FASHION fans spend thousands of dollarsâ¦ for clothes that only exist online. Digital togs can be used to dress up cartoon versions of participants in virtual worlds.
A Â£ 9,000 golf outfit is just one of the items available online, and a matching Tam O’Shanter hat will set you back another Â£ 2,300.
For Â£ 9,000 you can also get a tracksuit covered with the Decentraland Games logo, which can be worn in Decentraland – one of the most developed virtual worlds on the internet.
Valuable designer brands are also embracing the mind-boggling new trend, with Dolce & Gabbana, Nike and Adidas all producing clobber for the virtual world.
Each item of clothing is sold as an NFT – or non-fungible token – which can be bought and sold in real life like a painting or other valuable item.
An industry source said, âReal-world fashion can seem crazy at times with some of the outfits going for ridiculous money, but it’s a whole new realm.
âWe’re talking about people paying thousands of dollars for something that only exists as pixels on a screen. It’s incredible.”
So far, D&G has auctioned nine digital designer pieces for a whopping Â£ 4.2million.
The lots included The Glass Suit – a green and silver outfit that sold for Â£ 740,000, alongside an actual version of the costume.
In March, the first Virtual Fashion Week will take place – in the real world. And virtual sportswear is also expected to become a big business.
Nike bought tech company RTFKT, recently valued at Â£ 25million, to help them create and sell virtual trainers.
And Adidas has partnered with two companies to bring their Originals line to cyberspace.
Renewed Interest in NFTs Comes After Facebook Founder
There, users can play games, shop, interact with friends, and even hold business meetings while wearing virtual reality glasses, if they wish.
Decentraland, which has its own cryptocurrency, recently made headlines when ‘real estate’ land sold for Â£ 1.7million.
But the real criminals also benefit.
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AZ on these digital NFTs
Non-fungible tokens, or NFTs, are one of the world’s biggest internet follies.
While some pundits believe they are the future of the art and fashion world, others believe investors will lose out heavily, echoing the plight of those who collapsed during the dot-com boom. com 20 years ago.
An NFT is a single unit of computer data stored in a piece of code called a blockchain. It can be associated with a digital asset such as a video, a photo, a quote or even an outfit. The fact that each one has a unique signature means that it is finished and can be bought and sold as a work of art or real collectibles.
A blockchain allows cryptocurrencies like Bitcoin to exist because it records in a digital ledger proof that a token has changed hands.
While each cryptocurrency token has the same value – like a Â£ 1 coin – NFTs all have different values. What they’re worth depends on how much people are willing to spend, much like paintings or antiques.
The first known NFT was a digital graphic called Quantum, designed in 2014 by the artist
Niche technology became more mainstream last year following a series of high-profile sales. In March, the artist