Wear-to-Earn NFTs seem to be taking over the world. The rise of Web 3.0 and the Metaverse is expected to disrupt many aspects of the global economy. As the world changes from the physical to the digital realm, traditional fashion designs may evolve into virtual wearables. That users can use in real life and augmented reality (AR).
Magnetic Capital managing director and Red DAO member Megan Kaspar said she thinks digital fashion nonfungible tokens (NFTs) will grow to become Web 3.0’s largest NFT category:
Wear-to-Earn NFTs digital fashions
Virtually wearable clothing, shoes, jewelry, accessories, and more. Wearables are currently used for speculation and collection.
Fashion is the focus of Red DAO, a decentralized autonomous organization. Despite Kaspar’s knowledge that digital wearables can be used in decentralized fashion environments. For example, the NFTs used in Decentraland stressed that in the next two years, wearable fashion will be more interactive.
Recently, Kaspar demonstrated how to win NFT virtual revenues along with other accessories in video interviews.
Wear-to-earn NFT Models Enter the Fashion Sector
Kaspar also said a ‘wear-to-earn’ model would thrive in augmented reality environments, noting that brands, designers, and retailers will design and manufacture clothes to accommodate a variety of digital closets. He also noted that designers pay consumers to wear their virtual items to build lasting relationships with consumers:
Brands will pay customers for wearing the pieces by giving them access to exclusive items or airdropping the fashion pieces into their virtual wallet, or by paying them in the form of a fungible and token.
Based on Kaspar’s statement, Italian luxury fashion house Dolce & Gabbana will soon launch the “D&G Family.” This is a community-based group Reduction of NFT occurs in the UNXD curated marketplace. He added:
This will give consumers access to exclusive physical apparel that is only available through the drop-off. ”
Recently, Dolce & Gabbana launched their “Collezione Genesi” NFT collection to further strengthen the power of metaverse wearables.
While Kaspar expects UNXD to be the first luxury brand to launch wear-to-earn features; other NFT networks have already begun to use this concept. For example, an NFT project from startup studio Unopnd, Davaproject, is now creating a system of NFT avatars. That describes changes in different combinations in a blockchain network.
A recent announcement reports that the project will first feature 10,000 NFT avatars called “Dava.” Dava will make 30,000 wearable items. Notably, Davaproject will set the rarity of each wearable, indicating the rank variance in a user dashboard.
Owners will have benefits
Such as NFT airdrops, invitations to community events, giveaways, and new drop-by-wear items. Given the rise of virtual wear, editor-in-chief at Vogue Singapore Norman Tan said he is strong in digital fashion.
Tan recently introduced the September issue of Vogue Singapore Wear-to-Earn NFTs which represents the theme of ‘New Beginning.’ The September issue featured a unique print cover that came in the form of a QR code that acts as a portal to two digital-only nonfungible tokens (NFT) covers. Tan said:
Fashion and innovation have always been at the heart of what we do at Vogue Singapore. In the global issue of the September theme of ‘New Beginning,’ we took the bold step to venture into the metaverse – the destination for a new class of digital artists and designers. ”
Digital fashion will disrupt the Metaverse and virtual wearables will help alleviate sustainability issues by creating an after-waste economy. According to Kaspar, 40% of closets in Western countries are unarmed. He said digital clothing could be an eco-friendly substitute for physical things.
Moreover virtual fashion
shows are more accessible and sustainable. For example, NFT Runway, which is a robust way of democratization by supporting brands to deploy in a variety of sustainable ways, will host a digital fashion show on Dec. 3-5 during “Fashion Community Week San Francisco. ”
We will be publishing and broadcasting this interactive fashion show live on Metaverse; with NFT representations of physical items recreated using patented 3DREALTM technology. This technique will allow audience participants to virtually ‘jump’ across the runway. To view each item while rotating their avatar so they can see the clothes displayed from every angle.
Ohzone Inc. is the company that developed Ohzone’s highly interactive 3DREALTM technology. The chief operating officer of Ohzone, Inc., Oh Tepmongkol; said it is very important for virtual and real-world fashion shows to incorporate NFTs into their operations:
These are tokens that serve as certificates of authenticity, and they can bring a lot of additional utility to any item of clothing. That could mean unlocking a digital version of the item or gaining special access to the designer’s online community. Also, NFTs are easy to integrate because they can be attached using a QR Code for any piece of clothing.
Tepmongkol also said that Wear-to-Earn NFTs make it relatively easy for anyone who wants to donate to charities. For example, the NFT Runway digital fashion show will feature an auction to benefit several non-profit organizations with revenue generated from sales.
Based on a statement by Tepmongkol, the smart blockchain contracts will allow NFT Runway to set up an “NFT endowment.” He said:
In this case, charities can set up smart contracts to receive a share of sales indefinitely.