Recently, a Singapore investor made waves in the art world when he spent US $ 69 million (US $ 93 million) for cryptocurrency in a digital work of art.
The piece was sold in the form of a non-fungible token (NFT), which is a unique cryptographic token that exists in the Ethereum blockchain. However, because each NFT is unique, they cannot be changed or changed to equivalence. Therefore, digital tokens can be considered to be certificates of ownership of virtual or physical assets.
Each NFT has a unique distinguishing code and metadata that differ from other forms of currency. For example, one Bitcoin always has a value equal to another Bitcoin. Similarly, a single ether unit is always equal to another unit.
However, because each NFT is unique, they cannot be changed or changed to equivalence. Therefore, digital tokens can be considered certificates of ownership of virtual or physical assets.
Anyone can “symbolize” their work to sell as an NFT and interest in doing so has been fueled by the multi-million dollar sales that have recently reached headlines. For example, an animated Gif of Nyan Cat has been created (2011 meme of a flying cat) sold for over US $ 500,000.
Music can also be sold as NFT. American rock band Kings of Leon has earned up to $ 2.6 million in album sales so far, and The Weeknd’s new song will also be released as NFT.
You can’t just sell art. Twitter co – founder Jack Dorsey has posted his first tweet on sale, with offers amounting to US $ 2.5 million ($ 3.9 million).
Lately, digital clothing has been making waves in the NFT space, which consumers can also buy.
A new frontier in the fashion industry
According to the beginning of digital fashion Republiqe, their digital clothing allows consumers to “look amazing without leaving the comfort of their home”, imagining that they are their own “real life avatar”.
Customers purchase digital clothing in the same way they would buy clothing online, but with an added step. After selecting the piece they would like to buy, they will have to upload a picture of themselves.
The work will be transmitted to the digital tailoring team of Republiqe so that the new fully sustainable digital piece of ethical production of the client adapts to its image. The image will be resent to the customer, ready for sharing on social media, within no more than 72 hours.
At Republiqe, all clothing is unique, as the team strongly believes in inclusion.
In terms of cost, Republiqe prices are similar to those of major fashion brands. A long printed blazer will again be bought by a buyer for GBP 40 (S $ 73.67), while a large t-shirt will sell for GBP 20 (S $ 36.84).
Building the “Tesla” of fashion
Republican founder James Gaubert has more than 20 years of experience in the luxury fashion industry and has worked with brands such as Chanel, LVMH and Burberry.
Thus, he decided to use his knowledge in luxury fashion to start the Republic in three basic pillars: creativity, technology and sustainability.
“We wanted to challenge and alter the fashion industry, almost doing what Elon Musk and Tesla have done in the automotive industry. I’ve seen first-hand the damage the fashion industry is doing to our planet, along with unethical production, and I think that made me want to make a difference, ”James told Vulcan Post.
As a fully digital brand, Republiqe does not have long manufacturing times, which allows the brand to be more agile and create garments in response to social events and “important moments”.
Nor does it operate within the usual limits of the stations in which traditional brands operate.
“Our role is to constantly listen to and understand our consumers to create clothes around events that interest them. For example, we have an Earth Day micro capsule, a Pride collection and more, ”James shared.
In addition, another factor that differentiates Republiqe is that it is not limited by the types of fabrics and materials it can use, and the creativity of the team can flow freely. For example, you may have a piece completely embedded in diamonds, but not have to pay a high sum.
Is it the future of fashion?
According to James, the response to their digital clothing has been positive so far and the team has sold more than 500 pieces over the first six months. He acknowledged that while the number may not seem significant to some, he considers it a huge success, as digital fashion is a whole new space.
He believes that future fashion is digital. While there will always be a need for physical clothing, having a good look on social media is extremely important for Generation Z consumers, who want to build an online personality and escape virtual reality.
Therefore, Republiqe and other digital fashion brands provide consumers with Gen Z outfits that they may not usually wear in real life, which James believes will be more important in the future.
“I look forward to seeing a significant shift in spending in the coming years from the physical to the digital, the possibilities are endless,” he excited.
There is still a long way to go in educating both manufacturers and consumers, but big brands like it. Moschino they are already dipping their toes into digital space.
This gives James the confidence that he is “up to something very big.”
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Featured Image Credit: Republiqe