Top 4 Fashion Brands That Have Entered the Crypto Space

by Amir Bakian

NFTs, which include digital art collectibles, life-like avatars, high-end accessories, clothing, and even skin, is one of the greatest marketplaces in the world, with potential worth billions. In reality, the NFT world just welcomed its first billionaires: the co-founders of the NFT platform OpenSea. Furthermore, it is no longer only a realm for techies and gamers. Luxury fashion houses have partnered with NFT creators or created their own NFT collections in the Metaverse. Jackets, caps, limited-edition purses, and jewellery are just a few of the iconic goods that you may get your hands on, but only digitally!

Here are a few high-end fashion brands that are creating waves in the metaverse:

1. Gucci
Gucci’s NFT trial began in May 2021, when the Italian fashion giant debuted its first NFT- related product. Surprisingly, the centennial celebrations were not primarily about fashion. Aria is a four-minute film that Gucci’s creative director Alessandro Michele and filmmaker Floria Sigismondi co-created to complement the former’s runway presentation. Christie’s auctioned the film for USD 25,000 as part of the & “Proof of Sovereignty” sale organized by Lady Pheonix, a digital artist. UNICEF USA would get 100% of the profits from the sale to support COVID-19 vaccination activities. This isn’t Gucci’s first foray into the virtual world. It had debuted one of its first digital fashion product lines, and it wasn’t even an NFT at the time. On the gaming platform Roblox, a virtual replica of the Gucci Dionysus bag was sold for USD 4,115 using 350,000 Robux currency. But that’s not all. Because Robux currency isn’t a true cryptocurrency, it’s worthless outside of the Roblox universe. Similarly, the virtual bag has no worth outside of Roblox because it is not an NFT. It’s worth noting, though, that this virtual bag was offered for a greater price than the real-world equivalent, starting at USD 3,400.

2. Burberry
The British luxury apparel brand teamed up with Mythical Games to release its first NFT in Blankos Block Party, the latter’s game. If you are a toy collector in the real world, you will undoubtedly become addicted to Blankos, a virtual universe filled with vinyl toys. Players may buy and sell NFT toys in this multiplayer game, which features many gaming modes and stages in which they can complete various missions and tasks. Shark B, a shark figurine with the TB Summer emblem, is Burberry’s limited-edition and limited- quantity NFT in this Mythical Games game arena. The fashion company has also released a number of NFT accessories for Shark B that may be worn on any other Blanko in the game. The game was listed among the top 5 NFT MMO games to check in 2021.

3. Faith Connexion
Paris-based high end fashion brand Faith Connexion, is leveraging the opportunities offered by Blockchain and launched Faith Tribe, an open-source fashion design platform with the ambition of empowering talented creators. Faith Tribe was born out of the desire to reproduce the collaborative culture and collective creative process of the popular brand Faith Connexion on a global scale, while also providing new opportunities for designers and innovators. They’re building the first fully decentralized and community-owned ecosystem for collaborative fashion item production with Faith Tribe, a multi-platform solution built with the latest blockchain, Web3, and NFT technologies. The garments designed on Faith Tribe’s digital designer studio, can be minted into physical or digital NFTs, and therefore sold in both the physical world and the metaverse through a global marketplace that will connect the community to a population of buyers. Faith Tribe is a full-stack platform that allows creators to create, personalize, mint, request manufacturing and distribute fashion items. Members can also decide which outfits should proceed into physical production through a transparent and democratic process. Additionally, Faith Tribe was among the actors of Decentraland’s Meta Fashion Week, at the end of March. Decentraland is a virtual reality platform that curated a digital fashion week in which numerous high-end fashion labels, such as Dolce & Gabbana and Faith Tribe, showed off their latest collections in the metaverse. The Meta Fashion Week event exhibited six ensembles inspired by Faith Connexion’s latest collection presented at Paris Fashion Week and digitally rebuilt in 3D by DressX. Finally, Faith Tribe hosted a successful closing party in collaboration with famous DJ Blondish.

4. Balenciaga
Balenciaga suggested selling four trademark items from its collection as skins and accessories for avatars in the game, making it the first fashion brand to work with the online game Fortnite. Demna Gvasalia, the creative director of the premium fashion house Balenciaga, always has something fresh to give, and this time, she has created a digital avatar ‘Doggo,’ dubbed who wears Balenciaga ensembles in the Fortnite battlefield, blurring the borders between real and digital. Three more Fortnite characters also receive a Balenciaga makeover: Banshee wears a tiger-striped bodysuit, Ramirez wears a sequined top with torn denim, and Knight wears Balenciaga armor boots with a hoodie and shorts. Users who spend a lot of money on Balenciaga may upload images of their avatars to be shown on billboards in the game’s town square, as well as attend a Balenciaga store to do a bespoke dance. People can browse the Fortnite x Balenciaga collection in person at the Balenciaga store in Madison Square.

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Presented by: Ascend Agency

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