Art/Design, Fashion

Would you buy wearable NFTs?

This may be a step too far for me.

words by: Sahar Khraibani
Feb 19, 2022

Wearable NFTs are the newest trend in the burgeoning and fascinating metaverse market. Showing off expensive products in the real world is now, officially, a waste of time. People nowadays want to be visible and brag about themselves in the virtual world. In the NFT sector, NFT clothing is becoming cult-like, so why are people paying real money for so-called “wearable NFTs”? Before assessing if you’d put down cash for it, let’s first discover what wearable NFTs are, and how they work.

 

What’s a wearable NFT?

To grasp the concept of wearable NFTs, we must first take a broad picture of the NFT market. There are currently a variety of open virtual worlds on the Ethereum blockchain, such as a Decentraland and Cryptovoxels. Users can attend events, meet up with friends, play games, and buy a variety of NFTs, such as name NFTs, virtual land NFTs, and—you guessed it—wearable NFTs, in these blockchain-powered worlds.

 

While land NFTs offer the owner virtual space that they can lease, create, or resell to others, name NFTs can be used to give your digital avatar a name, or serve as a payment address. While spending money on clothing that doesn’t exist in the actual world may seem strange to some, wearable NFTs are generating genuine sales in the metaverse, where individuals may walk around, socialize, play games, and attend events.

 

Wearable NFTs, in other words, provide a new method to express yourself, a unique piece of walking art that may also serve as a status signal. Wearable NFTs will benefit from brand awareness and scarcity in the same way that digital scarcity is transforming the way creatives monetize their work and music.

 

The NFT craze

Early this year, crypto enthusiasts, collectors, and speculators flocked to buy NFTs, a new sort of asset that signifies ownership of one-of-a-kind virtual and/or physical goods.

 

Having said that, it’s impossible to get a whole picture of the wearable NFTs market right now. Decentraland sold $750,000 worth of NFTs in the first half of 2021, up from $267,000 in 2020, according to NonFungible.com, a site that follows the NFT market.

 

Burberry, for example, has designed branded wearable NFTs for Blankos Block Party, a Mythical Games game. Louis Vuitton has just released a metaverse game in which players can accumulate NFTs.

 

Wearables for Decentraland have already been made by digital artists, huge brands like Atari, and crypto exchanges like Binance and Kraken. More prominent brands are expected to join and start offering wearable NFTs for individuals to flaunt in the metaverse.

 

So, would you buy wearable NFTs now that you know what they are? This isn’t the end because fashion awards are also taking place in the metaverse.

 

Photo via danky.art