As a part of the brand and businesses cashing in the current unique NFT creative work collection, the most recent is the 19,000- pound Black hoodie from the streetwear label Overpriced. This ‘one-of-a-kind’ virtual asset trend is neither losing steam nor slowing down, but only growing faster and spreading.
Streetwear fashion brand, Overpriced’s black hoodie is emblazoned with an expletive-laden logo in neon green graffiti font. It was sold on the digital art marketplace Blockparty. co to an anonymous bidder who, through scanning a code, can now “wear” the garment in virtual settings online. The key to note here is, the owner can wear it in a virtual setting and perhaps might also own the rights to the logo in case someone else uses it.
Overpriced says it will create “fashion for the crypto generation”. Its co-founder Leighton James told Hypebeast: “We are a group of artists looking to create art-powered crypto fashion that aims to challenge the conceptions of what luxury fashion is.”
This was preceded by a virtual shoe sold by RTFKT Studios’ in collaboration with the “crypto artists” Fewocious to create a range of virtual footwear. These shoes sold for an ever wilder price of £2.2m, that too in seven minutes. The last time, we heard of super expensive shoes, were Kanye’s Nike Yeezy, which we won the night he won 4 Grammys, they were later sold by an auction house for nearly a million-dollar, which at that time, made them the most expensive real shoes ever sold. But there is a difference, while those were mass production shoes, these shoes are unique and can only be worn by the owner of the NFT and nobody, taking personalization of product and brand to its ultimate end.
All this is possible due to the unique feature of NFT details, which makes them one-of-a-kind assets that can take the form of anything digital and can be traded for something else, whether that is a cryptocurrency or another piece of a digital kit.
Other famous players entering this booming, high-value space are popular celebrities. Just last week, the art collective MITNFT, announced a series of NFTs featuring the supermodel Kate Moss. The Three artworks called, Drive with Kate, Walk with Kate and Sleep with Kate, were authenticated by Kate moss herself. According to the Fashion magazine Vogue, these were shot at her home and sold as a limited edition of one. Meaning no one else can own those pieces of work, giving them greater future value.
In the lesser value but a huge potential market, Italian designer Angelo Galasso produced a range of NFT wallets, backpacks and keychains, in collaboration with the artist Lee Robinson. According to James, NFTs provide a unique way for artists to designate what is real and what is authentic. “Our customers are purchasing unique wearable art that no one else in the world has.”. he also revealed that the hoodie can also be worn physically in the real world.
Even big fashion labels like Gucci want to ride on this bandwagon. They created the Virtual 25 – a pair of virtual neon green and pink trainers made to be worn in virtual, augmented reality worlds. Gucci’s brand and customer engagement department told Vogue Business it was “only a matter of time” before it released an NFT.
After the 5000 days was bought by Indian collectors for a whopping $69 million, the craze around the artwork, uniqueness driven purchases have seen a real boom, while many thought, it was a short term trick, it seems to go on and on as it seems that there is a market for this kind of persuasion. While it is still well known that it is a highly speculative market and that the bubble could burst anytime, smart investors and smart businesses with real unique assets are monetizing them in a big way.
It would be wise to acknowledge that this is a speculative market around one-of-a-kind NFTs is in boom and probably a bubble. But who’s to say, when even The Kings of Leon became the first band to release an album in an NFT format, Grimes has amassed about £4m for sales of digital art in the format. Even the global super brand like Jack Dorsey of Twitter could not resist the opportunity when he sold his first tweet for more than £2m.