Gucci and other fashion giants ready to enter crypto through the door NFT Free: get your complete PDF guide
NFTs, a new luxury target – According to information from Vogue Business, Gucci has partnered with several luxury brands to launch a non-fungible token (NFT) project. The applications of NFTs in the fashion industry are numerous. It therefore seems logical that the big luxury houses want to participate in the NFT phenomenon.
Luxury goes into NFT fashion
According to information collected by Vogue Business from several sources in the luxury industry, it is "only a matter of time" before the association of luxury brands launches its NFT project. However, we have no news yet on the ins and outs of the project.
At the moment, the utility of NFTs is minimal for the luxury sector. In reality, ready-to-wear NFTs are closer to clothing art. Shoppers can usually only admire the image or GIF of the part they purchased. Furthermore, the user experience that leads to the acquisition of an NFT is light years away from what a consumer of luxury goods can expect.
The simplest use case for an NFT in the fashion industry would be as a digital twin of an item of clothing. Here, the customer would choose a piece from an auction site and receive the physical garment along with their NFT. The NFT would thus act as a certificate of authenticity, but could also make it possible to dress an avatar in a multiplayer game or on Decentraland.
Finally, the luxury sector could greatly benefit from the use of NFTs in the fight against counterfeiting. For several years now, luxury houses, including LVMH, have been considering the use of blockchain as an instrument for this purpose. With this use case, when a luxury item, such as a handbag, is crafted, it will come with an NFT. The NFT will be transferred to the customer upon purchase and will guarantee the provenance of the bag.
As always with blockchain projects, it will be necessary to sort out the wheat from the chaff. If the big names in luxury are launching NFTs, it will be hoped that it is not to create yet another platform for collecting useless tokens. If this project is carried out and brings real added value to users, it could attract an entire section of the fashion industry to digital assets.
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