They are called Non-Fungible Token. In other words: NFT. Their movement is taking the first (giant, for some) steps, but it’s trend is so positive that many brands of the fashion system are already looking into them. Some individuals buy digital creations to resell them and earn. Some dream of “owning” a digital item and wearing it in a virtual reality built online. Then there are those that think that a brand may reproduce a memorable memento of the catwalk to resell. It seems crazy, but not for digital natives. It’s not by chance that this specific market, with regards to sneakers, has already taken off, showcasing how real the value of virtual NFTs is.
The real value of virtual NTFs
A collaboration between RTFKT and Fewocious (18-year-old digital artist out of Seattle) led to the sale of 621 pairs of sneakers in 7 minutes (in photo by hypebeast.com) for a value of 3.1 million USD. Nothing weird, if it wasn’t for the fact that they can’t be worn or touched since they are digital. On this line, RTFKT, which is one of the most active fashion players in this immaterial segment, hired two designers from Clarks. Their job is to make real versions of virtual models. “Sneakers were just a starting point”, explains Benoit Pagotto, one of three founders of RTFKT The Wall Street Journal. He also points out how teenagers now know that it’s possible to make a living by selling sneakers, and how this same concept can be replicated to the digital world.
NFTs purchases and sales are recorded into a digital book that can be accessed by everybody, which also ensures that no “virtual piece” can be falsified or copied. Owning an NFT doesn’t mean that one owns an exclusive copyright. After just a few weeks, the RTFKT-Fewocious “shoes” were traded for double the price paid, and RTFKT had the right to demand a sort of royalty payment. The moral is: creators of NFTs can (hypothetically) make money endlessly.