Some people believe they’ve seen it all, but they can’t imagine that a new digital revolution has already started and that the fashion segment is one of those that are innovating in an impactful way. The ball of the hour is the NFT (non-fungible token) technology, with which its exclusively digital properties and goods also emerged. But do you know what this technology is and how the fashion industry uses it to travel through the metaverse, this kind of parallel universe between the real and virtual worlds?
To make it clearer, an NFT is a non-fungible token (registration of a product on a digital platform), that is, a kind of electronic key that generates codes (which do not necessarily need a connection). Unlike a common token, an NFT has a kind of unique and overlapping encryption, which prevents its replication. For this reason, it is essential within the metaverse, making possible the existence of art, entertainment and fashion items in NFT exclusive to this universe. These records are made on a network called blockchain, which stores all transaction data within the metaverse.
NFTs, exclusively digital and authentic items, which can be a work of art, a piece of fashion or immersive games, for example, allow you to verify their origin and trajectory based on each information recorded, which is why they are causing a great revolution in the market of digital certificates of ownership.
Non-fungible token development cannot be exchanged or replaced, which is why they are being used by the fashion and design areas, which seek exclusivity and proof of authenticity for their digital items. NFT technology allows the creation of an immutable digital signature, which helps in the search for original works, a process that has already been used by some artists and some companies, such as Nike and Gucci, for example.
One of the biggest impacts that NFT technology is expected to have on the fashion world is in relation to sustainability. As is known, the sector is one of the most polluting in the world — not to mention the issue of labour exploitation. With technology, it is possible for a company, through a pigment or another product added to the fibres, to upload information about the origin of that raw material.
Thus, at each new process, the item is scanned and information about the transformations made is added to it. These, in turn, are recorded on the blockchain. Even so, special attention is needed to the high energy consumption that the use of crypto assets demands and the production of electronic waste.
Another benefit of blockchain is to unmask copies of clothing and fashion images, as everything will be registered on the cryptocurrency network. It is important to note that NFTs, which can represent images, videos, GIFs or any other type of information, are distinguished from cryptocurrencies — such as Bitcoin (BTC), the most famous asset on the blockchain — by the fact that they are unique and limited.
In other words, Nft developments are different from each other, like a rare sticker or a designer bag, for example. This means that it is an exclusive asset, which has even enabled the emergence of marketplaces aimed at selling digital pieces.
There are even some purposes for NFTs in fashion, such as collecting, showing off your investments; dress, through social networks; porting to games and metaverses ; exchange, selling the parts on the secondary market; between others.
It is not impossible to imagine that some companies may take the initiative to develop exclusively digital clothing brands. Hence, for the consumer to have the desire to have a physical piece equal to the one he uses in the game, for example, it can be a snap of the fingers, right?