Is There a Place for NFTs in European Fashion?

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NFT fashion news update
10 women models and a fashion designer are on a runway for NFT fashion show

Recently, there was a topic that was voiced by some people on the internet about NFTs being almost everywhere. We cannot deny that fact, when we scroll through our social media, we would most likely encounter the term NFT at least once. NFTs are almost everywhere in so many industries, including the fashion industry. If you are interested in finding out further information about NFT fashion news update Malaysia, you need to be with us until the end. 

NFTs Defined and The Rising Popularity

We have learned the brief introduction to NFTs and we are going to learn further now. Non-fungible tokens or NFTs are a part of the cryptocurrency world. They began to gain popularity in early 2021 when they were mentioned continuously on social media platforms such as Facebook and Twitter. NFTs are way more unique than other cryptocurrencies such as Bitcoins and Tether. 

There are many forms of NFTs that you might not know. They can be in digital arts, collectables, music arts, memes, video clips, trading cards, avatars and many more. Talking about memes, do you remember a meme where a little girl in a purple shirt was smiling at the camera while a house is burning in the background? The meme is called “Disaster Girl” and the girl named Zoë Roth sold her picture as an NFT for $437,000. She is only 21 this year, but she has made such a huge profit. That is how interesting and unique thing about the NFTs are. They can be in so many forms that have many fans and audiences. 

Some people think of NFTs as an investment for the future. That is one of the reasons why NFTs are always mentioned. They can be exceptionally valuable in the future, making many people interested in joining the bandwagon. Despite the rumours saying that NFTs are not worth it, they couldn’t care less. All they know is the fact that NFTs are super valuable and hold their own speciality that cannot be traded and exchanged with others. 

Reasons Why People Invest in NFTs

The artists and the buyers might have the same purposes for why they create and buy NFTs. The significant purpose is to preserve the value in case the value might increase in the future. Just like the physical materials such as albums and trading cards, they usually hold a special value, especially when they are kept for a certain period of time. The value would increase and of course, there would always be someone who is interested in buying such things. While the main purpose for artists to begin selling their arts is due to make a profit out of them, some of the buyers intended to help these artists. These people usually consist of the elite community, where they buy and preserve the value of the arts. 

NFTs Acceptance in Europe

Since their first appearance in Europe, many people in the countries have gone crazy about NFTs. Crazy in this context is something that is positive. They begin to accept the NFTs as soon as they were introduced. Obviously, not all of them, but about four out of ten countries that are the biggest fans of NFTs consist of the European countries. The biggest fan of NFTs turns out to be a country from Europe, which is Montenegro. They hold a special place in their citizen’s hearts. While the remaining countries on the list are France, Bosnia and Herzegovina and Luxembourg. 

Countries such as Italy, France and Switzerland are huge fans of football. There are football-related NFTs too, which attracts these football fans’ attention too. That is how smart their marketing is. As mentioned previously, NFTs can be made into numerous forms, including football-related merchandise. Clever, isn’t it? 

Paris Fashion Week and NFTs

You might never think of Paris Fashion Week and NFTs being together in the same event. Well, that has happened before. The event has taken place in June 2021, when they started to include NFTs in their event. The two prestigious companies, The French Fashion and Haute Couture Federation are the ones that were responsible to come up with such an idea. 

Arianee, one of the leading NFTs companies in Paris said that it was intended “to a limited number of journalists, photographers, influencers and buyers an NFT bearing a unique digital artwork, and incorporating functionalities that enable users to share it on social media and own an augmented-reality image.” This is one of the milestones before more fashion designers and brands begin to utilise NFTs in their events. 

NFTs and The European Fashion Industry

The NFTs are everywhere including in the fashion industry. Reputable brands such as Fendi and Prada are among the famous brands that begin to celebrate the existence of NFTs by including them in their well-known events. Milan Fashion Week and Paris Fashion Week are living proofs that the European industry have begun to accept the NFTs as one of the most important industry. They have begun to take over some of them but in a good way. The term NFTs might be familiar among us these days. If asked about them, maybe some of us are able to give the answers and some might not. Basically, NFTs have their own advantages and disadvantages, but our main focus for today is the goods that they bring. If NFTs are about to be a part of us, maybe we can accept them wholeheartedly.

Conclusion

We have heard a lot about NFTs and how they manage to be involved in many important industries such as the fashion industry. Maybe it is too early to say that they seem to be accepted by almost all countries on this earth, but it is possible to happen. We need to begin digging more about NFTs and all the good and bad things they bring to us. With the uniqueness they hold, it is a high chance that they might be the future. We are unable to predict the future, hence why we need to wait and see if they really are that powerful.