How Fashion Is Using NFTs to Sell Exclusive Physical Products
“Fashion is an expression of identity or belonging or cultures or even status…same thing with NFTs,” said Krzysztof Gagacki, a crypto entrepreneur and co-founder of reBASE, who is working on a forthcoming NFT collection called CY-B3LLA with supermodel Bella Hadid. With the digital world becoming more intertwined with the physical world, NFTs are now being used in the fashion world as a way to strengthen customer loyalty.
Crypto-centric brands have been leaning into NFTs that let buyers claim tangible products, too. In July, Nike-owned RTFKT released an NFT hoodie that, in RTFKT’s parlance, owners could “forge” into a real-world wearable. And central to the debut drop by 9dcc, the “crypto-native luxury brand” just launched by influential crypto figure Gmoney, will be NFTs that customers buy first to get the corresponding T-shirt.
Because NFTs offer an easy way to offer holders exclusive benefits, it’s not hard to imagine how brands could use the capability for capsule collections, early access to new releases or custom styles. The scheme has a few advantages, such as building loyalty among a group of engaged fans, and because the brand only needs to produce as many items as there are purchased NFTs, there’s less inventory risk involved.
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