Non-fungible tokens, or just NFT, are the newest technology that has been changing the art and fashion market worldwide. We know that all of this is new and can seem confusing, but don’t worry! We will help you understand it.
To sum up, NFT is a kind of unique digital cryptocurrency that can’t be replaced by anything else. For example, a Bitcoin is fungible, in other words, you can change one into another bitcoin, and you’ll get the exact same thing.
On the other hand, a non-fungible token is a one-of-a-kind trading card. That is, if you make an exchange using NFT, you will get something completely different instead.
How do NFTs work?
The NFTs are part of a blockchain and it’s like a certificate of digital authenticity. It proves that a certain art or product belongs exclusively to a single person. Thus, there is a guarantee that only one singular individual has real possession of a digital, non-physical object.
With the NFT, digital artists are able to produce their works and sell them. Then, they can monetize their work and end the possibilities for it to be copied, as often happens in the digital environment. These works can be any product: art, music, images, videos, tweets, clothing designs… basically, any work that has copyright and, because of that, can be owned by only one person.
NFT x Copying a digital art
Let’s take a look at the Beeple video that was sold for $69 million. The artist in charge of that is Mike Winkelmann. He sold his work at Christie’s auction and that made him the NFT sales record holder – so far.
Last year, Winkelmann sold his first series of NFTs, with a pair going for $66,666.66 each. And in February, one of his NFTs that was originally sold for $66,666.66, was resold for $6.6 million. But, wait! People bought a video that they could just have saved on their phone?
So, it is at that moment that we can’t forget about the copyright that artists have under the works they produce. For you to understand, just saving the video would be like a photo that you take with your phone from Monalisa, in the Louvre. And, buying with NFT is actually buying the portrait, the art itself.
The connection between NFT and creativity
If an art’s value is related to its originality and capacity of reproduction, the NFT came to break this issue that digital artists have been suffering. That’s because copying and pasting or even just taking a screenshot of online work is something that can be done by anyone.
When you buy an NFT you literally buy the copyrights to use that work. Therefore, the NFT holder has the right to use that art, being able to post it or use it as he wishes.
This new technology shows an advancement regarding the regularization of copyright in the virtual world, becoming a great achievement for digital artists.
What NFT has to do with fashion?
As we always say in Fashinnovation, technology has been changing the fashion industry in different and surprising ways. While the NFT market is going crazy and growing more every day, the fashion world has remained relatively quiet about it. But words say that this is about to change.
Fashion brands have been studying the blockchain world and all its creative and business possibilities. And now, they are carefully and slowly jumping in. According to Vogue Business, Gucci affirmed that “it is only a matter of time” and they did it: the brand just launched a virtual sneaker. Also, other luxury and small maisons are trying to find their way into this new cryptocurrency world.
Even with the completely digital nature of NFT in mind, it is important to stay tuned and closely monitor the next steps of the fashion industry in this cryptocurrency market. Brands are not going to miss the lucrative opportunity of it and we are looking forward to seeing what’s coming next.