NFT will be instrumental for the fashion industry in the Metaverse, says a GlobalData analyst

NFT will be instrumental for the fashion industry in the Metaverse, says a GlobalData analyst

With irreplaceable tokens (NFTs) constantly conquering the world, these digital assets are perfect for fashion in the metaverse, according to Amrita Dhami, thematic analyst at GlobalData.

She noted:

“While there is significant uncertainty about what the metaverse will look like, we know it will be filled with avatars. Players are already paying significant amounts of money for in-game skins, so it makes sense that metaverse visitors will also naturally invest in clothes and accessories for their avatars. ”

Since NFT reflects proof of ownership of an asset such as a painting, these creations have the potential to change the fashion look in the metaverse as users are offered the chance to buy ‘NFT clothing’ just as people buy custom clothing.

Dhami added:

“These garments will not only allow people to build virtual premium fashion wardrobes to express themselves in the metaverse, but these digital versions could become more valuable than their real-life counterparts because of their ‘irreplaceable’ nature.”

NFTs differ from typical crypto tokens due to substitutability. A replaceable token can be exchanged for another, while an irreplaceable one cannot be based on its ultimate nature.

Therefore, the metaverse will give designers the opportunity to show their creativity through NFT. In addition, they can create private communities with exclusive access to upcoming NFT collections like Dolce & Gabbana. Leading Italian luxury fashion house sold a collection of nine-piece fashion NFTs called Collezione Genesi for a whopping $ 6 million in October 2021.

Given that gaming is at the heart of the metaverse, there is significant potential for game developers and fashion houses to collaborate to create new skins for gamers, Dhami concluded.

Image source: Shutterstock

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