An exciting development in the world of high fashion is the entry of some of the top designers and houses into the metaverse with the launch of fashion NFTs.
Italian clothing brand Diesel is set to debut its new non-fungible token (NFT) project dubbed the “D:VERSE” on the Rarible marketplace on March 12. The collection is based on the brand’s showpieces from its autumn and winter 2022 collection.
In an attempt to give customers a more digital experience, Diesel is the latest fashion brand to jump on the NFT bandwagon. Italian luxury fashion house Prada and sportswear giant Adidas joined forces to launch an NFT project built on the Polygon network in January.
Also in January, Gap announced it had teamed up with InterPop to launch its first NFT collection on Tezos, rolling out a gamified digital experience that allowed customers to purchase a limited-edition Gap hoodie.
Those interested in the Diesel NFT drop will be able to subscribe to the D:VERSE’s whitelist, which closes later today. The whitelist sign-up will give users access to a pre-sale window for the first NFT drop.
Both traditional fiat and crypto will be accepted as a form of payment for the NFTs, and Diesel is also offering a tutorial for setting up an e-wallet.
Morgan Stanley (MS) predicts the total NFT market will grow to $300 billion by 2030. The report identifies luxury brands such as Gucci, Balenciaga and Kering as in the best position to profit from digital collaborations in the metaverse.
Luxury fashion brands have already been making millions of dollars from auctioning off NFTs. In September, Italian haute couture label Dolce & Gabbana launched its first NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.
IlluviumFox is not a financial advisor and is not providing financial advisor. The cryptocurrency market is highly volatile and IlluviumFox takes no responsibility for any investment decisions that a reader takes after reading any of its articles. IlluviumFox is a curator of other news articles and may use affiliate links where appropriate.
