Updated: May 4
This is a living blog post. I will be adding additional thoughts and comments as we build out our NFT platform on LOAK. Last edited: 09/26/2021
Within the last few weeks, the concept of NFTs (non-fungible tokens) has seemingly blown up out of nowhere. For me personally, I was first introduced to these new digital assets when my mom told me about Beeple's NFT artwork that sold for $69million. I did not understand, and am admittingly still not quite sure, why someone would buy a digital image for so much money. Especially given the fact that I can right-click and save the same file for myself for free. However, let's take a step back and talk a little bit about NFTs before I get into my vision for the future of limited-edition wearable fashion.
To put NFTs simply, you can attache a file (like the image above) to a cryptocurrency and when you do this you have a verifiable breadcrumb-trail back to the original creator of said NFT. Basically creating a verifiable & authentic digital file similar to a verifiable authentic sneaker.
So what does this have to do with fashion and wearables? Just as people care about the authenticity of their Yeezys or Air Jordans, people will care about the authenticity of their digital assets. When artists (like Kanye or Diplo) begin to create their own NFT digital sneakers or other wearables, people will want to have the "real" thing. Having the "real" digital file is now possible given the technology behind NFTs/Cryptocurrencies.
The reality of digital sneakers sunk in for me as I saw RTFKTStudio's amazing sneaker renderings. The fact that their NFT sneakers have sold for tens of thousands of dollars is still confusing and baffling, however, believable. For me, the real excitement comes from wearing your digital authentic sneakers in AR (augmented reality). They have partnered with brands like Atari and Lexus to make some really beautiful works of art.
source: RTFKTStudios Instagram
However, I see the future of limited-edition wearables (that I call cryptowear) going far beyond sneakers. Just like you can buy cool skins for your Fortnight character, I believe you will be able to buy NFT wearables that you can wear (and be seen wearing) in an augmented reality medium. That is why LOAK is aiming to become the first marketplace to support limited-edition NFT wearables. We believe it is the future of retail, fashion, and streetwear alike. We are excited for the future of this technology and the amazing collaborations LOAK and others will create.
Please feel free to leave your thoughts on the future of cryptowear and NFTs below in the comments.
In the meantime, sign up for our NFT waitlist to have the chance at copping one of our own pairs of limited-edition LOAK x (artist to be named on day of the drop) cryptokicks.
SIGN UP FOR THE WAITLIST HERE: LOAK NFT WAITLIST