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Jul 28, 2022

Luxury Brands are Adapting Faster to Web3 Than the Majority of Industries

There seems to be a consensus that Web3 will undoubtedly play a pivotal role in its future.

Web3 is the future for everyone, including the fashion industry. High-end fashion brands have taken to NFTs more quickly and enthusiastically than other industries. Gucci, Yvel, Balmain, Prada, and Balenciaga are just some of the many designer brands that are building the bridge between fashion and Web3. 

Gucci’s NFT project was a film inspired by its  Aria fashion collection. The film was a short video clip that showed Gucci’s creative director Michele’s runway presentation from the Aria collection. It sold for $25,000. Gucci is known for its one of a kind pieces and this NFT is nothing short of that. 

Balmain recently entered the NFT space with its  announcement of Non-Fungible Thread. This thread is a NFT-backed fashion ecosystem that caters to those who own Balmain clothing. While the utilities for owners are not yet decided there are murmurs of the following perks: digital outfits will be turned physical and mailed to your door, you will receive exclusive invites to collectors of particular future drops, and there will be cocktail hangouts with digital clothing designers. 

The possibilities when merging fashion and technology are endless. There are already a handful of beauty brands that have implemented AR technology in order for consumers to sample their makeup before committing to buy it. Similarly, a company called Farfetch partnered with 3D creator Threedium to digitize garments made by Palm Angels, Off-White and Balenciaga in order for users to try them on.

Luxury brands are not only adapting to this new future but fully allowing themselves to dive into it and flourish.