With The Launch Of First NFT Abayas, Here’s How Fashion Is Entering Into A Virtual World

Luxury brands are keeping pace with the latest technologies that have become an essential part of everyday life. In fact, renowned fashion brands have earned millions of dollars in profits by launching non-fungible tokens (NFTs).

First NFT abayas in the region

On International Women’s Day, Dutch-born fashion designer Ilja Visser launched the first NFT abayas in the UAE. The collection consists of 50 NFTs that can be bought to guarantee the exclusivity of each design, in addition to owning the physical abaya.

The collection, launched by the Visser—whose designs were worn by international artists such as Lady Gaga—was specially designed to highlight the role of women who were able to prove themselves and occupy important positions.

In an exclusive interview, the designer told Forbes Middle East more about her initiatives. “I was raised in the Netherlands, where women wear simple yet elegant clothes. When I moved to the UAE, I was impressed by the abayas of Emarati women, which combine strength and elegance, so I decided to add my touch to this culture by designing this collection,” she elaborated.

Luxury brands and NFTs

The NFT market has attracted several major luxury brands. The virtual world offers many opportunities to designers and clients to discover the latest trends as people become more comfortable buying online in the aftermath of the pandemic.

Dolce & Gabbana became one of the first luxury brands to launch its first nine-piece collection of fashion NFTs dubbed “Collezione Genesi.” The brand has generated $6 million in revenues, according to statistics website Statista. The two promoters —Domenico Dolce and Stefano Gabbana —had a real-time net worth of about $1.4 billion each as of March 10, 2022, according to Forbes estimates.

Other brands followed to launch their own NFT designs. As a result, Arab designers and artists noticed the importance of the new technology. Among them, Lebanese fashion designer Rami Kadi, who launched the first collection of NFT evening dresses.

French high-end luxury fashion house Louis Vuitton, owned by LVMH Group that has a market capitalization of $380.3 billion, has launched a widely successful NFT collection of outfits and bags.

 

Gucci, which has a market value of $22.6 billion, also took the leap by launching a range of NFT bags, which allowed its clients to own unique designs.

 

A marriage between fashion and technology

The fashion world witnessed a significant improvement in the last quarter of 2021, followed by a decline in the wake of the second pandemic wave adversely affecting economic recovery across the world. Thereafter, most of the brands have launched their collections on social media platforms due to the ban imposed by several countries during fashion weeks in Paris, Milan, and New York.

 

“Most people are not aware of the importance of NFTs, but it won’t take long for all the brands in the world to adopt this technology,” fashion designer Ilja Visser told Forbes Middle East

 

“The designers have to understand and learn this technology very well, as it is a powerful tool in the future of our civilization,” added Visser.