The future of fashion and brands in the age of web3.
What are Fashion NFTs?
Can be ported and traded seamlessly and aren’t confined to any one virtual realm
Typically exists as filters on images or within apps
Typically exists as skins or wearables in games and closed virtual realms
How are NFTs and web3 impacting the fashion industry?
Fashion NFTs offer creative, financial, social & multiversal utility. They can be an investment or collectible, can signal status or belonging to social groups, are interoperable and harness creativity, either through expression or co-creation.
👙 Use Cases
Fashion NFTs can be used as wearables, loyalty or membership rewards like access and benefits, can vouch for authenticity and warranty as product IDs and allow brands to gauge demand for physical items.
👀 Attention vs. Ownership
Brands have long operated on generating attention and using third-party platforms to reach consumers. This notion is being challenged and replaced by offering consumers true value, namely ownership.
💅 Permissionless Brands
With the offer of ownership, brands harness consumers’ engagement, while creating the basis for collective brand building. As brands embrace this concept, they turn increasingly community-lead, paving the way for permissionless brand development.
Wearing NFT jewelry from Jevels.com
Key propositions for the fashion industry
⬆ NFTs and web3 are all about end-user and putting their experience first
💎 Brands can use NFTs to engage with customers in a more meaningful way
👠 NFTs prompt a different wearer-ship of fashion: without physical limitations & as an asset
💪 NFTs can lead to democratization, financial inclusion and digitization of the industry
🌿 NFTs can foster more sustainable consumption, unless they promote physical items
🔧 New, technical skills and talents are needed in the industry
✨ web3 is turning the fashion industry a value-driven economy, where brands connect with customers through values first
Author: Adina Goerres (MSc Management & Technology, TUM)
Supervisor: Prof. Dr. Isabell Welpe (Chair for Strategy and Organization, TUM)