How Fashion and NFTs Found Themselves in a Beneficial Partnership

cryptonews.com:

The fashion world has gone for NFTs in a big way. Yes, skeptics may continue to claim that NFTs are “useless,” yet fashion houses seem not to have received the memo, since a growing number of them have begun offering those tokens of ownership as part of their collections and product lines.

In fact, the roster of fashion firms using NFTs in one way or another has become pretty big, including such luminaries as Balmain, Philipp Plein, Gucci, Prada, Salvatore Ferragamo, Rebecca Minkoff, Burberry, Diesel, Guerlain, and numerous others. And in many ways, NFTs and fashion make a natural pairing, if only because both are centered around rarity and status.

One of the big benefits of fashion’s embrace of NFTs is that it has allowed the industry to attract new customers, people who may not have otherwise spent with certain brands. And with at least some fashion houses accepting NFTs as a new reality for them, this relationship may also work in the other direction, with fashion serving to bring new people to NFTs and crypto.

Swiss fashion group Philipp Plein has been one of the earlier adopters of NFTs and crypto within the industry, having begun accepting cryptocurrency as a form of payment in August 2021. 

This involvement expanded into the use of NFTs in April of this year, when the group launched a concept store in London that offers customers non-fungible tokens representing the real-world items they buy in-store. For Philipp Plein himself, this makes lots of business sense, seeing as how fashion and NFTs are both a form of art.

“It means that both are a way to express yourself or to express feelings or ideas. If we're adding luxury brands to the mix, NFTs become also a matter of status symbol,” he told Cryptonews.com.

That fashion