reality ecosystem and to be applied to photos and videos”.
However, Kaspar knows that presently digital wearables are leveraging in a decentralized gaming ecosystem.
For example, NFTs are used in Decentraland Meta. She further demonstrated that
“In the upcoming 2 years, wearable fashion will be more interactive. “
Digital Models For This New Fashion Based NFT Collection:
Kaspar said that the “wear to earn”models will flourish in the VR ecosystem. Considering that designers, brands, and retailers will manufacture clothes to set in the digital closet.
Kasper further narrated that for getting long-term relationships with clients, designers have to pay them. In return for wearing their virtual items.
Brands will compensate customers for wearing their pieces, by giving them access to exclusive items. Either airdropping fashion pieces to their virtual wallet, or by paying them in the form of a Non-Fungible Token.
Furthermore, she said that the Italian luxury fashion brand Dolce & Gabbana has planned to launch an NFT drop “D&G Family” soon. A community-based NFT drop, that will acquire its place on the UNXD curated Marketplace.
This will give the clients access to exclusive physical apparel only, that are only available by the drop”.
Also, she talked about the latest launch of Dolce & Gabbana’s NFT collection “Collezione Genesi”. To underscore the potential of metaverse wearable.
However, Kaspar expects to look at the UNXD as the first luxury space that offers wear-to-earn features. Also, other NFT ecosystems have initiated to pick the idea.
Future Of Digital Wearables:
Meanwhile, the idea of interactive digital fashion is soaring. Kasper believes that wear to earn will ultimately be bigger than play-to-earn. Besides it, Axie Infinity, Play-to-earn is amongst the top search in the blockchain ecosystem
However, she described that the wear to earn concept will surely appeal more to the mainstream. Specifically women, instead of virtual gamers.
Kaspar also highlighted that digital wallets will soon resemble virtual closets. A characteristic that will draw many new users to the blockchain platform
“Many firms are working on creating interoperable digital closets where you can move NFTs in and out of.”
Kaspar, however, explained that the wear-to-earn concept will undoubtedly appeal more to the mainstream — particularly women — rather than just gamers. For instance, Kaspar mentioned that digital wallets will soon resemble virtual closets, a feature that will attract many new users to the blockchain space: “Many companies are working on creating interoperable digital closets where you can move NFTs in and out of.”
Although innovative, Tan pointed out that online games helped inspire the rise of digital fashion:
“Fortnite and other online games as such created a whole new economy with brands like Balenciaga seeing the opportunity to reach out to these users in a digitally-native manner. This, coupled with the advent of COVID-19, saw more people online and exploring how they can best interact and express themselves in a digital sphere.”
Sebastien Borget, co-founder and chief operating officer of The Sandbox — a decentralized gaming virtual world using NFTs — further told Cointelegraph that the difference between play-to-earn wearables and wear-to-earn fashion-focused NFTs is that one is geared toward players and the other socializers. He added that The Sandbox will soon incorporate wear-to-earn NFTs to many of its games:
“Having wearables that reward users based on engagement is an interesting model that really fits the identity of avatar NFTs — the more time you spend using the avatar, the more players can earn.”
Tepmongkol further shared that NFT Runway is looking to bridge the virtual fashion industry together with decentralized games: “Some Web 3.0 metaverse spaces like Decentraland require some additional formatting and registration to work on their platforms; we are working on that as part of our long-term roadmap.”