The evolution of technology gets revamped with its tech innovations; in that list, NFT got its crown. NFTs are getting a huge population and are hyped daily with their efficient features. It also stays in the limelight of people. Also, Non-fungible token has reached almost every industry, including games, sports, fashion, and more. Based on data, NFTs traded around $10-$20 million weekly on the blockchain web. This blockchain-based phenomenon had a prime position in the fashion industry. NFT marketplace development has engaged fashion brands and helped to bring in new customers and retain their old ones.
Fashion is the vast area where NFT made its opening to initiate its digital products. Yes, people can argue about the critics behind it. Yet NFTs and fashion can pull the positive sides by creating value for the business and people. By collaborating with NFT, famous fashion brands can imply ownership for users to acquire their products. Since this type of token is immovable, a lack of clarity or threat is impossible in fashion brands. Even since the corona pandemic arose in 2021, virtual fashion paved a new way for shopping and revenue streams for the business. Let’s break the ice on how NFT influenced fashion and how to build a marketplace.
#1 What Is the Fashion NFT?
Gucci, the famous fashion brand, launched its first NFT SUPERGUCCI with 10 limited editions. The advent of NFT into fashion is to bring a new shopping experience to the users from their favorite brands. It creates a version of selling digital fashion assets, including dresses, shoes, bags, and vice versa. Also, fashion brands worked to create a new shopping world via the Metaverse with AR technology.
If you want to integrate into fashion brands, reflect on acquiring getting reliable NFT marketplace development services. The main motive of fashion brands is to acquire profit, stay ahead of the competition, and produce value for customers, and NFT will be another tool to integrate these factors. Some famous fashion NFT marketplaces are Neuno, DressX, and Digitalax.
#2 Benefits of Fashion NFT Marketplace
Each year every famous fashion brand brings innovation to their products to help them be odd out of evens. NFT in the fashion industry will create a sustainability and social impact through fashion products. Some of the typical benefits of fashion NFT marketplace development are
- Transparency is the primary input for developing the fashion industry, and NFT solely depends on it since its advent.
- Liquidity will benefit fashion which brings innovation to their products. It makes people invest in their NFTs for future results.
- Revenue streams get boosted for fashion brands by NFT and act as an auxiliary tool that propels the business and brings profitability.
- Customer engagement will increase by interacting with social forums and push notifications with the help of NFT.
#3 Famous Fashion Brands That Use NFT
Based on data, Gucci’s Aria video was the first premium brand to sell NFT at auction for $25,000 in May 2021. Many industries utilize the help of NFT to grow their business. The Vogue magazine has mentioned that 2022 is the year of fashion NFTs. Some of the common famous fashion brands that use NFT are
- Ralph Lauren: Ralph Lauren launched a virtual dressing shopping experience and tie-up with the Winter Escape collection as a holiday experience. In the metaverse fashion event, it implied NFT polo shirts.
- Gucci: Gucci has connected with Metaverse to create a virtual shopping experience by selling its products.
- Louis Vitton: A famous fashion brand introduced a new game called “Louis The Game” to capture the market.
- Roksanda: One of the exclusive fashion brands created NFT, especially for Fashion Week, collaborating with a fashion institute. Its NFT is based on demi culture and promotes it in fashion week.
#4 How Can Fashion Brands Get Profits With the Help of NFT?
Some common ways fashion brands can accumulate profits are with the help of NFT.
- Metaverse: Metaverse has been made with web 3.0 technologies to create a virtual world by engaging Reality. Artists, collectors, and fashion enthusiasts can feature in the virtual shopping world to optimize their products. NFTs in the fashion sector to build a standalone collectible. Also, premium clothing and accessories can be bought and sold via the Metaverse marketplace.
- AR Fashion House: Much technological evolution has changed the perspective of many industries. Augmented Reality helps fashion brand houses build a bridge between real-time experience and virtual into one phase. Gucci is an example of AR shopping where people can buy its products from places to connect with virtual space. Shoppers can also buy their fashion products by checking their sizes.
- Fashion NFT: NFT plays a massive part in fashion by designing art and collectibles of their fashion brands. Gamers can collect NFT via their shopping items.
How to Build a Fashion NFT Marketplace Development
Knowing all the basics of fashion and NFT’s benefits in fashion brands, you will be getting to develop NFT marketplace.
- Defining Goals
The first and foremost step is to have clear goals for the fashion industry and NFTs. It is required to have a purpose by answering the below basic questions to prepare for building a marketplace.
- What problem does it solve for the fashion sector?
- What difference could you create by your marketplace for the fashion industry?
- In-depth Research
It is mandated to undergo thorough research on your goal with the world. By finding via surveys, phone calls, and more by compiling information regarding
- Who is your target audience?
- What are their interests and suggestion for your app?
- Technology Stack
The enterprise needs to partner with a skilled team of designers from an NFT marketplace development company with a background in building a marketplace and knowledge of the fashion industry. A cost can invest easily, yet the quality needs to be honored. So, find a qualified development team with expertise in blockchain solutions and NFT platforms.
- Blockchain Architecture
There are various blockchain webs available in the market. Each has its attributes and features. Since your business is building a marketplace for fashion, it requires precise planning and choosing which suits your project.
It also involves providing robust security to prevent cyber attacks. A joint statement of building an NFT marketplace in the Ethereum blockchain. Every business will have various tastes and interests, so avoid jumping on the bandwagon.
- Smart Contracts
Smart Contracts are the essential and undeniable step to avoid in building an NFT marketplace. Specifically, it is helpful for fashion because many customers, clients, and fashionists will get involved. To make a swift of business deals can be initiated with smart contracts.
- Friendly Marketplace Design
UI/UX design is the most implied phase where the retainment of users is decided. Designers build basic designs that can be helpful for the users to access the marketplace for their trading of shopping items. The fashion industry is known for creativity, so designing the marketplace should pursue the same.
- Multi-payment Gateway
Shoppers and artists must ensure multi-payment gateways to trade their NFTs without reducing the currency value and various digital payment types.
Once crossing all the stages and integration of features, then it comes to the deployment stage. It is a crucial stage that doesn’t end with just launching; the team needs to monitor the performance and the app’s engagement. With that, it will help to make changes in future updates.
- Promotion Stage
Promote your marketplace in NFT and the fashion community via social media and by fashion creators and models to reach a wider audience.
The fashion industry is always a miracle, whereas engaging in NFT will surprise the world. Luxury fashion brands get facilitated and favored by NFT to build their business more. This initiative will help the fashion industry to grab profitability and customer value.