By now, you've probably noticed that fashion is rapidly gaining interest in the NFT space. It was just this August that American brand DKNY decided to debut its new logo by way of an NFT. Proceeds from the auction of the digital art—which included soundscapes of all things that make up New York City—will go towards the American Nurses Foundation Coronavirus Response Fund for Nurses.
And if you're wondering just how high the winning bid for the one-of-a-kind NFT is, well, it went for 1.20ETH, which is almost SGD4,200.
Digital fashion is set to quickly becoming old news as fashion NFT gains popularity. The former is akin to fast fashion—almost readily available and just about anyone can own one—while a fashion NFT comes across as more exclusive and is often created as one-offs, with the added bonus of it being a tradable asset in the wider digital marketplace. Fashion NFTs are embedded with authenticity certificates (and any other flourishes) to make owning one almost like owning a piece of digital haute couture.
At the same time, there's yet to be any fashion-specific NFT marketplace. Digitalax is one example where indie fashion brands and designers have worked with the company to provide digital fashion designs that can be worn in various metaverses. But unlike the now-typical NFT marketplaces, brands and designers aren't able to work as independently and just put up their own fashion NFTs for immediate selling or users to trade their fashion NFTs on Digitalax.
For those looking to satiate their fashion NFT fix, here are four marketplaces to check out.
In partnership with digital fashion platform DressX, Crypto.com now has a specific DressX NFT store. The partnership launched with a limited-edition virtual clothing collection inspired by Elon Musk's SpaceX company spanning digital T-shirts, jumpers, and a blazer. To date, one (out of 10) edition of the COSMIC T-shirt holds the highest value with a selling price of more than USD1,000,000.
Calling itself "a platform that aims to build a new creative economy", Foundation is where creatives—from all over the world and in whatever capacity as well as experience—can put up their own creations for sale. Collectors can then search from a host of indie creators and collect whatever they fancy to either display in their own digital galleries or to resell. Foundation has attracted the interest of digital fashion brands Clothia and The Fabricant, two of its more known players in the digital fashion space.
An offshoot of digital fashion brand Replicant, Artisant is a rising star in the fashion NFT space. The marketplace is probably the closest there is to a fashion NFT marketplace, where only wearable collectibles and digital fashion art are up for sale (not auction). Collectors are then able to upload their own photos for any of these owned NFTs to be digitally fitted as part of its free 'virtual try-on' feature.
As the name suggests, Exclusible, is the most exclusive of the lot in this list. Branded as a marketplace targeted for luxury collectors and traditional luxury brands, Exclusible is set to launch its first NFT collection in October. The platform is said to have already signed letters of intent with a few high-end designers and has raised EUR2.2 million in funds to jumpstart its operations later this year.