{"id":46371,"date":"2021-12-13T13:40:41","date_gmt":"2021-12-13T13:40:41","guid":{"rendered":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/?p=46371"},"modified":"2021-12-15T00:05:10","modified_gmt":"2021-12-15T00:05:10","slug":"what-does-the-future-of-nfts-hold-for-fashion","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/what-does-the-future-of-nfts-hold-for-fashion\/","title":{"rendered":"What does the future of NFTs hold for fashion?"},"content":{"rendered":"\n

In the past year, NFTs has been the new buzz word. From Harry Styles to David Lynch, a vast range of celebrities from various entertainment fields have endorsed in NFTs as a way to sell their art. However, as for regular people, it is hard to even define what NFTs are and what they do.<\/strong><\/p>\n\n\n\n

According to the BBC, Non-fungible Tokens (NFTs) are \u201csomething with units that can be readily interchanged\u201d. To put it simply, it is a bit like money. However, the only difference is that I cannot be interchanged with something else. For example, it is possible to exchange a \u00a320 note with two \u00a310 notes. This is usually the case when an item is one-of-a-kind items like a famous painting. Another thing which sets NFTs apart from other items is the fact it not tangible and exists only in the digital world. With this comes the question of whether they can be copied if they are digital. Although it\u2019s possible, the original will always have certificate of ownership indicating it to be the real item.<\/p>\n\n\n\n

Now what happens when NFTs are used within the fashion industry? Although fashion is relatively new to the technology world, it has been provoking a lot of discussion about its future. Just recently, Harry Styles\u2019 J.W. Anderson cardigan which he was spotted wearing back last February was sold as an NFT by Xydrobe. This shows how NFTs is slowly creeping its way into mainstream. However, there are various mixed opinions as to the validity of it.<\/p>\n\n\n\n

Daniel, 19, \u201cI feel like the world is changing, we have created this new world where everything is virtual, and I feel like investing in it would benefit you financially once it becomes mainstream.\u201d<\/p>\n\n\n\n

Jason, 23, \u201cI might but I would be cautious because I am not too trusting of purchasing these kinds of things, especially if the product itself is not tangible.\u201d<\/p>\n\n\n\n

Additionally when conducting a poll on Twitter, most seemed to be rather closed off to the idea of purchasing virtual goods: <\/p>\n\n\n\n

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NFTs have been a huge topic this year by making its way into the fashion world. However, there are mixed opinions as to whether it will make its impact on fashion in the future.
Would you invest money in a garment of clothing if it was only available in digital form?<\/p>— Voice Of London UK (@VoiceOfLondonUK) December 9, 2021<\/a><\/blockquote>