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Fashion, Web3, and NFTs are Integrated into Immersive Commerce in the Future of Retail

Fashion,_Web3,_and_NFTs_are_Integrated_into_Immersive_Commerce

Under the banner of “unified commerce,” much has been written about the “blending” of physical and digital transactions.
At the same time, Web3, or everything related to the metaverse, is overtaking us.
Do they oppose one another?
Some of the gaps are filled in by a recent Fast Company article on the future of fashion on Web3.

According to José Neves, the founder and CEO of Farfetch, Web1 was about “read,” Web2 was about “read and write,” and Web3 is about “read, write, and own.” According to Neves, fashion is a fundamental aspect of who we are as people and a very human undertaking. Depending on how we are feeling, who we want to be, or what we want to project on any given day, fashion enables us to put on several “masks.”“We always think of technology as enhancing the human interaction between curators, creators, and levels of fashion, as opposed to replacing that human connection.”

Neves goes on, “For me, the definition of Web3’s application to Fashion is the application of these principles of user control, user ownership and decentralized architecture to the fashion use cases.”Even if it means that you and your avatar are “digital twins” because you are both wearing the same outfit, the technology fosters innovation and increases brand loyalty throughout the metaverse. I’m hoping it’s a lot more.

That piece reminded me of an interview I conducted in April with two metaverse change agents, Michael Zakkour and Alan Smithson, who are working together on a more ambitious project simply called TheMall. It is advertised as a 100 floor, 100 million square foot online “metamall.” According to the researchers, “retail may well drive much of what we refer to as the metaverse.”

Alan and Michael also think that a mainstream market of 20- to 45-year-old, iPhone-carrying women will be their early adopters rather than headset-wearing, cryptocurrency-wallet carrying “bro-types.” Working with various brands’ in-house creative agency or facilitating the “build-outs” with the studio of MetaVRse, which Smithson created with wife Julie, they are collaborating with fashion houses to sell products within the mall. Their unique selling point is that, unlike competing solutions, their engine can be installed with little to no coding on a variety of operating systems, browsers, and devices. In reality, everyone can be an artist.

“TheMall is a combination of ecommerce and pure experience. Brands are looking at this as a marketing and branding and experiential play.” Michael Zakkour says. “The brands can do anything, whether pure experience, NFT, a mix of commerce and experience, it will become their space to do with it whatever.”Michael, one of RETHINK Retail’s Top 100 Retail Influencers, firmly believes that “immersive commerce,” a seamless blending of online and in-store, is the essence of unified commerce and the future of retail. In Michael’s presence, the phrase “omnichannel” is never used since it makes him gag.

Tokenomics

You must use cryptocurrencies to conduct any transactions if you visit TheMall. Cryptocurrency assets have captured the attention of the entire globe with their numerous promises of economic opportunity, yet they are intangible. While it is possible to see and handle a US dollar, this is not possible with cryptocurrencies. Cryptocurrencies, on the other hand, are accepted as fungible assets and are the cornerstone of “tokenomics,” a combination of the terms “token” and “economics.”

NFTs are distinct since they do not have the same value. Recently, NFTs have become popular and have generated a lot of interest in tokenomics, particularly with regard to high-profile NFT auctions. A new wave of digital ownership has been sparked by the tokenization of assets like real estate, works of art, photographs, and collectibles using NFT, which has also demonstrated the potential of tokens.

Art

Over the centuries, art has been at the forefront of cultural change.
Therefore, it is not unexpected that artists and NFTs are forming a profitable and symbiotic connection.
Some of the most renowned artists and illustrators are now moving beyond traditional media into digital art and NFT tokens. Many relatively unknown talents have broken into NFT art.

Shaun Neff, a co-founder of GODA and a “Brand Whisperer,” according to Forbes. As a “trusted curated source for top contemporary artists eager to explore digital as a new medium,” GODA promotes itself. Serial entrepreneur Neff has founded, invested in, and served as an advisor for some of the most recognizable brands in the world. Neff, Sunbum, Moon, Beachhouse Group, Robinhood, TargetTGT, Sony, Sandbox, Outlier Ventures, and more companies are among them.

