It is kind of fascinating how NFT is conquering various sectors surrounding us. The fashion world could not resist either. Vogue Business reported the news, saying Gucci recently confirmed that it’s about to release an NFT shortly. Several other luxury fashion brands are also close to releasing NFTs, Vogue Business reported.
For example, a fashion collectibles platform Neuno, is currently working with five luxury fashion houses on launching NFTs.
Natalie Johnson, the CEO of Neuno, claimed: “We want to be the universal 3D wardrobe that plugs into everything,” said Johnson. “For example, imagine if somebody bought the iconic J Lo Versace dress on our site.”
Neuno is built on Dapper Labs’ Flow blockchain. Johnson said customers would be able to buy NFTs with their credit cards, removing the need to own cryptocurrency.
What is an NFT?
If the token is non-fungible, it is not interchangeable, unique, and non – divisible. You have 100% ownership of your NFT (non-fungible token), represented by a token you can store in your wallet just like other cryptocurrencies. Possible to transfer and can be collateralized. The difference is that NFT’s have unique in-game characteristics and properties built in as ERC 721 standard token.
Each NFT is valued differently. When investors get involved, suddenly there is also an active digital marketplace. Similar to eBay, where there are thousands of auctions made daily.
But instead of exchanging physical goods, you’re exchanging digital items with different values. It’s based on what value people give them at the time. Some people focus on trading NFTs instead of trading cryptocurrencies.
They have grown significantly in popularity in recent months, especially after one of Beeple’s NFTs sold for nearly $70 million last month.
More than $300 million worth of NFTs has been traded in the past 30 days. NBA Top Shot remains the top marketplace, followed by CryptoPunks and Rarible.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.