A Singaporean investor recently made waves in the art world when spent a record $ 69 million ($ 93 million) cryptocurrency on digital artwork.
The piece was sold in the form of an irreplaceable token (NFT), a unique cryptographic token that exists on the Ethereum blockchain. However, since each NFT is unique, they cannot be traded or exchanged in the same way. Therefore, digital tokens can be viewed as certificates of ownership of virtual or physical assets.
Each NFT has a unique identification code and metadata that differ from each other and that differ from other forms of currency. For example, one Bitcoin is always equal to the value of another Bitcoin. Similarly, one unit of Ether is always equal to another unit.
However, since each NFT is unique, they cannot be traded or exchanged in the same way. Therefore, digital tokens can be viewed as certificates of ownership of virtual or physical assets.
Anyone can “tokenize” their business to sell like NFT, and interest in it has been fueled by the million-dollar sales that have recently found their way onto headlines. For example, the animated Gif of the cat Nyan – meme of the flying pop-tart cat from 2011 was sold for more than $ 500,000.
Music can also be sold as NFT. American rock band Kings of Leon has earned over $ 2.6 million so far, and The Weeknd’s new song will also be released as NFT.
Art alone cannot be sold. Twitter co-founder Jack Dorsey posted his first tweet for sale with bids reach $ 2.5 million ($ 3.9 million).
Lately, digital clothing is making waves in the NFT space, as something consumers can buy as well.
A new frontier in the fashion industry
According to the digital fashion startup Republic, his digital clothing allows consumers to “look amazing without leaving the comfort of their homes”, imagining that they are their own “avatar in real life”.
Buyers buy digital clothing much like they would buy clothing online, but with an extra step. After choosing the clothes they would like to buy, they will have to send their picture.
The work will then be forwarded to Republiq’s digital tailoring team to tailor the customer’s new, fully sustainable, ethically produced digital clothing to their image. The image will then be returned to the customer, ready to share on social media, within a maximum of 72 hours.
In Republiqe, all clothing comes unambiguously for everyone because the team firmly believes in inclusiveness.
In terms of cost, price points in Republiqe are similar to the prices of major fashion brands. The long-printed jacket will return the buyer for £ 40 ($ 73.67), while the large T-shirt sells for £ 20 ($ 36.84).
Construction of fashion “Tesla”
Republiqe founder James Gaubert has over 20 years of experience in the luxury fashion industry and has worked with brands such as Chanel, LVMH and Burberry.
Therefore, he decided to use his knowledge in a luxurious way and launch the Republic on three basic pillars – creativity, technology and sustainability.
“We wanted to challenge and disrupt the fashion industry, almost doing what Elon Musk and Tesla did to the automotive industry. “I saw first hand the damage that the fashion industry is doing on our planet, along with unethical production, and I think this made me make a difference,” James told the Vulcan Post.
As a fully digital brand, Republiqe does not have a long time to produce, which allows the brand to be more agile and create clothing from the cuff in response to social events and “moments that matter”.
It also does not work in the usual seasons in which traditional brands operate.
“Our role is to constantly listen and understand consumers in order to create clothes around events that are important to them. For example, we have the Earth Day micro capsule, the Pride collection and much more, ”James shared.
Furthermore, another factor that distinguishes Republiqe is that it is not limited by the types of fabrics and materials it can use, and the team’s creativity can flow freely. For example, you can have clothes completely diamond-encrusted, without having to pay a hefty sum.
Is this the future of fashion?
According to James, so far the response to his digital clothing has been positive, with the team selling over 500 garments in the first six months. He admitted that while some may not find the number significant, he considers it a great success because digital fashion is a whole new space.
He believes that future fashion is digital. While there will always be a need for physical clothing, a good look on social media is extremely important to Gen Za consumers, who want to build an internet personality and escape into virtual reality.
Therefore, Republiqe and other digital fashion brands provide consumers with Gen Z clothing that they may not normally wear in real life, which James thinks will become more important in the future.
“I expect to see a significant shift in consumption from physical to digital in the coming years, the possibilities are endless,” he said.
There is still a need to start in terms of education for both producers and consumers, but big brands love it Moschino they are already dipping their toes into the digital space.
This gives James the confidence to be “at the peak of something very big”.
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Credit for prominent paintings: Republiqe