Wearable NFTs, also known as virtual fashion, are the latest trend in the Metaverse. They are virtual clothing like jackets, jeans, sneakers, and accessories that can be worn via augmented reality and put on digital avatars in the Metaverse.
With blockchain technology and non-fungible tokens, fashion brands are able to offer innovative verifiable products to connect with consumers while increasing brand awareness.
DressX is a digital wearable app where users can try on and purchase digital clothes through augmented reality. They partnered with luxury retailer FARFETCH to offer collections from some of the hottest brands like Off-White, Balenciaga, Palm Angels, Dolce & Gabbana, Khaite, and Nanushka.
While the NFT industry has more digital art pieces and collectibles, some big fashion labels are already taking it toward a more ‘mainstream’ approach. Adidas partnered with Bored Ape Yacht Club and Nike’s latest acquisition of the RTKFT, a leading brand that delivers digitized fashion collectibles.
Dolce & Gabbana sold off their inaugural NFT collection at $6 million USD in 2021, and the industry seems to be booming with the audience’s love for digital fashion labels.
While the involvement of new brands and all the latest hype around NFT fashion might seem appealing, what if it was a bubble? This relatively new industry is held by its challenges, too.
Relatively new type of asset
The industry age of NFTs is one of the most prominent challenges it currently faces. While new users might be interested in investing in the latest NFT fashion labels, the age of the industry is a factor that affects their credibility.
Evolving regulation around NFTs
With NFT’s getting mainstream attention, IRS guidelines, government regulations, and other insurance policies are attempting to centralize the NFT space. Rules are being put into place which might continually change with the evolution of NFTs.
Direct and indirect exposure to the trend
Bitwise Blue-Chip NFT Index Fund