Non-fungible tokens (NFTs) have already taken the world into their hands. However, there is more. The NFTs seem to take an important part in the fashion industry in the Metaverse.
According to a thematic analyst at GlobalData, Amrit Dhami, avatars will inhabit the Metaverse. She further noted that gamers currently pay significant sums of money for in-game skins.
So, in corresponds, Metaverse users would automatically spend on apparel and accessories for their avatars.
The development of NFTs seems promising for the future on a global scale. Since the NFTs represent evidence of ownership of an asset in the form of an image, it may change the Metaverse’s fashion appearance. The question that might arise is, “How is that“?
The users can buy NFT clothes the same way as custom-made outfits. This looks like a future potential fashion industry in the Metaverse.
Moreover, Dhami added that besides users being allowed to create virtual premium fashion outfits to express themselves in the Metaverse, there is more. These digital representations of the clothing may become more valuable than their real-life counterparts due to their “non-fungible” nature.
The Uniqueness of NFTs
NFTs are distinct from usual crypto because of the special feature they own. Its uniqueness lies in fungibility. However, contrary to fungible tokens like Dogecoin, an NFT cannot be exchanged for another NFT. This is because they are non-fungible.
For this reason, the Metaverse will provide designers the chance to show off their NFTs. Additionally, they will have the ability to build exclusive communities that have unique access to new NFT collections like those from Dolce & Gabbana and other luxury brands. In relation, the Italian luxury fashion firm Collezione Genesi sold a nine-piece collection of fashion NFTs for $6 million in October 2021.
In light of gaming’s key role in the Metaverse, Dhami concluded that there might be a working synergy between the fashion industry and game developers. As a result, they may work together to produce new skins for players.