What does luxury look like in the world of NFTs?
), CryptoPunk holders can secure a physical version of their favorite and probably most expensive NFT to be worn as a status symbol. This is something that would not be exclusive to those with influence and can carry online into the new era of Tiffany’s little blue box, an iconic emblem of the brand.to the Ethereum Foundation, are “tokens that we can use to represent ownership of unique items.
Plus, outside of collectors and caretakers, it is almost impossible for an enthusiast to get their hands on an archive piece, especially if preservation could be a problem. Sometimes, brands will showcase their archive in cities like Paris or Milan for a limited time, but in many cases, it is a private affair owned by private people. However, one way that brands can utilize this exclusivity of a non-deteriorating asset is through NFTs and blockchain-based NFT museums.
Another way, she suggested, is to create something like a fashion bond, where after some point, the NFT can be exchanged for a luxury item. “For example, if you are a Hermès client and would like to purchase a deed for your daughter to redeem it for a one-of-a-kind bag on her 18th birthday, you can do it seamlessly as an NFT,” she said, adding:
Viltrakytė believes that the industry is in the experimental phase of Web3 and virtual reality to see how they really affect the fashion industry, as “we don’t have solutions capable of making a digital garment ‘fit.’ When we have a ‘good enough’ depth sensors in our smartphones’ front camera and AR technology that can ‘fit’ any item perfectly on anyone, it will be the true start of the digital wearables era.