NFT Wearables are how you flex inside the Metaverse! If you want NFTs that you can use daily, you’ll want some NFTs you can wear. Well, not you per se, but your digital avatar. Yes, your digital avatar. They need drip too!
Just like in the material world, people also want to be seen and show off in the virtual world. What better way to do that than fashion? Whether physical or digital, the clothes we wear express to the world who we are and which brands we choose to associate with. Simply look at the success of Fortnite skins. For this reason, I believe the market for NFT Wearables will be massive.
Currently, on the Ethereum blockchain, there are various open, persistent, and shared virtual worlds (i.e., Cryptovoxels, Decentraland) that are collectively referred to as the Metaverse. Within these blockchain-based worlds, users can attend events, hang out with friends, play games and purchase a variety of NFTs, including Land NFTs, Name NFTs, and Wearable NFTs. Today, I’ll briefly touch on Decentraland Wearable NFTs.
First, a quick explanation of the other aforementioned types of NFTs.
Land NFTs provide the owner with space inside the virtual world to build upon, lease, or resell. Just like the real world. Is anyone interested in being a virtual estate developer? Name NFTs are also resellable and can be used to simply name your avatar or as a payment address.
Wearable NFTs are exactly that, wearable. They are the virtual wardrobe for your virtual life. Just like the hats, jackets, jeans, sunglasses, and sneakers you wear every day, so too will your avatar. The thing is, though, those sneakers you want are limited edition, and they might not be easy to get your digital hands on. In the same way the advent of digital scarcity is transforming the way creatives monetize their works (i.e., NFT Art and Music), NFT Wearables will also benefit from brand and scarcity.
In Decentraland, there are five different rarity categories: Mythic, Legendary, Epic, Swanky, and Uncommon. Mythic wearables come in editions of 10, while Legendary, Epic, Swanky, and Uncommon wearables come in editions of 100, 1000, 5000, and 10000, respectively. When users first join Decentraland, their avatars come preloaded with a handful of free wearables. But that quickly gets boring. The real action is in acquiring the rare items.
Imagine showing up to a virtual concert with your limited edition Travis Scott NFT hoodie. There are only 10 of those in existence, and you got one on. Flex! Then, the next day you attend a virtual art exhibition with your new KAWS NFT cap or Yeezy NFT sneakers. Flex! Then the next day…I think you get the point. Wearing your NFT collection will be the ultimate digital flex.
At the time of this writing, digital artists, big brands like Atari, and crypto exchanges like Binance and Kraken have all produced wearables for Decentraland. But this is just the beginning. I fully expect more big brands to jump in-world and start offering limited edition NFT Wearables. Personally, I’m waiting on the Supreme and BAPE drops!