Entertainment and fashion industry’s stint with NFTs, Metaverse  |  Photo Credit: iStock Images
Unless you have been living under a rock, you would know about the growing popularity of non-fungible tokens (NFTs) and the metaverse. Besides renowned global artists, the fashion and entertainment industry too has taken to the platforms, big time.
Metaverse is an alternate, virtual reality for social connections. Using Augmented Reality and Virtual Reality, users can immerse into the alternate world of metaverse to interact, play games or experience things through their digital avatar. NFTs, on the other hand, are unique, digital assets whose ownership is stored on a blockchain. The NFT could be in the form of paintings, music, artwork or videos with each token being uniquely identifiable.
With the digital landscape expanding at a very fast pace, creators of music, artworks as well as fashion are gravitating towards the virtual world to strengthen their presence, widen their reach and diversify earnings.
Today, we talk about the 6 most recent stints of the fashion and entertainment industry with NFTs and the metaverse:
Prabhas’ Radhe Shyam movie trailer launches in metaverse – Heartthrob Prabhas’ latest magnum opus, Radhe Shyam has become the first movie in the world to have its trailer launched in the metaverse. There was such a rush to enter the metaverse and watch the trailer that it caused the server to crash. The multilingual romantic-drama has set a new trend which will surely have many more producers and upcoming films following suit.
Indian Fashion designers back NFTs – Last month, ace fashion designers, Manish Malhotra, Anamika Khanna, Raghavendra Rathore, and Pankaj & Nidhi took the NFT route to drop their digital collectibles. While Manish dropped 5 NFTs, which sold out within seconds, the others too were extremely happy with the response to their work on the digital platform. The designers feel that having the first-mover advantage will earn them lifetime value.
Gucci buys virtual land in metaverse – Luxury fashion brand, Gucci was in the news for venturing into the metaverse with its first virtual purchase. The brand has bought a virtual plot of land on the digital platform, The Sandbox, and will utilise the space to stir conversations about the future of fashion in the metaverse. The brand will also create digital fashion experiences on the platform.
John Legend’s new music and art NFT platform – American singer, songwriter, and producer John Legend grabbed headlines last month for launching a new music and art NFT platform called OurSong. Labeled as a ‘social commerce platform’, it allows users to create NFTs and sell them without having to own a crypto wallet. The buyers and earn privileges such as access to unreleased private chat rooms.
Warner Music Group forays into the metaverse – The Warner Music Group has entered into a partnership with the blockchain-based fantasy card game, Splinterlands to build custom tokenized games. This collaboration will enable artists to create unique, play-to-earn, arcade-style blockchain games.
NFT diamond earrings – Recently, Payal Shah – founder of international jewelry brand, L’Dezen collaborated with the NFT marketplace Digital Twin, to launch her digi-physical diamond NFT earrings. The ‘Limitless’ earrings as they are being called, will reportedly be available to the owners in both physical form and as an NFT.
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