High fashion provides no utilitarian value which is exactly why they now want to enter the NFT space. According to a new report from Vogue Business everybody is waiting to see who jumps in first but it is supposedly inevitable.
Gucci recently confirmed to Vogue Business that it’s “only a matter of time” before a brand like Gucci will release an NFT. In addition, Vogue Business has confirmed with multiple industry sources that a number of luxury fashion houses are close to releasing NFTs.Vogue Business
High fashion and over-priced NFTs have a lot in common. They are much more about social signaling than anything else. While you may be able to buy an NFT for $100k and flip it for $150k, the fact that you could drop $100k on a piece of art is definitely a form of signaling.
Walking around in a $15k dress is a similar signal. However would somebody want to buy a digital representation of a piece of clothing? My guess is yes. If patterns were included with each piece I could see it selling for a fortune. I doubt that will happen though.
For the time being we’ll all be on pins and needles waiting to see who produces the first luxury clothing that you can’t wear for sale as an NFT.