nft: Indian fashion designers join the NFT movement

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Mumbai: After Bollywood stars and sports celebrities, India’s top fashion designers now see non-fungible tokens (NFTs) as a credible source of revenue for their digital fashion collections.

Designers such as Manish Malhotra, Raghavendra Rathore, Anamika Khanna, and Pankaj & Nidhi have already embraced blockchain technology in order to connect with a more tech-savvy audience. Most of them have seen their first drops of digital artwork sell out within minutes on NFT marketplaces.

“Fashion NFTs have received great popularity on our platform and in general as well. We hope to introduce new-age street brands to the NFT bandwagon as they would be a great fit for the young NFT community,” said said Vishakha Singh, Vice President, WazirX NFT Marketplace.

It was RISE Worldwide, the sports and lifestyle arm of Reliance Industries, that first got Malhotra to drop her NFTs last fashion week.

“Our aim during fashion week is not only to provide a platform for Indian designers, but also to create case studies of the best new technologies available for the fashion community to adopt,” said said Jaspreet Chandok, Head of RISE Fashion and Lifestyle. “Manish dropped five NFTs, which sold out in seconds. It really started a conversation in the industry, and we’ve seen many designers join us since.”

He added that the pandemic has dramatically accelerated the cycle of consumer adoption of technology and that over the past year, designers, fashion retailers and fashion platforms have shifted to phygital models and omnichannels, where they could engage with consumers online as well as offline.

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“Our first drop in association with FDCI X Lakmé Fashion Week was a huge success,” said Manish Malhotra.

“I knew the future of digital was materialized and monetized; it’s going to be a mainstay of culture. If you go to movies, concerts, events, museums, fashion shows, very soon, all the illustrations, sketches will be NFT; everyone there is going to own several of them; it’s already becoming a crucial part of project selection. Not just art, even invoices for your art could very soon be NFT” , said the designer.

He added that the space was perfect for bringing together Indian craftsmanship and technology in a single unit. “We’re just testing the waters right now and can’t wait to explore its horizons,” Malhotra said. “A lot of people say it’s a risk but what’s life without taking a risk.”

For Khanna, who runs the AK-OK brand, launching NFTs was quite an interesting and fun experience. “It was quite liberating to be among the few to experience blockchain and the hype surrounding it. By the time our artwork was launched, people picked it up within minutes, which shows the demand and craze for the space,” Khanna mentioned.

Regarding monetization, she said, since there was a royalty-based system, if something was resold by a buyer, a certain percentage would always go to the original seller or creator. “Therefore, there’s almost a lifetime opportunity to keep earning from something you create.”

However, she doesn’t think NFT’s revenue will soon outpace physical sales. “For a disruption on this scale, it will take at least a few generations,” Khanna said.

Rathore sees NFTs as the future.

“The entry of blockchain technology into our lives, which is the bedrock of the crypto universe, is a powerful disruptive force and a game changer. The crucial driving force behind this technology is transactional transparency and the immaculate ability to protect individuals against harmful tampering with The earning power of NFTs is lucrative and attracts interest where everyone is trying to own the first of the lot, so the lifetime value of an NFT will increase,” Rathore said. .

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