If you know about the virtual hoodie that was sold off for $26,000, you must have at least wondered once that what’s this all about? Literal digital clothing that is expensive doesn’t make sense. Well, it doesn’t have to. The only thing that counts is that there is a huge demand for these virtual wearables.
Non Fungible Tokens (NFTs) have created a whole wave of movement in the past few months. With the ability to be linked with digital items, the crypto tokens are unique in nature and represent rare items.
Though NFTs gained fame in the start as tokens that represented different kinds of art, today the movement has crossed barriers and moved into the fashion industry. Avatars, or digital forms of yourself, have been around for many years now. From Second Life to Minecraft, people can customize their characters with different items to show their individualism.
Today, different digital wearable items have leveraged the power of NFTs and are being increasingly used. While there is nothing different about the wearables with or without NFTs, one thing certainly is. The use of NFTs means that there is proof that the digital item is one of a kind, proving its uniqueness. Fashion and luxury are all about being different from the rest and the rarity, something that NFTs are programmed to do so. No wonder that today the NFT fashion industry has exploded.
And we are not talking about this on a small scale. Though difficult to estimate the NFT powered wearable market, overall NFTs today are worth more than $2.5 billion. Individuals have been able to enter the market and exploit the demand to grow their business. Any designer can now create a digital version of wearable items like a jacket and put it up for sale. As the artist’s name grows, so does the demand for his creations. Instead of mass-producing, the artist can capitalize more by making even rarer and sought after clothing.
It is not just the small players. Big corporations are in on the NFT fashion craze too. Fashion powerhouse Gucci is on it too, creating fashion clothing. Burberry mints NFTs that represent fashion accessories too.
Roseon Finance is a yield aggregator platform that is on a mission to provide people opportunities in the ever-expanding crypto sphere. With the NFT and fashion industry ramping up, Roseon Finance is proud to team up with NFTrade, a cross-chain NFT trading platform.
The Roseon Finance NFT Farm allows users to stake their ROSN tokens and have a chance to get their hands on exclusive digital fashion wearables NFTs. What’s up for grabs, you may ask. Well, the exclusive Roseon NFTs are arranged in three categories, namely Roseon Dynamic (400 unique NFTs), Roseon Legacy (200 NFTs) and the rarest, the Roseon Revolution (50 in total).
But why spend so much money on something that you cannot wear?
That is one question that many people ask when they learn that something as simple as a digital jacket or footwear can cost anywhere between a few hundred dollars to the tune of thousands. The answer is complex but very straightforward.
We know fashion is all about making a statement. An expression of individualism. Considering that most of the world had been cooped up (and to a greater extent, is still facing hurdles in free movement) due to the recent pandemic, people have moved their social life from the real world to the virtual. Platforms like Decentraland have created an outlet for the social needs of meeting with friends and people, shopping in virtual stores, even visiting virtual casinos and attending concerts. How do they visit? Through virtual selves of themselves called avatars.
The need to dress up smart and in a fashionable manner simply moved from the real to the virtual world. For the online generation, buying a digital wearable today is as same as getting one in real life. Your avatar is YOU and what you wear is your self-expression.
Many wearable creators have also started to offer the opportunity to get the item in real life, linking the disconnect many people face on the virtual item and the lack of its physical existence.
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