The NFT space is making it easier for artists and designers to earn money from their creative work. With NFT technology, creatives can sell limited edition pieces to consumers who want unique designs. By creating limited numbers of unique art and fashion collectibles, artists and designers can appeal to a wider market and make more of a profit than before.
What are NFTs?
NFTs are non-fungible tokens – a unique string of characters that were first developed in the cryptocurrency space to authenticate transactions. In other words, NFTs were developed to protect crypto enthusiasts from being scammed by developers who were out to make a quick buck with an impressive new project.
It is this very ability of NFTs to verify transactions that has made them valuable in other industries, including fashion and art. Thanks to NFTs, collectors and buyers can now verify the authenticity of a rare art piece or fashion accessory before they buy it. Additionally, NFTs enable artists to bypass the traditional gatekeepers like by publishers, art galleries, retail chains who would normally determine the prices of their art. NFTs put power back in the artist’s hands, allowing them to determine the price as well as distribution channels for their art pieces.
How are fashion and luxury brands using NFTs to create entry-level products?
Before the NFT space exploded, no one could conceive of a world where you could buy digital fashion pieces. People preferred to be able to see, touch and wear these products in person. NFTs are changing the fashion and art industries by creating a hybrid world where you can own both a physical and digital version of an asset. Buyers are now purchasing unique physical art and fashion pieces that are modeled after a rare piece of digital art or an exclusive design.
Luxury brands like Gucci are already creating their own NFT products that allow consumers to own both a digital and physical version of a rare fashion piece. This way, luxury consumers can show off their unique outfits both online and in person.
How Catharsis Design created their NFT-driven fashion and accessory brand
The onset of COVID-19 crushed many brands with physical stores because these brands relied on people coming in person to choose unique items. At the time, Catharsis Design relied on popups and live venue events to sell their products. Needless to say, sales dropped drastically when governments started imposing lockdowns. With people spending more time online and the NFT space growing, the team at Catharsis saw an opportunity to change the way their brand operated.
Catharsis Design was inspired to introduce jewelry and accessories into the world of NFTs. They’ve released a collection of unique rings in a pre-launch offering for their NFT-driven jewelry and accessory brand. This minor collection will include 25 NFTs per day, for a total of 1400 pieces over two months. Their mission is to fuse the physical and digital worlds of fashion and art. Holders of these first NFTs will receive physical rings of their chosen finish, size and design. Originally a physical brand selling fashion accessories, the company was forced to rethink its strategy after the COVID-19 pandemic struck.
Creating a design brand that incorporates a community of like-minded people was extremely difficult before the NFT space existed. Owners of Catharsis tokens will not only have a say in the company’s direction, aesthetic, and pieces, but they will also directly benefit from their input, whether financially or otherwise. The brand will also allow creatives and artists to connect with and collaborate with people they might not have met otherwise. The Catharsis Design team also wants to provide resources, funding, and support for new and young artists trying to break through the clutter of the art world. Their long-term goal is to create open-access communal art studio spaces around the world.
To view the new NFT [Drop 0.1] ring collection from Catharsis Design, you can connect with them on Instagram.
I’m a highly experienced and well-respected author in the field of cryptocurrency. I have been involved in the industry for over 5 years and have written extensively on the topic, both for academic and general audiences. I’m highly sought-after as a speaker and consultant on cryptocurrency, due to my in-depth knowledge and understanding of the industry. I’m also a regular contributor to leading industry publications.