Digital's latest technology NFTs is redefining the very essence of fashion, and with the first Indian designer about to drop his NFT collection, the industry has no choice but to start understanding what a Non-Fungible Token is.
Being digital is no longer just a trend for fashion, it is essential. Just like sneakers are no longer considered sportswear but a core item of both luxury and high street fashion.
With NFTs being the new buzzword of digital, fashion is trying to wrap its head around this new phenomenon. (And, Gucci has already started selling digital-only sneakers, by the way.)
So, let's start with the basics: NFT stands for non-fungible tokens. Simply put, they are Jpeg files that are limited or unique thanks to blockchain technology. They are the new collectables. They come with their certificate of authenticity. Art has embraced the NFT for a few years now. Both Jeff Koons and David Hockney recently announced they would be launching their own NFTs.
All this attention has put a lot of hype around the world of NFTS, and we all know how fashion loves hype. Luxury labels never like to be left out of technological developments, and brands from Balenciaga and Dolce & Gabbana to Burberry are becoming NFT friendly.
It is actually a technology that has a lot of flexibility, so it can adapt itself to the creative process. It could be a simple design sketch, an archive photograph or a wearable item of digital clothing. It's a whole metaverse waiting to be discovered.
The first Indian designer to embrace the world of NFTs is Manish Malhotra, and where else would he announce this moment than at FDCI x Lakme Fashion Week. He has created five NFTs that will be available on the WazirX NFT Marketplace – and while none of these is wearable, it marks the start of a transformation in the Indian fashion industry.
For many creative people, all this techno talk may seem like babble, but it is being touted as the future of the industry. The veteran designer sees them as a gamechanger – and other designers are already working with WazirX NFT Marketplace.
Manish Malhotra said: "NFTs are a complete gamechanger and absolutely something that the Indian industry needs to consider and move towards. I am thrilled to talk about the Indian NFT Revolution in Fashion at the upcoming panel discussion at FDCI x Lakme Fashion Week. I am also proud that I will be launching the first-ever designer NFTs in India on Wazir X Marketplace and kickstarting this initiative through FDCI X Lakme Fashion Week. I hope my participation encourages more designers and artisans to explore and take advantage of this new and exciting opportunity."
In September this year, Karl Lagerfeld's eponymous fashion brand launched their first NFT, which included a shiny metallic NFT figure by Lagerfeld. Only 77 pieces were offered, and they sold out in under a minute. To see if Manish Malhotra can beat this – and to know more details on his NFTs, we will have to wait till Wednesday.
With India's best-known player in the NFT space, WazirX NFT Marketplace working with one of the country's leading fashion designers and launching their product at FDCI X Lakme Fashion Week, the NFT revolution is about to hit India.
So, perhaps the new trend is not a colour, cut or a vibe but clothes you will never be able to physically wear and fashion memorabilia you will never be able to touch. Yes, the world of NFTs is a confusing one, but it's one that fashion is placing bets on.