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On-Chain Drip: The Tokenization of Fashion
Key Insights
- As our physical world fuses with the digital, physical identity will be projected in virtual worlds through avatars and PFPs, and attire will be a big part of this identity.
- The development, production, authentication, and digital renditions of apparel can be moved on-chain to lower production costs.
- There have been cases of fashion consumers paying more for digital goods compared to their physical counterparts.
Digital fashion is hardly a new concept and existed long before NFTs. Early digital fashion came in the form of gaming skins, dressing up Neopets, and customizing online avatars (Sims anyone?). Today’s fashion NFTs are tokenized apparel, wearables, jewelry, and footwear that might have both virtual and physical components. With no real physical barrier in manufacturing or design, digital fashion can take on forms of art and expression that go beyond what the physical world can offer.
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Eshita is a Research Analyst at Messari focused on Web3 topics. Previously, she was a Venture Fellow at Bloomberg Beta and prior to that was working on data at Shareworks by Morgan Stanley.