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Explained | Wearable NFTs anyone? Fashion marketplaces selling looks for the Metaverse

Sep 08, 2021 11:27 IST | By Vishakha Somani

Would you pay tens of thousands of bucks to buy clothes that you could never wear in real life?  

Well, you might not, but there are plenty who will and are paying big bucks for digital-only garments and accessories. This is the world of wearable non-fungible tokens or NFTs.

SEE MORE What's the buzz about NFTs?

From Beeple to Big B, the concept of unique non-replaceable digital tokens is the hottest new way of buying and selling things in the digital realm. 

No strangers to sales, fashion brands and designers are jumping in to cash in on the wave. 

Italian fashion label Gucci auctioned off its first NFT, a fashion film, for $20,000 earlier this year. British fashion house Burberry created a character capsule of NFTs in partnership with Mythical Games that was sold for  $400,000 as in-game purchases to Blankos Block Party players.

SEE MORE You can buy Gucci's new sneakers for ₹870 but you can't wear them

Now, Italian luxury brand Dolce & Gabbana is blending the digital with the physical for a high-fashion NFT drop. With nine NFTs, D&G is auctioning a couture collection that features digital versions of real garments for your Metaverse wardrobe as well as five physical pieces that you can wear IRL. The auction will be run on UNXD.com, which calls itself a curated marketplace for digital culture.

But these luxury brands are far from the only crypto fashion sellers. In fact, new age digital-only fashion brands with basically no physical presence are the real leaders of this market. One such brand RTFKT has sold digital goods worth over $4.5 million and recently raised $8 million in funding.

If you’re looking for some fashionable swag for your digital avatar, here are some digital fashion marketplaces!

DressX

With the tagline ‘don’t shop less, shop digital,’ DressX retails digital clothes designed in-house and by various brands. DressX has now partnered with crypto.com to add limited-edition drops or NFT items to its offering as well.

Metajuku 

Inspired by Tokyo’s Harajuku, Metajuku is a virtual shopping district located in a digital Metaverse called Decentraland. It's basically a virtual mall with stores from well-known digital brands and 3D designers. And get this, DressX is also a virtual tenant in Metajuku! 

The Dematerialised

The Dematerialised is a Web3 marketplace for authenticated fashion assets. Items on the platform are built on the LUKSO blockchain and so far, they have launched pieces by hot digital brands like ARTFKT, The Fabricant and Tribute among others.  

All in all, these marketplaces are just the tip of the NFT iceberg with new shops cropping up every day. 

So, will this collectors craving boom or die away? Only time can tell.

SEE MORE WazirX launches India's first digital NFT platform

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