May Recap: Fashion NFTs News & Alpha
News:
Gucci Launches Gucci Town on Roblox
This is a strategic way to onboard a new generation into the Gucci brand. However, Gucci is spreading itself rather thin in the Metaverse with Roblox, Sandbox, 10KTF and Superplastic. Twitter comments on the news announcement were largely negative, with posts like the one below:
Gucci NFTs Get Access to an Exclusive Gucci Product Drop
Gucci NFTs (SUPERGUCCI and Gucci Grail) received access to a Gucci Vault (Gucci’s experimental concept space) product drop ahead of the public. However, the products themselves weren’t free and there were claims of some NFT holders not getting access despite the claim. Looking at the Gucci Vault Discord there are still many things to improve when it comes to NFT community management. Growing pains are part of the process.
Prada to Issue NFTs With Their Timecapsule Collection Drops
Prada Timecapsule offers new collection every Thursday available for 24 hours only (taking a page out of Supreme’s book). Buyers of these drops will be gifted NFTs along with the physical clothes. The utility (if any) for these NFTs is still a mystery.
Karafuru Collabs with Hypebeast
The Karafuru NFT project released 15,555 new NFTs called Karafuru Gachapon in collaboration with Hypbeast and atmos (a prominent Japanese streetwear and sneaker boutique). The collection gets you access to 3D Karafuru NFTs and will likely feature a phygical concept. The public mint price was 0.475ETH and is currently trading at 0.22ETH.
Gucci Establishes Gucci Gaming Academy
More, Gucci. Gucci establishes a gaming academy in partnership with FACEIT (a competitive gaming platform for online multiplayer games). It’s clear that Gucci is focusing on the future of gaming.
Other News
Rumors of RTFKT collaborating with Nike
Invisible Friends Announce a collab with fashion brand Kith
OpenSea creates an open-source NFT protocol for others to use
DeGods NFT Project is awarding $DUST for best new DeGod welcome messages. Effectively creating a mini create-to-earn model
RTFKT has been “more than talking” to gaming studios
Flowcarbon is bridging off-chain and on-chain voluntary carbon credit market
May Alpha:
New Wearable NFTs Use Cases
Problem: Currently, NFT Wearables are of little more use than just flexing.
Solution: Fashion should be integrated with games, try DeFi composability and introduce a younger generation to digital fashion. As discussed in the News section, introducing clothing for flexing sake (Gucci to Roblox) is not enough for many players. There has to be a deeper reason.
The Culture is Shifting
Celebrities and Their PFPs
The Most Overlooked Benefit of NFTs
What Fashion Brands Can Learn from Spider-Man: Into the Spider-Verse
The Three Models of Phygical (physical/digital)
Pros: Innovation(?)
Cons: Authenticity not guaranteed. Users not really owners of NFTs (platform-dependent)
Pros: Authenticity. 100% user ownership of NFT
Cons: Forging = time-consuming. No secondary market for physicals (yet)
Pros: Any physical item can be turned into NFT
Cons: Authenticity? Inventory difficulties? Can only trade on Americana
Bull Case For Fashion NFTs
Why Old PFP Business Models Are Failing and What It Means For Your Project?
Conclusion
As you can see we are still in the infancy stage of fashion NFTs. Brands are dabbling in web3 trying to find themselves in the new arena. There are no right answers or established ways of operating. We try to inform and educate the web3 community and brands via our content. For more content like this follow us on Substack and Twitter @NakedCollector.