How Have Fashion NFTs Performed In 2023 (So Far)?
New developments and data!
The Naked Collector is the home of the latest news and deepest analyses of Web3 Fashion and Culture.
New Projects
A Kid Called Beast: New Ideas on IP
The latest addition to Fashion PFP NFT projects. Despite initial minting whitelisting/minting issues, A Kid Called Beast (AKCB) has gained decent momentum. Its average and floor prices have risen quite a bit since mint.
Why it’s important:
It has some interesting features like AR filters for IG and TikTok and will be launching a record label. I think there is an underrepresentation of music among the NFT digital arts so this may be a good niche to tackle. AKCB also plans to divide holders into clubs, not unlike y00ts. The roadmap design and content seem to have been heavily inspired by Azuki’s roadmap.
RTFKT’s New Metaverse
RTFKT recently announced its new metaverse experience The Exodus, which includes spaceships that double as digital fashion exhibition rooms. The pre-existing Space Pods and Loot Pods were upgraded into spaceships. RTFKT uses the Oncyber platform for its metaverse needs.
It seems that holders weren’t entirely satisfied with the RTFKT Pod roadmap reveal, as the pod prices have dropped since pod burning opened on January 31st.
Why it’s important:
Exodus introduces the ability to modify metaverse interiors via interesting burn mechanics. The updated interiors also going to serve as a good proof of concept on how virtual spaces can be updated using a smart contract x Oncyber technology stack. These pods finally take a good step toward creating a “runway” for digital fashion items. We’re also perceiving the demand for metaverses in real-time via NFT prices. This is the third big PFP brand to create a metaverse in addition to BAYC and Azuki.
MNTGE’s Bet on Vintage x Digital
MNTGE is a new collection headed by Sean Wotherspoon, founder of the vintage clothing store Round Two Store. The main point of the collection is to transform vintage fashion into digital fashion while simultaneously creating an exclusive membership experience. MNTGE spices things up by allowing holders to apply different “inks” to the vintage clothes (think Yuga’s Mutant Serum meets 10KTF). They’re also experimenting with PFP wearables via its FLUF World partnership. MNTGE has also doubled down on Twitter Spaces and brought in some interesting guests including Tom Sachs.
Why it’s important:
It may have a positive impact on NFT outlook via the environmental narrative i.e. we don’t need to create new clothes to be able to wear them in the metaverse. The concept is similar to digital-only fashion houses like The Fabricant, however, instead of creating collections from scratch, existing fashion is scanned and turned into 3D assets. More on this here. How MNTGE plays out also provides insights into whether users gravitate toward vintage pieces or whether they want to create their own fashion. It also exemplifies how a Web2 brand can lean into Web3 instead of just using it as another marketing channel.
Doodles Get Into Digital Wearables
Holders can “dooplicate” their Doodles to receive Doodles 2 wearables and Beta Pass. In contrast to the OG Doodles collection, Doodles 2 be on the Flow blockchain.
The average trading price of the Dooplicators fell to 2023 lows after the Dooplicator was activated on February 1st. Perhaps an indication that Doodles holders weren’t impressed with the Doodles 2 mechanics. Dooplicator 2 wearables’ all-time volume is around $344,000.
Why it’s important:
This is one of the first PFP-led wearables collections. Previously brands have collaborated with brands e.g. Yuga x Gucci, BAYC x Adidas, CatBlox x PUMA, HAPE x Diesel. The shift to the Flow blockchain was done to make Doodles 2 accessible to the masses. It’ll be interesting to see what new blockchain use cases Doodles 2 will pursue/develop.
PUMA Announces Its Anniversary PFP Collection
PUMA recently announced a 10K PFP collection to celebrate its 75-year anniversary. The mint date will be February 22nd.
Naturally, this has increased demand for the Nitro Collection by PUMA NFT as seen by its average prices below.
Why it’s important:
Puma is another big brand looking to dive deeper into Web3 and NFTs. It’s also taking a relatively Web3 native approach evidenced by things like lore, burn mechanics and even its artwork (a possible reference to PUNKS Comic).
Nike’s dotSWOOSH Continues Iterating
Nike launched its first experience, .SWOOSH STUDIO, in January. In many ways, it resembled the Adidas for Prada Re-source experience. The target audience seems to be its existing Web2 customers as it’s more similar to a Web2 social media campaign than something targeted toward the Web3 crowd. Perhaps they’ll gradually introduce Web3 elements after they’re done educating people on the space.
Why it’s important:
Almost 300K wallets have already minted their Nike Swoosh IDs. This has the potential to introduce a significant amount of NFT users into the ecosystem. Nike's success would also act as proof of concept for other brands, bringing them into the fold. Finally, it’s interesting to see how much room for decentralization and co-creation Nike’s Web 2.5 approach will actually leave.
MetaBirkins NFT Court Case
A New York Court decided in favor of Hermes in the Hermes vs. Rothschild case. The NFT artist Rothschild was held liable for trademark infringement.
Why it’s important:
It sets a precedent against derivative works of branded assets and IP. Because of this legal precedent, artists will have to be very careful about their artistic references and possible social commentary. The implications of this decision will probably extend into metaverses where worlds will have to be careful not to unintentionally reference brand assets without legal agreements.
