Last update on: 10:19 am March 21, 2022 by fashionabc
Generating reportedly $2.5 billion in sales within the first half of 2021, NFT artists, brands and content creators worldwide are experiencing tremendous growth and success. “Right now, fashion being sold via NFT is fashion as art, and not necessarily fashion as a utility,” Cathy Hackl, CEO of the Futures Intelligence Group, told Vogue Business. “We’re eventually going to get to the point where there’s more utility, but we’re not there yet.”
Rens ‘coffee hoodie’
The most straightforward example of a fashion NFT is where the NFT is the digital ‘twin’ of a real-life garment. For example, Finnish sustainable sneaker brand Rens is entering the metaverse this month with the release of limited edition NFTs to mark the launch of its climate neutral ‘coffee hoodie’. The collection will consist of ‘Regular’, ‘Rare’ and ‘Epic’ designs, which listed in chronological order will increase in value based on the scarcity of quantities available. An early adopter of the metaverse, Rens accepts Bitcoin, Ethereum, USD Coin, Dai and Bitcoin Cash as a form of payment.
Alongside the launch of its limited edition NFTs, Rens will be foraying into apparel with the launch of its climate neutral Elemental hoodie collection. Based on customer feedback to shape its product portfolio, Elemental is the brand’s newest product innovation, which combines the use of waste-based materials created from used coffee grounds and recycled plastic with the introduction of ‘super-material’ bamboo viscose. What’s more, Rens will continue its work with ClimatePartner to offset carbon emissions at every step of the production process, to create a product that is certified carbon neutral.
“We are continuing our mission to promote sustainable fashion through technology and innovation. The launch of our exclusive limited run of NFTs alongside our Elemental Hoodie Collection shows how we are able to drive innovation in both the physical and digital space simultaneously, whilst also building on our sustainability credentials,” explains Jesse Tran, CEO and Co-founder of Rens. “We wholeheartedly believe that this is just the beginning of a MetaPhysical revolution in sustainable fashion and have ambitions to see Rens products in every single corner of the real world and the metaverse.”
Per Vogue Business, ‘Cathy Hackl of the Futures Intelligence Group believes we’re just at the tip of the iceberg when it comes to virtual fashion and its possibilities. “As we move into a more immersive web, every fashion brand will need to have a virtual strategy,” she says. “Selling virtual dresses and assets will be a significant revenue stream for brands. For my children, the way their avatar looks in games is equally as important as how they look when they go to school. My daughter said to me the other day about her avatar, ‘Yeah mom, I paid a lot for that face.'”‘
Jasmeen Dugal is Associate Editor at FashionABC, contributing her insights on fashion, technology, and sustainability. She brings with herself more than two decades of editorial experience, working for national newspapers and luxury magazines in India.
Jasmeen Dugal has worked with exchange4media as a senior writer contributing articles on the country’s advertising and marketing movements, and then with Condenast India as Net Editor where she helmed Vogue India’s official website in terms of design, layout and daily content. Besides this, she is also an entrepreneur running her own luxury portal, Explosivefashion, which highlights the latest in luxury fashion and hospitality.
