Ever since Facebook CEO Mark Zuckerberg renamed his company Meta, there has been increased interest and curiosity in the digital realm of non-fungible tokens or NFTs.
Collectibles of digital art, realistic avatars, their high-end accessories, clothing and even skin, NFT is one of the largest markets virtually with a business potential of billions. In fact, the NFT world has also seen the emergence of its first billionaires – the co-founders of the NFT platform OpenSea recently.
Moreover, it is no longer a domain reserved for tech wizards and gamers. Luxury fashion brands have partnered with NFT developers or launched their own NFT collections in the Metaverse.
From jackets, hats, limited edition bags and jewelry, these signature items are available to you, but only virtually.
Here are some luxury fashion brands that are succeeding in the metaverse
The Italian fashion house’s NFT experience was launched in May 2021 when Gucci unveiled its first NFT-related product. Interestingly, it wasn’t really about fashion for its centenary celebrations. It is a four minute film, Aria, co-created by Gucci creative director Alessandro Michele and director Floria Sigismondi to accompany a fashion show by the former.
As part of the “Proof of Sovereignty” sale organized by Lady PheOnix, a digital artist, the film was sold for 25,000 USD by the art auction house Christie’s. All proceeds from the sale would go to UNICEF USA for COVID-19 vaccination initiatives.
This isn’t the first time Gucci has entered the metaverse. It had unveiled one of its first digital fashion product lines, and it wasn’t even considered an NFT.
A Gucci bag in Roblox resold for 350,000 Robux or approximately $4,115. The same IRL handbag costs $3,400.
Remember: This Roblox purse is not an NFT and therefore has no value/use/transferability outside of the Roblox world, but it is worth more than the physical purse.
Watch this place. pic.twitter.com/m4WjfC1Eq1
— Alexis Ohanian 7️⃣7️⃣6️⃣ (@alexisohanian) May 24, 2021
The virtual version of the Gucci Dionysus bag was sold for 4,115 USD on the Roblox gaming platform, using 350,000 Robux currencies.
That’s not all. Robux currency is not a real cryptocurrency, which makes it invalid outside of the Roblox world. Likewise, since it is not an NFT, the virtual bag has no value outside of the Roblox world. Interestingly, however, this virtual bag was priced higher than the real-world product, starting at $3,400.
A rather unique crossroads of fashion and games, French fashion house Louis Vuitton (LV) celebrated the 200th birthday of its founder by launching a mobile game called LOUIS THE GAME on August 4, 2021.
This is no ordinary mobile game. Integrated with 30 NFTs, the game tells the story of the mascot of the fashion house Vivienne. The wooden doll, bearing the flower monogram of the LV brand, accomplishes several quests as it travels through the long history of Louis Vuitton.
Made in collaboration with artist NFT Beeple, the collage art was worth an estimated $69.3 million. However, used NFTs are only part of the game’s collection and are not open for public sale.
This isn’t the first LV game to be produced. The fashion house debuted in the gaming arena in 2019, with the launch of endless runner. Featuring 16-bit retro style gameplay, the game was inspired by Virgil Abloh’s FW19 Runway collection.
Nike x RTFKT
Sneaker lovers can try on new pieces in the Nike lineup, but they can’t be worn in real life. Entering the virtual world of NFT, the sneaker giant acquired digital sneaker brand RTKFT on December 14, 2021.
Founded in 2020, RTKFT was co-founded by Benoit Pagotto, Chris Le and Steven Vasilev and is dedicated to blurring the lines between sports, gaming and activewear. In early 2021, RTFKT teamed up with popular crypto artist “Fewocious” and sold around 600 pairs of shoes, grossing a whopping $3.1 million in less than seven minutes.
RTKFT launched a virtual “trial” session of the sneakers on Snapchat, after which bidders could participate in the digital auction. The winners received the physical shoes, but the real coveted asset remains the digital ones.
RTFKT is now part of the NIKE, Inc. family 🌐👁🗨 pic.twitter.com/5egNk9d8wA
— RTFTK Studios (@RTFKTstudios) December 13, 2021
Ever since RTKFT studios shared the news of joining the Nike Inc. family, its excitement has grown exponentially. Many of their virtual shoes have strong likenesses and are inspired by Nike signatures like Air Jordan 1 and Air Force 1.
