The 21st century has witnessed the hobby of collecting fashion transition from a fringe pursuit to a heated competition among wealthy collectors. This change in mentality is fueled by the availability of rare and exclusive fashion collectibles on digital marketplaces, facilitating instant bragging rights on social media.
With the increasing digitalization of our personal lives, digital fashion is also evolving rapidly. Non-Fungible Tokens, popularly called NFTs, are the latest buzz in the digital collectible world, crossing $2 billion in sales in the first quarter of 2021—a gigantic 2000% increase from the preceding quarter. With the growing popularity of NFTs, fashion brands worldwide have been taking notice of the business possibilities that are arising in the booming world of cryptocurrency.
The advent of the fashion metaverse has more people looking for creative ways to express themselves by dressing up their digital avatars. Despite the lack of a physical product, people are finding deep satisfaction in adding fashion collectibles to the list of their digital assets. The sale and purchase are carried out exclusively between the creator and the buyer, and the transaction is verified through blockchain technology. Once the transaction is complete, the buyer acquires exclusive ownership over the digital asset, since all NFTs are unique and no two NFTs are alike.
This desire for uniqueness and exclusivity has paved the way for fashion brands to leverage NFTs to create virtual products and generate revenue. The trend of owning digital collectibles has also made its way into the footwear space, and brands are beginning to launch limited-edition sneakers with blockchain-managed ownership.
Finding the NFT opportunity too lucrative to give up, here are the top sneaker brands that are exploring newer horizons as a new fashion metaverse marks its arrival.