Wear-to-earn NFTs target the billion-dollar fashion industry

The Metaverse and Web 3.0 will disrupt many sectors, including the global fashion industry which is worth billions of dollars. The world is moving from physical to digital. Traditional fashion design can become virtual wearables that can both be used in augmented reality (AR), and in real-life.

Megan Kaspar is the managing director of Magnetic Capital. She also belongs to Red DAO, a fashion-focused, decentralized autonomous organization. Megan stated that she believes digital fashion tokens (or NFTs) will be the most important NFT category on Web 3.0.

Digital fashion NFTs are clothing, shoes and accessories that can be worn virtual or within gaming environments. These digital wearables can be used to make speculative investments and collect, to dress avatars in decentralized gaming, to wear in augmented realities environments, and to overlay onto photos and videos.

Kaspar is well aware of the digital wearables being used in decentralized gaming environments, such as Decentraland’s NFTs. However, she stated that wearable fashion will become more interactive in the next two-years. Kaspar demonstrated recently how virtual NFT earnings can be worn with accessories during video interviews.

Fashion industry enters wear-to-earn model

Kaspar also mentioned that AR environments will be a good place for a “wear to earn” model. He noted that brands, designers, and retailers will all create clothes that can fit into digital closets. Kaspar stated that designers will pay customers to wear their virtual products in order to establish long-lasting relationships with consumers.

Brands will pay customers to wear pieces. This could be by giving them exclusive items, airdropping fashion pieces to virtual wallets or paying them in the form a fungible token.

Kaspar reports that Dolce & Gabbana, an Italian luxury fashion house, will soon launch “D&G Family,” a community-based NFT drop on the UNXD curated market. She stated that this will allow consumers to access exclusive physical apparel available only through the drop. Dolce & Gabbana’s “Collezione Genesi”, NFT collection was recently launched to highlight the power of metaverse wearables.

Related: Luxury fashion brands launch NFT collections as culture converges with Blockchain

Kaspar expects UNXD to be the first platform that offers wear-to-earn, but other NFT ecosystems are already adopting the concept. Davaproject, a NFT project by Unopnd’s startup studio, is currently developing a system that allows avatar NFTs to reflect changes in different combinations of a blockchain network. According to a recent announcement, the initial project will consist of 10,000 avatar NFTs named “Dava” and will eventually be minted with 30,000 wearable products. Davaproject will determine the rarity of each wearable and display different rankings across a user dashboard. Wearing these items will give owners access to community events, NFT airdrops and giveaways as well as new item drops.

Norman Tan, Vogue Singapore’s editor-in-chief, stated to Cointelegraph that digital fashion is a hot topic due to the rapid rise of virtual wearables. Tan published Vogue Singapore’s September Issue, which featured the theme of “New Beginnings.” It also included a unique cover that was QR coded and served as a portal for two digital-only NFT covers. Tan stated:

Vogue Singapore has always placed fashion and innovation at the core of everything we do. We took the bold step of exploring the metaverse, the destination for a new generation of digital artists and designers with the September issue global theme of “New Beginnings.”

Tan stated that digital fashion will disrupt the Metaverse. He also said that virtual wearables would help to alleviate sustainability problems by creating a post-waste economic system. Kaspar claims that 40% of western wardrobes are unworn. He also noted that digital clothes could be an eco-friendly alternative to physical items.

Source: Vogue Singapore

Virtual fashion shows are also more sustainable and easily accessible. NFT Runway, a company that democratizes fashion by enabling brands and retailers to deploy in sustainable fashion ways, will host a virtual fashion show from Dec. 3-5 at “Fashion Community Week San Francisco.” This interactive fashion show will air live on the Metaverse using NFT versions physical items created with patented 3DREALTM technology. The audience can “hop on” each item to see them, and twist their avatar around to see the clothes from every angle.

Oh Tepmongkol, the chief operating officer at Ohzone, Inc, which is behind Ohzone’s 3DREALTM interactive tech, told Cointelegraph it makes sense to include NFTs in both real-world and virtual fashion shows.

They are tokens that act as certificates of authenticity and can add a lot more utility to clothing items. This could allow you to unlock a digital version or gain special access to the designer’s online community. You can easily include NFTs by using a QR code for any piece of apparel.

Tepmongkol said that NFT wearables make it simple to donate to charities. NFT Runway’s digital runway will include an auction that will benefit several non-profit organizations. Tepmongkol said that smart contracts on blockchain enable NFT Runway “NFT Endowments.” This is where charities can set up to receive a percentage of sales through the smart contract in perpetuity.

Digital wearables are the future

Kaspar believes that interactive digital fashion will become more popular than play-to earnn, even though the concept of interactive fashion is still in its infancy. Play-to-earn is now the most searched term in the blockchain ecosystem, following the release of AxieInfinity.

Kaspar explained, however that wear-to-earn will appeal to more people, particularly women, than gamers. Kaspar, for instance, mentioned that digital wallets would soon look like virtual closets. This feature will be attractive to many new users to blockchain: “Many companies have been working on interoperable digital closets that you can move NFTs into and out of.”

Tan said that although the idea was innovative, online games were a key factor in digital fashion’s rise.

“Fortnite and other online gaming platforms created a new market with brands such as Balenciaga recognizing the potential to reach these users digitally. With the introduction of COVID-19, more people went online to explore how they could best communicate and express themselves digitally.

Co-founder and chief operating office of The Sandbox, Sebastien Borget explained to Cointelegraph that play-to earn wearables are different from wear-toearn fashion-focused NFTs. The Sandbox is a virtual gaming world that uses NFTs. It is both geared towards players and socializers. The Sandbox will soon include wear-to-earn NFTs in many of its games, he said.

“Wearables that reward users for engagement are an interesting model that fits the identity and NFTs of avatars. The more you use the avatar, the more players will be able to earn.”

Tepmongkol also shared that NFT Runway wants to connect the virtual fashion industry with decentralized games. “Some Web 3.0 metaverses like Decentraland need some additional formatting and registration in order to work on their platforms. We are working on this as part of our long term roadmap.”

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