The NFT journey is really quite the ride. This volatile market seems to evolve, change, and adapt, at an alarming rate. You snooze you loose, literally. A week without paying attention to what’s been going on in the metaverse could make you miss out on a great opportunity, or invest in something that no longer has much value.
It seems as if the NFT fad comes and goes in waves. We had the wave of visual collectibles, spearheaded by NFTs very own golden child NBA Top Shot. We also witnessed the art wave, where pieces were sold for astounding sums of money. such was the craze, that a new form of theft was invented. That’s right, even criminals have entered the virtual realm.
So what is the driving horse of the NFT carriage now? It seems that at this present moment, that would be clothes.
Now NFT clothing is nothing new, however, it does seem to be on the rise after the NFT wave crashed earlier this year, when prices dropped almost 70%. The plummeting of prices caused most of those involved to rethink their strategy and admit that the initial bubble had burst. As such, they began sales with prices that were more accessible and affordable. All in all, a more realistic and sustainable method of leading the market.
Ever since, NFTs have slowly and slowly been rising, and for the time being, seem to have stabilised a wee bit. And it’s been in great part, thanks to the sales of virtual clothing.
While before, part of the skyrocketing of the NFT market was due to the sales of artwork costing hundreds of thousands of dollars, or even millions, with fashion we are seeing more accessible and realistic trajectory. Nevertheless, the price point being lower, does not mean that the sale of these items is any less impressive.
Rebecca Minkoff recently released 15 digital clothing NFTs priced between €50 to €500 on the digital fashion platform Dematerialised, and it literally sold out in minutes.
Our very own NFT collection TC2171 almost sold out after not even 48 hours!
There are still, of course, large sales going on. But rather than these being motivated by the hype of the first NFT bubble, the higher price tags have come hand in hand with the big luxury brands that have decided to enter the game. Dolce & Gabbana, Karl Lagerfeld, and many other luxury brands joining in on the NFT fever could very well be a sign of the solidification of the market itself.
Whether it be for marketing purposes, or with the idea of expanding into new lines of production, the involvement of the industry giants is further proof that the NFT Digital Fashion market isn’t going anywhere. If anything, it’s our cue to listen up, and start taking it as a serious portion of the Fashion industry.
*Cover Photo Source: IT Hong Kong Project / The Fabricant