NFTs (non-fungible tokens) are an important tool for the gaming industry and for the fashion industry. They offer players a new way to wear, collect, and trade fashion, albeit in a virtual/online environment. In gaming, fashion-themed NFTs can otherwise be described as tokenised wearable items.
Here, we will be taking a look at whether NFTs will be mostly used for fashion purposes in video games over the coming years.
What are non-fungible tokens in a nutshell?
Non-fungible tokens (NFTs), in a nutshell, can be described as digital assets that arrive in the form of tangible and intangible items. They are created using the same type of programming that cryptocurrencies use, which is known as blockchain technology. An NFT can be bought with cryptocurrencies, and they cannot be exchanged.
NFTs are tokens that we can use to represent ownership of unique items, and as soon as data has been stored on the blockchain, there’s no way that it can be manipulated or altered in any way. The most common NFTs that many of you will already be familiar with by now are:
- Miniature digital pieces of artwork
- Video game skins
- Music
- GIFs
- Sports highlights and other video highlights
- Virtual avatars
NFTs can also be Tweets, sports memorabilia, fashion items, and various other collectibles. It is also regarded as a digital piece of art, digital media, or digital content, and each NFT has its own unique digital signature to establish proof of ownership. An NFT comes with hidden non-interchangeable units of data, which are stored on a digital ledger.
Money can be made by selling NFTs, and they have been known to go for anywhere from as little as $/€/£1.00 (or equivalent currency value) up to a mouth-watering $90,000,000.00+! When buying an NFT, they enable users to check for authenticity because the technology is open source, and the blockchain keeps a record of data.
Its therefore not possible for anyone to copy/paste a new NFT into existence, and a growing number of people around the world currently want to own their own unique NFTS. Fashion is a great way for people to be able to own one.
Will NFTs be used for fashion in gaming?
Some of the world’s major fashion retailers have already ventured into the NFT market in recent years, and they have specifically been developing NFTs for marketing in certain hit video game worlds, such as Minecraft. Fashion NFTs have also started popping up in Microsoft and Atari games, too. This means that players can now wear items of clothing from certain iconic houses of fashion within their favourite games. NFTs have been created that represent actual clothing, and according to reports, sales of fashion-related NFTs are soaring.
They cannot yet be purchased in games that any online casino ireland has to offer. Instead, they can be bought and sold in games like The Walking Dead: Empires, Axie Infinity, Star Atlas, Alien Worlds, Battle Racers, Gods Unchained, Gold Fever, Splinterlands, and Illuvium, to name just a few.
Which major brands have ventured into the NFT field?
So far, some of the major fashion brands that have ventured into the field of NFTs are the following companies:
- Dolce & Gabbana
- Jimmy Choo
- Nike (Nike-owned RTFKT)
- Gucci
- Burberry
- Nars
- Gap
- Adidas
- Levi’s
- Clinique
- Louis Vuitton
- Prada
- Tiffany
Fashion NFTs that are created using blockchain technology in video gaming worlds can also help fight counterfeiters who produce fake goods. Once purchased, NFTs provide people with property rights to those items, which in turn, drives up the value of the NFT. In some metaverses, gamers can use their fashion item NFTS across multiple games within that metaverse, and they can be easily be purchased using cryptocurrency.