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Fashion goes virtual as big brands embrace blockchain and NFTs

Jul 12th 2022 | 17:26 | 3 min read

The NFT industry has risen since the pandemic hit us back in 2020. For that year, analytics estimated the total value of the entire NFT industry at $232 Million. From then on, the industry’s value skyrocketed; at the end of 2021, analytics estimated the total value to be $22 billion!

The creation of metaverse further bolstered this growth and propelled various sectors of the NFT industry forward, helping them gain significant value in a brief period. The main sectors that benefited from this boost included the music, art, and sports industries. While these sectors are leading the industry, a new trend has emerged.

Gucci is stepping into the world of NFT – ‘Gucci garden.’

In May 2021, Gucci decided to collaborate with the online gaming platform Roblox to mark its hundredth anniversary. Together, they celebrated Gucci’s hundred years by creating a virtual space called The Gucci Garden. Its dimensions resembled the physical space and enabled visitors to immerse themselves entirely in an artistic ambiance that was not just a magical experience but marked a change in how we understood fashion.

The Gucci Garden was a game-changer, and many investors began to explore the various NFT development solutions that could enable people to interact directly with fashion brands. Not just that, companies already providing NFT-related services started catering to the rising demand and witnessed a massive rise in their client base as many established, and emerging brands began the transition.

Even though the Gucci Garden concept was a huge success, some speculators still wait to see if this rise was just a bubble or signaled the changing times. They did not have to wait too long to witness its success.

Louis Vuitton welcomes blockchain with ‘Louis the game.’

In August, the fashion giant Louis Vuitton paid homage to its founder while marking two hundred years of leading the fashion industry. To do so, they launched a blockchain-based game called “Louis the game,” which gave players an insight into the life of Louis Vuitton. Meanwhile, they hunted for hidden NFTs, ten of which were created by the famous artist, Beeple. The game showcased various outfits that the players could customize as they progressed.

If one of the oldest luxury clothing brands decides to make such a transition, it tends to raise a few eyebrows. But if two of them seem to be making the transition, it effectively opens the floodgates for the rest of the industry to follow suit.

Balenciaga introduces ‘Fortnite’ to experience NFTs.

Precisely what happened was that towards the end of 2021, Balenciaga took it a step further in September when it collaborated with the globally popular online game “Fortnite.” Fortnite is a game open to all, and the players had the option to select outfits that Balenciaga had designed. While Fortnite was showcasing Balenciaga’s collection on the virtual platform, Balenciaga was showcasing physical outfits inspired by Fortnite’s range of attire in their physical stores.

In essence, 2021 marked the increased presence of the virtual fashion industry, and 2022 promises to be a year that will witness an increase in this growth rate. Keeping in sync with this trend, many NFT development companies are now designing their services to enable fashion brands to make this transition as seamless as possible.

How to get started with NFT’s?

In fact, with a rise in demand for these virtual products, many brands have begun creating their decentralized platforms to ensure that collaboration with other decentralized corporations or entities becomes seamless. ChainCode Consulting’s NFT service helps brands understand the challenges and opportunities within this constantly evolving realm. If you have an idea and wish to understand its true impact, then book a consultation now, and we will better equip you to deal with any challenges that come your way.

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