Luxurious brands like Gucci are about to join in the ongoing trend around non-fungible tokens (NFTs). Lately, NFTs have been making headlines with record sales as different sectors engage in non-fungible tokens. Despite the mania, fashion brands are yet to make a debut in the NFT space. This, however, is about to change as fashion company Gucci revealed its plans to take a step into the NFT world.
In a recent interview with Vogue Business, Gucci said that its luxurious brand would soon release an NFT. Specifically, Gucci noted that it’s “only a matter of time” before the brand will join the world of NFTs.
Fashion Brands Like to Join NFTs Trend
Similarly, Vogue Business said it has confirmed that several luxury fashion houses like Gucci are also working on releasing their NFTs. Commenting on this matter, Marjorie Hernandez, the founder of Lukso, a blockchain that serves fashion brands, said:
“The question is just who will pull the trigger first. Luxury brands were behind on the e-commerce trend, so there’s now more of a willingness to experiment with new technologies like blockchain.”
Speaking further, Hernandez said that all fashion enthusiasts he has ever spoken to are inquisitive about the NFT market.
According to Vogue Business, luxury fashion brands have a lot of questions about NFT. The brands are concerned about whether customers would be interested in luxury fashion NFTs. Another concern for the company is if buyers will get utility from non-fungible tokens. The brands are also concerned if setting up crypto wallets will be a difficult process for their luxury customers.
Neuno to Launch NFTs
Vogue Business revealed that Neuno is currently collaborating with five luxury fashion houses on NFTs launch. The company’s CEO, Natalie Johnson, said that Neuno aims to be “the universal 3D wardrobe that plugs into everything.” The CEO also said that the company is already in talks with a social media platform specializing in filters regarding the launch. The social media platform will help owners of NFTs upload pictures of them “wearing” the dress.
The CEO of Future Intelligence Group, Cathay Hackl, said:
“Right now, fashion being sold via NFT is fashion as art, and not necessarily fashion as a utility, We’re eventually going to get to the point where there’s more utility, but we’re not there yet.”
As it stands, brands can begin to sell NFTs, which are like GIFs of clothes. Currently, buyers may not be able to do more with their NFTs than to have a sense of ownership and admire them.
Currently, fashion NFTs are available on a virtual game, Decentraland. On Decentraland, players inhabit avatars and have access to buy NFTs on the Decentraland marketplace. Some of the available products on the wearables marketplace are Orange Atari Cap, Green Atari Tee, and Decentraland Launch T-Shirt.