Entertainment

What Makes Fashion Still Love NFTs?

Hundreds of people had already formed a queue outside the first Los Angeles store of Warren Lotas when its doors opened. Several people camped out the night before to access the high-quality cotton and denim streetwear brand with its namesake designer’s heavy metal-inspired, hand-painted illustrations.

Lotas and his team released 4,000 non-fungible tokens (also known as NFTs) under The Wild Bunch at the end of 2021, allowing fans to skip lines all day.

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They depict “federally wanted individuals” dressed in cowboy hats, camo jackets, and neon sunglasses. They are loosely modeled after characters found in spaghetti westerns.

Greeley’s Saloon is a hangout spot with pool tables and sofas. The NFT owners also received exclusive access to the second floor. The Wild Bunch member claimed, “It was great to put some faces to names” on discord, the crypto community’s messaging platform.

Warren Lotas, the CEO, said, “NFTs, in this case, are like a membership card—it’s super sick to be part of that club.”

Warren Lotas’ approach emphasizes community building over splashy headlines about sky-high sale prices, offering an example of a new approach to fashion and non-profits.

Gucci and other brands have created branded communities on Roblox and collaborated with digital artists to create collections for NFT. Nike has acquired RTFKT, an innovative virtual sneaker studio with grand ambitions to redefine virtual wardrobes.

Crypto has become a pop culture trend in the past few years, and fashion likes to align with the next big thing.

Krzysztof Gagacki, a crypto entrepreneur, said, “Fashion is an expression of identity or belonging or cultures or even status, same thing with NFTs.”

Several brands are following suit and targeting a different type of buyer. NFTs from Prada is being given away free with purchases of its “Time Capsule” men’s shirt.

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According to Sto, most of The Wild Bunch coterie hold onto their NFTs and enjoy owning them rather than flipping them. Sto noted that behavior existed even before the recent decline.

Fashion lovers and Hadid fans will be interested in Gagacki’s new project with the model. NFT holders will then receive access to events and experiences with her and further releases of NFTs.

Gagacki said, “We’re taking this further and creating a real active community, not only a digital one. I don’t think we want people who buy NFTs only for the profits, for trading.”