“This acquisition is another step that accelerates Nike’s digital transformation and enables us to serve athletes and creators at the intersection of sport, creativity, play and culture,” said President and CEO. Nike executive John Donahoe in a statement. “We are acquiring a team of very talented designers with an authentic and connected brand. Our plan is to invest in the RTFKT brand, serve and grow their innovative and creative community, and expand Nike’s digital footprint and capabilities,” the statement read.
The British luxury fashion house has collaborated with Mythical Games to launch its first NFT in the latter’s game titled Blankos Block Party. If you are an avid collector of real-world toys, then be sure to be addicted to this virtual world full of vinyl toys called Blankos.
#TheBSeries presents our NFT, Sharky B and accessories collection. Styled with our #TBMonogram, the exclusive Burberry Blanko vinyl NFT toy will be available in limited quantities to collect in the Blankos Block Party game starting today 11pm BST, 3pm PST https://t.co/RhCv8gGvgp pic.twitter.com/nAcyc8QyNw
—Burberry (@Burberry) August 11, 2021
The multiplayer game allows players to buy and trade NFT toys and features several game modes and levels where they can have fun completing various quests and challenges. Burberry’s limited-edition, limited-quantity NFT in this Mythical Games gaming arena is called Shark B, which is a shark figurine with the TB Summer logo.
The fashion house has also released many NFT accessories that can be purchased for Shark B and used on any other Blanko in this game.
According to a Squire report, the game was included in the list of “Top 5 NFT MMO Games to Check Out in 2021”.
Balenciaga x Fortnite
The first fashion brand to partner with online gaming fortnite, Balenciaga has offered to sell four signature items from its collection to serve as skins and accessories for in-game avatars.
The luxury fashion brand’s creative director, Demna Gvasalia, always has something new to offer and this time, blurring the lines between physical and digital, Balenciaga’s model has been transformed into a digital avatar called “Doggo”, who wears Balenciaga outfits in the fortnite arena.
It’s called fashion, look at it. @balenciaga
Learn more: https://t.co/Oy6YI3bKoB pic.twitter.com/LEOOSM3ifS
-Fortnite (@FortniteGame) September 20, 2021
Additionally, three more fortnite avatars get a makeover with Balenciaga – Banshee is seen in a tiger stripe bodysuit; Ramirez wears a sequined top paired with a pair of ragged jeans; while Knight receives Balenciaga armor boots with a hoodie and shorts.
Users who make these extravagant purchases at Balenciaga on fortnite can submit photos of their avatars to be included on in-game plaza billboards as well as walk into a Balenciaga store to perform a custom dance. In real life, people can go to the Madison Square Balenciaga store and buy the Fortnite x Balenciaga collection.
Imagine wearing a hoodie that can be scanned to reveal your own NFTs, that too on the go. Yes, it is no longer a futuristic concept to be updated. Fashion brand Overpriced.™ has released a collection of these NFT hoodies, featuring shopper-exclusive codes.
Press Release: Overpriced.™ Apparel Brand NFT Designer Auctions First NFT Authenticated Hoodie at https://t.co/UCcZ6qU1ii https://t.co/88fn7NGPJI pic.twitter.com/YOiRQsqU5A
— Overpriced.NFT (@Overpriced_NFT) April 13, 2021
But what if you lose the hoodie or someone steals that coveted asset? Do not worry. Reports suggest that Overpriced.™ will give the buyer a new code and the old code will become invalid for sale.
Ten of these tech hoodies were sold for USD 26,000 on the NFT Block Party marketplace platform in its first auction on April 13, 2021 and the remaining 25 were offered to industry influencers. music and fashion.
Launched by James Zwadlo of Impossible Brief and Chris Levett (the creative team behind the Patrick Mahomes NFT), along with Leighton James (of electronic music production duo Adventure Club), Overpriced.™ aims to bridge the gap between technology and the clothes.
Hero and featured image: Courtesy of Epic Games