[JUNE] Recap: Fashion/Culture NFT News & Alpha
NEWS:
Puma Deepens Its Web3 Presence via a Collection With the Digital Fashion Brand 10KTF
Nickelodeon Is Launching a Web3 Project
Roblox Is Setting Its Sight on Web3
Roblox has listed a job opening for a Senior Software Web3 Engineer, indicating they’re actively looking to transition into Web3.
Other News:
PFP Project Categorization (as of May 2022)
Our (subjective) view on the current PFP project landscape. Fundamentals = team, brand, (potential) revenue, etc. Utility = airdrops, value accrual, etc.
ALPHA:
Web3 Fashion Landscape [UPDATED]
Note, this is not an exhaustive list, just the most prominent/highest potential players in the space currently.
Improvements in 3D + AR will offer value to NFTs
Not only does 3D + AR create a new social layer, but it will provide utility for current collectible-only fashion NFT assets. Snap Inc. is currently leading the way in AR asset creation and integration. More on this here.
People Want Surreal Over Realistic Clothing in the Metaverse
Web3 Creates a New Framework for Ownership and Building
Web2 (e.g. in-game item) is the product, thus no further development or total ownership is necessarily present. On the other hand, Web3 (e.g.NFTs) is akin to a platform. Value is derived from ownership, composability and future platform development.
Digital Fashion > Fast Fashion
Digital-only fashion will be more accessible to younger participants, taking market share away from fast fashion brands. As digital-only fashion popularity grows, this should create a stronger context, thus, culture around these pieces (a culture that doesn’t yet exist).
Web3 ≠ NFT
Tips for Investing in Fashion NFTs
Look out for strong Web3 integrations. These indicate that the NFT collection a) understands the current Web3 landscape and culture b) isn’t merely a new sales channel for the brand.
Even the most well-known brands are still experimenting and prone to errros (anyone remember the adidas x Prada collection?)
Prefer utility NFTs over purely fashion items
Is It Profitable to Buy Fashion NFTs?
No clear trend between ROI and mint price
Well-known brands combined with Web3 communities perform best
Utility NFTs seem to perform slightly better than PFPs
Older NFTs performed slightly better than newer NFTs