2021 has been the year of NFT fever. With Google searches for NFTs on the rise, the NFT market has seen $2.5 billion in sales in the first half of 2021, compared to the $13.7 million sales of the year before. With the fashion industry attempting to uncover the technology’s potential, it comes as no surprise that after making their debut into the virtual world, Karl Lagerfeld has already confirmed that another drop is underway.
It’s been hard to escape the acronym NFT over the past year. Non-fungible tokens have become a part of mainstream culture with celebrities from Paris Hilton to Lionel Messi even joining the conversation; but what sentiment does the public really have towards NFTs and the Metaverse?
Using data¹ from Google Search Trends, Linkfluence, and Answer the Public, Ebuyer has revealed that over 1.7 million negative posts were generated on NFTs and 337,000 negative posts on the Metaverse were generated over the past year.
So, does the public really trust these new virtual innovations? And what exactly are people’s concerns on the topic?
NFTs now bring a new level of exclusivity and an opportunity to turn digital designs into highly scarce, valuable, luxurious and unique collector pieces. Gucci became the first luxury brand to delve into the forays of NFTs. These are just some examples. However, mainly of them are western luxury fashion brands or designer brands that focus on the AR and virtual fashion part. What does the rise of the NFT means to the Chinese fashion market and Chinese Millennials. I want to discover this part much more deeper.
NFT fashion isn’t about replacing a physical garment with a digital one; instead, it is an opportunity for fashion brands to represent themselves in the digital space and tap into a new commodity market.
In recent years, the fashion industry has shown effort to digital transform and adapt fashion in the digital era. Brands are using non-fungible tokens(NFTs) and block chain technology to attract, verify and connect with consumers from all over the world.
I found a song online that the rapper Hotdog diss NFT. I think this rap song shows some of the negative attitudes from Millennials in China towards the development of NFT and virtual fashion
THE CHANGE I WANT TO SEE is the change of attitude of Chinese Millennials towards NFT and virtual fashion and more application of digital fashion and virtual clothes in Chinese fashion market.This kind of fashion is a continuation of a trend we’ve seen accelerated during COVID-19. Most fashion brands have paused real-life catwalk presentations and instead used short films or virtual showroom visits to get their seasonal vision across. Customers can try the digital clothes through augmented reality. If they decide to purchase, they upload a photo of themselves to the website or app then, in one to two days, receive the photo with their digital fashion piece professionally edited onto their bodies, ready for posting on social media.