Some of the most prominent figures in consumer, art, music, NFT, and fashion are also the leaders of GODA. There are people like Todd James, Nina Chanel Abney, and Pharrell Williams among them. Before transitioning to the world of digital art and NFTs, many of GODA’s artists established sizable fan bases and reputations in the “analog” art world. As dependable partners, GODA guarantees its artists flawless drops that respect the worth of their work.

Posing a Brand Position

The NFT art scene is a wild, uncharted territory, as Shaun noted at the beginning of our conversation. Because there are few entrance hurdles and no gatekeepers or middlemen, unlike analog art, it has developed a sizable audience. And as a result, a lot of illustrators, graphic designers, and artists have entered the field, especially in the past year.

In addition to the low entrance threshold, the “tokenomics” of the transactions are particularly alluring. Even if their original works are minted into a small number of NFTs that “live” in the Web3 metaverse, the artists who mint the originals effectively retain ownership in the original works.

On the sell side of the equation, being noticed and having the work have lasting worth both require a lot more than just the artistic production and the “minting” of the NFT. Shaun Neff asserts that ninety-nine percent of people who have made their work available online haven’t even registered on the radar of “the whales” or significant collectors who control the digital art market.

In the genuine spirit of a seasoned branding expert, Shaun observes that in addition to having creative talent, artists also need to participate in a very strategic and deliberate endeavor intended to generate buzz. The work of GODA fills that need.

Todd James is a well-known artist who started his career as a young man in New York City in the early 1980s by adding his distinctive graffiti on the subway system. With the aid of GODA, Todd created a fresh collection of 1,533 NFT photos on August 30th of this year. On September 1st, Mint Pass users who paid.333 ETH ($527 value) had a 24-hour opportunity to enter a pre-mint raffle for a chance to win his new collection. For the few NFTs that became available, more than 20,000 people signed up. On September 6th, 9am PT/12PM central, Todd James’ “ART PARTY” Reveal took place.

By 3:00PM CST that day 804 owners bought 546 pieces. “The floor price” was ETH .46 (approximately $724.00) for items #545 and #280 had a price of ETH 666 (approximately $1,047,904). The vast majority in that moment were running in the mid-single digits ($7,000-$10,000).

I enjoyed Todd James’ sarcastic, frequently political, and distinctly pop/street art aesthetic as a small contemporary art buyer. And in contrast, I can’t help but consider 20th-century artists like Robert Indiana, Andy Warhol, or Claes Oldenburg. When these pop art luminaries released a new print edition, say, consisting of a dozen photographs, it was a significant event in their time. A few hundred signed copies that were nearly identical could have been produced for each photograph.

In contrast, each of Todd James’ nearly 1500 photos is distinct and has its own digital “fingerprint.” Indeed, Warhol would be impressed.

The fact that the NFT receives a portion of any sales made after the NFT’s trades on the secondary market is another significant advantage for the artist.
There should never be any question as to the legitimacy or provenance of the image because all transactions take place in the metaverse.
Discuss an annuity.

Nina Chanel Abney is a well-known modern African American artist who has just entered the field of NFTs. A total of 5,080 NFTs from her first-ever collection, “Super Cool World,” on the GODA NFT platform were created by Nina and reflect her “frenzied collage-like approach to visual media.” 60,000 raffle submissions were made public, and the minting for individuals who won the allow-list raffle started on July 14. The opportunity to purchase was assured to Mint Pass holders.

The family members of Nina’s collecting admirers are what she cares about most. She has implied that owners will have access to “exclusive Nina products, joint product releases, airdrops, events, incentivized participation in exhibitions, and surprise raffle drawings” in order to reward loyalty and reduce secondary market trading.

What does filling the spaces above our fireplaces, let alone the “established art community,” make of all this? Shaun Neff says that in the future, NFT collectors can buy larger digital screens to decorate the walls of their homes with the always changing NFTs. Without a doubt, it will be managed by our smart homes or smartphones. Naturally, we will also proudly display the Todd James and Nina Abney NFTs for the enjoyment of our avatars on the walls of our metaverse manors.

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