As per Vogue Business, several premium fashion houses are planning to launch their own nonfungible tokens (NFTs). As per reports, some retailers are also creating digital versions of real-life clothing items for sale on NFT platforms. Purchasing these fashion NFTs often grants the buyer access to the corresponding real-life apparel.
Marjorie Hernández, Founder, Lukso, says high-end fashion brands are keen to go with the curve on NFTs. For brands like Louis Vuitton and Christian Dior, creating NFTs will be an extension of the already-emerging blockchain utilization in the fashion industry. Back in March 2019, both luxury brands teamed up with Microsoft and blockchain infrastructure builder ConsenSys to utilize the novel tech in authenticating luxury goods.
Besides creating digital twins, these luxury fashion brands also plan to release their own digital collectibles beyond tokenized garments and apparel. Several actors and musicians have launched NFT collections recently inspiring giants to create their line of digital collectibles.