This #BoFLIVE event was based on the ‘Why Streetwear and NFTs Are a Perfect Match’ and ‘How Selfridges Is Bringing Virtual Fashion to Stores’ articles. Click here to read our full analysis.
Fashion’s interest in the digital world is surging. In just the past few months, Balenciaga teamed up with Epic Games’ Fortnite on a collaboration that married the physical and virtual worlds with clothes and accessories that could be worn in both, Selfridges created a portal to a virtual punk shopping centre and Dolce & Gabbana’s nine-piece NFT collection generated $6.1 million in sales. The market for virtual fashion is still developing, and much of its current applications revolve around marketing — but Jeff Carvalho, co-founder of Highsnobiety and tech advisory Burrata Corp. sees the space becoming an important part of brands’ business models, and a huge driver of cash flow.
“Identity is really what’s going to bring the mass market into this space. We need to express ourselves wherever we exist,” said Charli Cohen, chief executive and creative director of her eponymous label. “If we’re existing majority online, then there’s a real human need to be able to curate and express our identity.”
Cohen and Carvalho join BoF’s technology correspondent Marc Bain and deputy editor Brian Baskin to analyse how brands and consumers are currently using the virtual world, as well as what the future of virtual fashion will look like.
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