The Blossoming Intersection of Fashion and Crypto: What Does the Future Hold?
Over the last few years, fashion and crypto have been entwined together. Click here to find out what this means and what the future holds.
Over the last few years, the fashion industry has been transcending into the metaverse. Whether it’s virtual collections or avatar influencers, the use of digital fashion is becoming far less of a gimmick and more of an indication of fashion’s impending future.
This is largely due to the ongoing success of NFTs (non-fungible-token), which are designed to be unique and special to the owner. Ordinarily, these NFTs come in the form of art pieces, music videos or even original GIFs, but, for the last couple of years, the fashion industry has found itself integrated into the heart of it all.
Today, there are a variety of fashion experts who predict that the industry is going to become far more associated with crypto than was previously thought. But how is this the case, and what does the future really hold for the blossoming intersection of fashion and crypto?
The Blockchain Is The New Design Studio
While designers of clothes and fashion instruments are traditionally held up in a physical design studio, today the blockchain has taken the form of both the studio and the retailer, with the ability to use new technology to create fashion and then sell it on the blockchain as an NFT.
Obviously, these digital clothes cannot be worn in reality, but can rather be used to dress online. The virtual world Decentraland, for instance, allows users to make and sell their clothing for avatars to wear on the site, with some designers making as much as $20,000 in only three weeks.
Likewise, the crypto community has even hosted an online fashion week. This took place in the midst of 2021, involving an online schedule which was filled with exhibitions, workshops and conversations across the metaverse. It brought together a community of technologists and designers, and it included a talk from the transhuman AI-powered Kuki.
The idea was to spread the authentication of digital fashion and its ability to create an impact in the oncoming Web3 world we are heading towards. There are still critics, but this fashion week proved there is an overwhelming interest in the concept. While the price of Bitcoin and Ethereum (both of whom are leaders within the cryptocurrency landscape) is set to rise to new heights over the next few years, so too is the interest in the crypto market, meaning there are going to be far more people investing into the digital fashion industry.
What Is The Point Of Digital Fashion?
Of course, there are some who might scratch their heads at the very concept of digital fashion. After all, why would someone pay so much for clothing that they cannot actually wear? According to Lady Phoenix, who is a progenitor of NFT culture, the rise of the digital fashion industry directly results from both the pandemic and social media.
Many followers of fashion are not dressing to go out and parade as much as they used to. Nowadays, the impact of fashion is being felt through “likes” on a social media platform, which has similarly led to fashion lovers wanting to purchase clothes for their online avatars, rather than for themselves. In her words, if someone is wearing something to show off on social media then “ it may as well be something digital because the environments are digital environments”.
As well as this, digital fashion can eliminate production, manufacturing and landfill costs, whilst also providing more opportunity for expression, accessibility and validity for the creator, as the history of creation will be recorded onto the blockchain.
What Does The Future Hold?
As mentioned previously, the incoming phase of Web3 will undoubtedly create a world which is reliant on a decentralised, inclusive internet. In this way, many traditional methods of economics and creation, whether it’s banking or fashion, will ultimately be integrated into the metaverse.
The fashion industry has long been an innovative and intuitive sector, and the last few years have only further proved that. In a way, creators and designers have managed to hop onto the train before it has left the station. With blockchain technologies becoming far more efficient, sustainable and secure, it is only going to become more popular for designers wanting to create a name for themselves.
For those who are still ultimately invested in physical fashion, this is not necessarily bad news either. The more the fashion industry takes a hold of crypto’s future, the more money and attention is being placed on fashion itself, which will only help it grow and flourish over the next few decades. In terms of what the future looks like, it is hard to pinpoint anything specific, especially in a constantly evolving metaverse which is only just finding itself. If we have had any clues so far, however, it's fair to say that it is going to be dressed to impress.
Crypto Trends in October 2022
It’s October! What's trending in crypto this month?
Crypto Trends in September 2022
It’s September! What's trending in crypto this month?
Bitcoin Showing Signs of Resurgence After Catastrophic Dip: What's Contributed?
The Crypto Winter looms even as Bitcoin’s price shows signs of stabilising and resurging. Read on to discover ...
Tesla Sells Bitcoin Holdings: Will This See the Beginning of a Trend for Other Businesses Who Hold Crypto?
All About Crypto Seasonality
The total market capitalization of the top 100 cryptocurrencies has increased over the past seven years from ...
