Many fashion brands have continued to experiment with NFTs and web3 despite layoffs and drops in NFT floor price. You wouldn’t have known that popular non-fungible token projects (NFT) had their floor prices drop by as much as 30% last week, which means the price of bitcoins and ether plummeted.
The mood was actually positive, with discussion focusing on the launch of successful NFT projects, building online communities, and the technical challenges associated with selling digital fashion to consumers.
Interoperability, utility and other topics were discussed. Interoperability, in the context of digital fashion refers to being capable to carry an avatar and fashion to dress it through multiple’metaverses’ or online games.
Although this topic was brought up several times during the week, there were very few examples of progress or insights into how to address it. It could also be that panels were limited to 30 minutes per panel. This is because there was not enough time to cover complex topics but enough to provide a general overview.
Panelists agreed that NFTs that have tangible uses, such as exclusive events or merchandise, provide more value over NFTs that are just nice to look at.
However, discussions about how to weather macro trends and market volatility as well as how best to survive a recession were sparse, although the topic was a top priority for many.
The message of the bear market was to be used as an opportunity to build a brand, or to experiment with coming out stronger in the opposite direction.
Stefano Rosso, founder of D-Cave (a digital lifestyle hub), stated at the conference that while hype will destroy the weakest projects, those with long-term visions and clear road maps will thrive in a down market.
This sentiment was shared by many other panelists throughout week. Some of them spoke about ongoing experiments with digital assets.
“We’re still seeing the best. “And still excited to see the consumer’s reaction,” Rebecca Minkoff, fashion designer, said during a panel discussion at The Sandbox.
Minkoff unveiled a NFT collection with Mavion the next day. Minkoff collaborated with Mavion to launch the NFT collection. Mavion is a global marketplace for NFTs with NFTs that allow holders to access both digital and experiential perks.
A few other major brands also joined the fray. Gucci has announced that it will be joining SuperRare’s first autonomous decentralized organization. After a successful launch last year, Burberry has relaunched their NFT-based game. Louis Vuitton filed four trademark requests dated June 23, for NFTs and virtual goods. Salvatore Ferragamo , an Italian luxury brand, installed an NFT booth at New York City. Yesterday Adidas partnered up with British soccer team WAGMI United in order to explore the future sports in web3.
According to Nelly Mensah (LVMH’s web3 leader), projects that find a overlap between their customers and current web3 consumers will be the ones that last long. TAG Heuer and LVMH have recently done the same thing. This has led to a convergence between NFT collectors as well as watch collectors.
Michael Litman, Senior director of Web3 at Media Monks and NFT, stated that the biggest brands are experimenting in this area and they won’t be slowing down. He said, “We work on a global basis with brands, such as Gucci and Cool Cats and Ledger. They are building for long-term, not the here and now.” The NFT community is very short-sighted and moves on quickly. We advise you to be flexible and experimental, but build now so that the bull run can begin again.