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Why Digital Fashion is the Next Frontier of NFTs
By Emma-Jane MacKinnon-Lee
In a year where Bitcoin has entered its biggest bull market in history, NFTs, or non-fungible tokens, are shaping up to be the hottest trend in cryptocurrency. Furthermore, thanks to a wide variety of use cases that integrate with real-world industries, NFTs are to become the catalyst for the kind of mainstream adoption that has so far eluded cryptocurrencies and blockchain technology.
For the most part, the 2021 NFT hype has been in the segment of digital art. For many years, digital artists had no way to protect their work from being copied and distributed all over the internet. However, by minting art as NFTs and introducing the element of scarcity, artists such as Beeple and Grimes have sold works for multiple millions of dollars.
But digital art is just one of the many use cases for NFTs, which are set to introduce entirely new value sectors to the world in the coming months and years. One of those is digital fashion, which is already proving to be a lucrative revenue source for game developers in the form of in-game skins. For instance, Fortnite is free to play but netted an estimated $2.4 billion in revenue during 2018, mainly thanks to players buying skins.
Last year, Felix "Pewdiepie" Kjellberg released a set of NFT skins for the game Wallem, which have changed hands for an average of 41 ETH (worth around $80,000) on the NFT marketplace OpenSea. If you want to get your hands on one right now, it will currently cost you an incredible 995 ETH, or around $2 million.
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