Fashion has increasingly been engaging with NFTs, or non-fungible tokens, as gaming and digital fashion have come to the forefront. For its fall 2021 collection, Gucci partnered with the art auction house Christie’s on an NFT video called “Aria,” which sold for $25,000 in June. Christie’s was also where Beeple, the most famous digital artist, sold his piece for $69 million this year. This overnight success of NFTs is now leading Christie’s to accept auction bids with Ethereum, the most popular crypto-currency. Other brands have also dipped a toe in the digital pond in varying strategies, eager to take advantage of the boom that drives NFT collections to sell out in minutes.
Below is an overview of the different brand strategies for approaching the NFT space within fashion, looking at individual shifts, how the cryptocurrency carbon emissions are being countered and what’s next to come in the space.
For an explanation of key terms in the digital space, look to our explainer at the end of this article.