What is NFT Fashion? Easy explanation of features, examples, how to buy and sell!
Various genres that utilize NFT, such as NFT art and NFT games, are now appearing. One of the things that is attracting attention is NFT fashion.
This article introduces the characteristics and examples of NFT fashion. We also explain how to buy and sell so that interested people can participate immediately, so please refer to it if you like.
1. What is NFT Fashion?
NFT fashion is NFT digital fashion. Digital fashion refers to items that can be worn by game characters and metaverse avatars.
NFT refers to Non-Fungible Token, a technology that records transaction history in digital data and proves that it is the only one in the world. Until now, digital has not been valued as something that can be replicated, but since the advent of NFT, that perspective has changed significantly.
Just as digital art and digital photography are traded at astonishingly high prices, so too is digital fashion. On SNS, we hear that even if you are not interested in fashion, you would like to buy NFT fashion.
Due to this high level of attention, various brands have developed NFT fashion collections. Typical examples include Dolce & Gabbana and Burberry.
In addition, the Ministry of Economy, Trade and Industry points out that the market for digital fashion is expanding and that there is potential for promoting digital fashion in a document titled “Study Group for Considering Future Fashion. ” NFT fashion can be said to be a highly promising field in the future, as it will further spread such digital fashion.
2. Features of NFT Fashion
NFT fashion has the following specific characteristics due to the non-substitutability unique to NFT.
(1) Easy to buy and sell
Until now, digital data has been unsuitable as a trading item because it can be easily duplicated. Similarly, it is easy to buy real fashion items and items, but there are high hurdles to selling, such as damage due to wearing, deterioration over time, and the time and effort of appraisal to determine whether it is a counterfeit.
In the case of NFT fashion, although digital, the uniqueness is proven by the NFT. Since the rarity value is guaranteed, it is easier to say “this price is acceptable” or “this is safe” compared to duplicatable digital products, making transactions smoother.
Also, in order to sell, it is necessary to use an NFT trading platform (like a conventional EC site) called NFT Marketplace, but there is no need for shipping. Therefore, even those who have never sold before can easily participate.
(2) You can appeal your originality
While playing games or walking through the Metaverse, you will often meet characters and avatars that look similar to you. If you wear NFT fashion, you can appeal your originality that no one wears.
(3) Easy to collect
Many people collect real fashion items, but the more items they have, the more physical space they take up. However, because NFT fashion is digital data, it does not take up much space. Also, when showing many items to others, it is easy because NFT fashion is digital.
3. Case of NFT fashion
Next, we will introduce three representative examples of NFT fashion.
Global fashion brand Dolce & Gabbana collaborated with marketplace UXUD to create the NFT fashion collection “Collezione Genesi” in 2021. The total winning bid for all 9 items announced was 1885,73 Ethereum, which was about 600 million yen in Japanese yen (Reference: Dolce & Gabbana’s first NFT collection won a total of about 600 million yen! 丨 PR TIMES ).
Another global fashion brand, Burberry, is producing the NFT fashion collection “B Series” in 2021. This is an NFT fashion that was created in partnership with online game development company Mythical Games, and is an item that can be enjoyed by wearing it on the avatar of the game called “Blankos Block Party”.
Joyfa is a company that sells digital fashion created with designers inside and outside the company as NFTs. We are also developing a service that synthesizes NFT fashion with a user’s photo and makes it look as if the user is wearing the item.
4. How to buy NFT fashion
I will explain how to buy NFT fashion.
(1) Procedure for buying NFT fashion
When purchasing NFT fashion, use the NFT Marketplace. It is common to proceed as follows:
- Open a cryptocurrency account on a cryptocurrency exchange (Coincheck, etc.)
- Create a wallet (a wallet for crypto assets. MetaMask is common)
- Buy crypto assets on a crypto asset exchange and put them in your wallet
- Register a wallet on the NFT Marketplace
- Buy NFT Fashion
For details on how to purchase, please refer to the information below.
(2) Points to note when buying NFT fashion
There are many different NFT marketplaces today, and each marketplace has its own rules. Also, the amount of crypto assets and fees required are different, so it is important to check in advance.
Also, make sure the project is safe before you buy. NFT is a new field, and many people still do not understand its characteristics in detail, so fraud and similar troubles are occurring. In addition to looking at information on search engines, it is important to make decisions after looking at reactions on social media.
5. How to sell NFT fashion
Next, I will introduce how to sell NFT fashion.
(1) Procedure for selling NFT fashion
When selling NFT fashion, we also use the NFT marketplace. Below are the main steps.
- create digital fashion
- Open a cryptocurrency account on a cryptocurrency exchange
- create a wallet
- Buy crypto assets and put them in your wallet
- Link NFT marketplace and wallet
- Convert digital fashion into NFT on the NFT marketplace and put it up for sale
- sell NFT fashion
The reason why you have to buy crypto assets when you sell NFT fashion is that you will be charged a fee when you sell it. As mentioned above, this fee varies from marketplace to marketplace, so it is necessary to check in advance. See below for details on how to do this.
(2) Tips for selling NFT fashion
When selling NFT fashion for the first time, we recommend looking at whether the platform side will send your work rather than the marketplace where NFT fashion transactions are frequently conducted.
Also, at the same time, let’s actively send out information through SNS yourself. One way is to appeal to creators who have already sold NFT works and have many fans by approaching their accounts. However, these methods are based on the premise of maintaining moderation. Be careful not to make too many calls or appeals, as it will make it more difficult for you to attract fans.
6. The future of NFT fashion
In recent years, many well-known brands have entered the NFT industry. It is expected that this trend will continue in the future, and a culture may be created in which it is natural to buy NFTs if you really like the brand.
Speaking of culture, fashion has the power to change people’s way of looking at things and tastes and preferences, as the word “cutting edge” is often used. In the future, there is a possibility that it will be born from digital fashion. A future where trendy clothes in games naturally line up in neighborhood stores and e-commerce sites is by no means an impossibility.
NFT fashion also has new business potential. Recently, it is expected that a business model will be born in which advertising expenses are earned by wearing NFT fashion with business advertisements, playing games, and moving around the Metaverse space.
7. Buy and sell NFT fashion at HINATA
NFT fashion has great potential. If you are still interested in NFT and have never actually traded, why not take a look at the field of NFT fashion.
In addition, it is essential to use the NFT marketplace to trade NFT fashion, but one of them, “HINATA”, is a marketplace that is easy for beginners to use, such as no fees (gas costs) and fiat currency can be used. It is Currently, only affiliated creators can exhibit, but in the future, we plan to allow the general public to freely exhibit. If you don’t mind, I would appreciate it if you could take a peek at what kind of place it is.