by Juno Yates | Guest Contributor | DIGITAL MARKETING
A lot of talk surrounding NFTs right now isn’t positive. Many wonder if non-fungible tokens will actually catch on as a legitimate collectible. Some skeptics point to uncertainty surrounding the demand and community that it takes to make a niche market like this thrive. That said, there are already many passionate NFT collectors and artists kickstarting the community in a major way.
Be it a form of investment or simply a way to collect works for a virtual reality art gallery, NFTs are playing a big role in the art industry. Another niche market, high fashion, took similar steps to reach its mega-stardom that we know today. The two actually have more in common than you think. More specifically, high fashion can serve as a blueprint for NFT collectors looking to stake their claim in this growing industry.
The Power of the Creator
One thing that both NFTs and high fashion have in common is the power held by creators in each individual industry. There are many artists, visionaries, and creative minds working within high fashion. These people go on to revolutionize what we know as clothing, apparel, and accessories. Just recently, the untimely death of high fashion designer Virgil Abloh made national headlines. This shows the true power and influence of creators in these niche markets.
NFT creators and their fans are seeing a lot of people wonder if this new form of art collecting is legitimate. The worries that some have surrounding what will become of this market can be quelled easily when you look at who has the power in the NFT market. Artists sell their works directly to consumers. Being a digital product, blockchain ensures that the ownership of these unique pieces is authentic no matter who obtains the work of art.
All in all, it’s the best way to ensure that artists and creators are not only maintaining the authenticity of their work. Even better than compared to high fashion creators, you can track who obtains a piece and whether or not it’s legitimate with ease. A huge portion of the NFT market’s appeal is the fact that these pieces are collectible and unique.
Collectable and Unique Pieces
Many of the NFTs that have earned praise and popularity early on in this new market look unlike any other art. These works, including the high-profile pieces of the Bored Ape Yacht Club, are highly original but also offer a number of variations that allow for collecting. This practice is well-known in the high fashion world.
For example, a pair of Air Jordan 1 Nike sneakers can come in a variety of colors and small design changes. Despite just a few differences, certain variations can yield enormous price differences. This sort of hunting for expensive and rare pieces is what skyrocketed brands like Supreme to worldwide name recognition. As more artists of other mediums like music begin exploring the NFT channel of releasing their work, we’ll see more and more people rise in popularity as their unique works gain in recognition. Of course, this rise in popularity will also lead to another key aspect of high fashion that NFTs are likely to create: a passionate fan and consumer community.
A Community of Passionate Consumers
If you ever see a line at shoe stores for the new drop of popular sneakers like YEEZYs, then you know exactly what sort of passion follows the high fashion market. Across many decades, the increase in well-known creators and their collectable and unique works have led to a key element that derives from niche markets like high fashion: passionate communities.
Already, we’ve seen NFTs spurn off thousands and thousands of fervent fanbases. Whether it be for the NFT concept as a whole or simply one designer or artist, communities drive awareness towards burgeoning markets in the arts and culture space.
Simply put, incredible artists inspire fan bases to not only support their works but share the word about exciting new spaces to support creators. NFTs are certainly a space in which to do just that. Not to mention, many understand that it takes both creators and communities to grow these creative endeavors. That relationship will be the defining factor in whether or not NFTs continue to boom or fade away.
Predicting the Future of the NFT Market
It’s hard to say what the NFT market will look like in five years. If it follows the trajectory it’s going on, this exciting and engaging new platform for art and creators will continue to grow. With it, new ways to support, purchase, and share art will come with it like we haven’t seen in some time.
High fashion provides a blueprint with which to understand where NFTs are going and what they might accomplish. For now, we continue to watch closely as these early adopters form what could be the foundation of a lasting enterprise for both artists and fans.