2021 and 2022 have been the year of NFT fever. With many world-recognized brands jumping on the wagon of Non-Fungible Tokens, and NFT artwork getting sold at jaw-dropping prices, no doubt NFT development services lie at the center. In fact, with each day passing, the NFT fever is burning even more; there is no sign of cooling down.
PRNewswire shows that the NFT development market size will grow to $3,57,316.3 million by 2030. (PR Newswire)
Whether it is the video game industry, art, and music, real estate, or even the fashion industry, Non-Fungible Tokens are no longer a mere fad but a fascinating trend. Like other industries, NFT development holds endless promise in refining customer engagement and loyalty across different verticals of the fashion industry. Initially, it seemed challenging for the customers to put their money into buying virtual dresses and accessories. However, the auction of Dolce and Gabbana’s inaugural NFT collection showed the world how people out there are shouting to see NFT penetrating the fashion world.
NFT Development or the Fashion Industry, Who is Impacting whom?
The fashion industry always tends to surf through the latest trends. Luxurious brands across the fashion industry have always shown interest in navigating technologies in their business and marketing operations. Being an advanced and trending technology, NFT development is no exception to it.
Almost 17% of top fashion brands featured in the Vogue Business Index have leveraged NFT development at some point. (Vogue Business)
Another favorite hot brand Gucci has already introduced its virtual shoes to its customers. Although Gucci Virtual 25 is not a pure NFT due to a lack of Blockchain authentication. However, it is clear that popular brands like Gucci, RTFKT, and Louis Vuitton, have already dipped their toes in NFT development. Side by side partnering with metaverse development services, fashion brands are also diving into NFTs to take the benefits of early players.
At this point, It is not easy to determine whether the fashion industry is welcoming NFT with two arms open or whether NFT is storming into the fashion industry. Both are happening. NFT is shaping and turbocharging the fashion industry with its power and nature. On the other hand, the fashion industry allows NFT to do so. Let’s look at how fashion brands are leveraging NFT development in their business operations.
How is NFT Development Turbocharging the Fashion World
As soon as the fashion industry invested and minted in NFT development, Fashion NFT turned into a digital gold rush. NFTs are refurbishing the fashion business in the following ways:
Begin with Smart Digital Collectibles
The present NFT mindset pivots around digital collectibles. Fashion brands are minutely taking care of the availability and exclusivity of their digital fashion collectibles. For instance, the scarcity of Gucci NFTs challenges customer sustainability. On the other hand, extensive NFT collections may lead the customers to an impression of low value. The right balance between exclusivity and scarcity is critical to impose. The programmability of NFT enables fashion brands to create engaging and exclusive digital collectibles.
Connecting NFT Collection to the Brand Value
It is crucial to connect the NFT collection with the core brand value. Nivea has introduced its NFT collection, The Value of Touch, reinforcing its brand identity with a philanthropic dimension. While linking the NFT collection with the core brand values, fashion brands can:
- Increase brand awareness
- Create unique brand experiences
- Boosts customer interaction
Authenticity and Experiments Coincide
Authenticity and uniqueness are the two core pillars of NFT development services. NFT aids fashion companies to disrupt the traditional norms of the market, riding on authenticity. A fashion brand hardly two years old sold an NFT at a great price, which is impressive!
How is this possible? If you put uniqueness and authenticity together in your NFT development with uniqueness and authenticity, you can quickly seize the customers’ attention and grow a tribe of followers.
Parting Words
Many famous fashion designers and brands collaborate with the best NFT development company and NFT artists to reap the NFT market benefits. And why shouldn’t they? It is a fantastic way to create an engaging customer experience. The faster you launch your fashion NFT collectibles in the market, the better your chances are to grow millions of followers. The fascinating aspect is that NFT will stay here for a long time soon to become a part of mainstream digital marketing.
