From Burberry to Balmain, high fashion is beginning to take notice of the potential behind NFTs.
Developing Market
The recent Non-fungible Token (NFT) collection by Balmain vs ALTAVA appearing on Featured by Binance appears to be a sign of things to come.
With CNBC recently reporting that the NFT trading volume is approaching $11 billion, fashion brands are beginning to sense a serious opportunity for themselves. The logic behind why someone would wish to spend a considerable amount on an NFT is considered by esteemed collector Gmoney in an interview with CNBC.
“When someone buys a Rolex in the real world, they don’t spend thousands of dollars because of the watch’s utility value. A simple $5 watch could perform the same utility. It is to ‘flex’ their status,” Gmoney explains. “With an NFT, by posting it as my avatar on Twitter and Discord, I can quickly ‘flex’ with a picture.”
Of course, NFTs are quickly developing utility with recent gaming projects, but the point regarding flexing status is still well worth noting, especially in an industry such as fashion.
Encouraging Partnerships
While Balmain’s collection released in partnership with ALTAVA certainly does include utility with a game in the pipeline, other esteemed names in fashion have not been lagging too far behind.
Burberry has worked with game developer Mythical Games with the goal of launching its own NFTs. In August, NFT shark Blanko was created through a private EOSIO blockchain and was made available for purchase to all Blankos Block Party players.
Louis Vuitton has also worked with American digital artist Beeple, and even created a collection of 30 NFTs that could have been amassed in its game 200 Anecdotes to celebrate its 200 year anniversary.
These are not insignificant names by any means, and if the technology can be proven to be successful through the use of these established brands, then there will continue to be large-scale growth.
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