Launch of New Web3 Fashion Platforms
This is the category I’m personally most excited about. The four notable digital fashion platforms are (from least to most recent):
RSTLSS
RSTLSS, which launched in December 2022, aims to become the metaverse fashion platform of choice for brands and creators alike. Unlike its centralized Web2 counterparts, RSTLSS focuses on digital fashion interoperability and the Web3 backend. As a testament to its Web3-native roots it recently partnered with the iconic NFT project CrypToadz.
Why it’s important:
One of the first Web3-enabled digital fashion platforms. It has been building for years and has a great team behind it. If successful, it could onboard Web2 brands onto real metaverses (ownership + interoperability) instead of centrally operated games.
SYKY
SYKY, launched in January, aims to be the PROOF of Web3 Fashion. Essentially an exclusive community for fashion leaders, collectors, designers, and enthusiasts. It started out with a bang by holding a members-only party during New York Fashion Week and is backed by e.g. Alex Ohanian’s (co-founder of Reddit) venture capital firm Seven Seven Six.
Why it’s important:
SYKY (led by Alice Delahunt) has the connections to pull off a PROOF-like community in fashion. I can see the project merging the worlds of traditional fashion and Web3 fashion by attracting traditional fashion lovers as well as their Web3 counterparts.
Wholeland by The Fabricant
The Fabricant launched its new collection, Wholeland, just a few days ago. The Fabricant is increasingly transitioning toward a platform model with this new collection. The NFTs contain membership access to The Fabricant’s future endeavors. Some of the higher rarity pieces also include metaverse wearables and AR filters.
Why it’s important:
The Fabricant is shifting from a purely digital fashion house to a digital fashion platform. It’ll be interesting to see where this leads.
DRAUP
DRAUP is the latest of the projects to launch. In its own words: “DRAUP is a platform maximising the value of digital fashion for its consumers and creators…our in-house brand, embodies that mission by creating couture where creativity and technology collide.” Maximizing the value of digital fashion could mean better infrastructure e.g. improved fashion display or runway while an in-house brand could look something like The Fabricant.
Here’s an infographic from July. While some info could be outdated, it gives a good overview of the project’s vision.
The distribution of DRAUP NFTs started out by gifting 99 of its 888 passes to select curators, creators and coders (full disclosure: I received one).
Why it’s important:
While in its still early days, DRAUP has the potential to bring more depth into the digital fashion space. Discussions, exclusive events, partnerships and overall better ways to utilize your digital fashion are some of the ways it plans to do so.
In Numbers
RTFKT Clone X is still dominating the Fashion NFT markets. Once again, showing that PFPs have found the best product-market fit in Web3 at this stage. The PFP fashion newcomer, A Kid Called Beast, has also performed well.
The overall Fashion NFT market saw a 60% increase between January and February. The Blur airdrop will likely also have an effect on the end of February trading volumes.
RTFKT Clone X Excluded
If we exclude Clone X and A Kid Called Beast, we see a bit more diversity among the collections. In this case, the five most popular collections based on 2023 trading volume are:
Murakami Flowers (launched with the help of RTFKT)
PUMA
RTFKT Space Pod
10KTF Kagami
RTFKT PodX (Loot Pod)
Without the to two collections, the Fashion NFT market saw a ~30% monthly decrease in volume (instead of a ~60% increase). A potential reason is that the Blur airdrop liquidity went to the top and most hyped PFP projects.
Buyers vs. Sellers
In 2023, so far, there have been slightly more sellers than buyers in the Fashion NFT market.
Phygitals
In 2023, phygitals have been dominated by
10KTF Kagami
RTFKT Clone X Forging SZN 1 (claiming of the physical pieces closed in 2022)
RTFKT x RIMOWA
RTFKT cIRL (claiming of the physical pieces closed in 2022)
9dcc ITERATION-02
Unique Ownership Percentage Top 5
Supergucci (75.4%)
NFTiff (74%)
Highsnobiety (68.5%)
RTFKT Space Drip (65.8%)
Lacoste (61.7%)
Other News
Cartier Starts Using AR to Render Jewelry on Your Hands
Initially, Cartier will test the new AR technology with its rings. Customers put on a marker ring for motion tracking. The digital output (on an iPad) of the ring then changes based on customer selection.
Why it’s important:
AR and VR could be an important gateway not only to digital fashion but Web3 technologies for traditional brands.
Alessandro Michele Replaced As Chief Creative Director of Gucci
Alessandro Michele was replaced as the creative director of Gucci after seven years. Apparently, this was done to breathe new life into the brand.
Why it’s important:
Alessandro Michele spearheaded Gucci’s Web3 experimentation (Gucci Grails + Supergucci). His replacement as the creative director at Gucci may, or may not, have an impact on Gucci’s strategy going forward.
PLAY! POP! GO! Integrates Chainlink VRF to Help Fairly Generate Traits for Its Genesis Collection of Digital Collectibles
The visual artist, Amber Park, is looking to create a “direct-to-consumer art, fashion, and lifestyle omniverse”. The collection will launch in March and from the looks of it has a very Doodle-esque aesthetic.
Why it’s important:
Amber Park has strong visual art background as she has created visuals for the likes of Lil Nas X and Katy Perry. Park’s goal seems to be ambitions i.e. to create a digital lifestyle AND a fashion brand. This could offer a fresh take on the NFT landscape, perhaps something we haven’t seen yet.
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Author Bio
I focus on the cross-section of NFTs, crypto and fashion:
Naked Collector has been the top Web3 Fashion research/data source since 2021
5+ years of experience in crypto markets
Part of 100+ NFT communities