Getting to Grips with Arbitrage
The world of trading has many different tricks and tools refined over the years by strategists and financiers, ...
The Crypto Winter: Are There Any Advantages?
It seems that another crypto winter is among us, but what does it mean and are there any advantages? Click here ...
The Comparisons Between the 2018 Crypto Bear Market and Now: Are They Useful?
Cryptocurrency is currently heading into another bear market. Click here to find out how noting comparisons can ...
Could Post-Merge Ethereum Have a Centralization Problem?
Ethereum recently completed its merge into Ethereum 2.0. Click here to find out if this will bring about a ...
Instagram to Add Support for NFTs
Instagram to launch NFT functionality on its platform in 100 countries worldwide
Can Ethereum’s Ecosystem Keep Its Future Bright Amidst This Crypto Winter?
Ethereum has steadily been building an ecosystem unlike any other. Click here to find out why its future remains ...
Buterin Criticises Bitcoin’s Stock-to-Flow Price Prediction Model – But What Is It?
The stock-to-flow prediction model has caused a mixed reaction amongst the crypto community. Click here to find ...
AVAX, the Ethereum Killer: What You Need to Know
AVAX, which is a token run on the Avalanche blockchain, is said to be the Ethereum killer. Click here to find out ...
A ‘Digital Library of Italian Culture’ in Puglia: Is It Expanding NFT Use to New Areas?
The University Aldo Moro is currently using NFTs as a way to reignite the culture of Puglia. Click here to find ...
Crypto’s Position in the Italian Economy: Will It Only Grow and What Would Regulation Do?
Crypto is continuing to grow in the Italian economy. Click here to find out how and what regulation might mean ...
Will the EU Adopt a Digital Currency?
Cryptocurrency is growing across the world, with more and more countries starting to embrace it. Click here to ...
Ethereum’s Proof of Stake System: Do Other Coins Use It?
Ethereum is currently switching to the proof of stake system. Click here to find out what this means and whether ...
How has Ethereum Fared in Price and Reputation in Light of Terra and Tether?
The de-pegging of Terra and Tether has had wide repercussions for the crypto market. Click here to find out how ...
We have received our official license in Lithuania
It’s just one more step on our journey of expansion throughout Europe and, ultimately, the world.
Further details regarding the Flare (FLR) airdrop
Find out how you can proceed with the next part of the FLR airdrop
Cardano (ADA) network upgrade and hard fork
Cardano (ADA) network upgrade and hard fork is expected to take place at block height 8,403,208 on 14-02-2023 at ...
Join the Zonda Pay affiliate program and earn a 20% commission!
We’re offering handsome rewards to users that help us to onboard new clients - sign up and start earning a ...
Several crypto transfers will be unavailable on 21 January 2023, from 14pm-17pm (UTC)
We are launching Flare (FLR) Airdrop and FLR/PLN market on 19.01.2023 at 2pm (GMT+1)
Are you ready for the Flare (FLR) Airdrop?
Scheduled Maintenance on January 19
Introducing our New Year’s BTC and ETH trading competition
Prove your skills trading BTC and ETH and win up to 10,000 PLN
Limited deposits and withdrawals on 06.01.2023
Due to public holiday, deposits and withdrawals via some channels will be unavailable tomorrow, 06.01.2023
We will be delisting several markets on 11.01.2023
Due to minimal volume and limited use, we will be delisting the following markets
3.03 The Dow theory: principles and statements
This lesson helps you understand the principles and statements of Dow’s theory.
3.05 Candlestick charts and patterns
This lesson focuses on understanding candlestick charts and patterns.
2.05 Bid-Ask spread and slippage
This lesson explains bid-ask spread and slippage.
2.04 Understanding market capitalization
This lesson centers on understanding cryptocurrency market capitalization.
2.03 Common crypto trading terms
This lesson is a compilation of the most commonly used crypto trading terms.
2.02 How to start cryptocurrency trading
This lesson explains a step-by-step process on how to start cryptocurrency trading.
2.01 Why to invest in cryptocurrencies
This lesson explains why cryptocurrencies might be a good asset to include in your investment portfolio.
3.02 Understanding technical analysis
This lesson helps you understand technical analysis in crypto trading.
3.01 What is fundamental analysis in crypto?
This lesson walks you through the fundamental analysis of cryptocurrencies.
3.04 What are the types of charts? How to read a chart?
This lesson explains how to read a chart and types of charts in technical analysis.