According to experts, a lot of money is being made from virtual clothing and this trend is only likely to continue.
I wore digital clothes for a week
In a recent auction, a combination auction featuring a jeweled physical crown paired with a digital non-fungible token (NFT) version sold for more than $1 million. Meanwhile, custom-made digitally wearable Dolce & Gabbana jackets drew more than $300,000 in bids in the digital currency Ethereum. It’s part of the growing interest in NFTs, a record for a digital asset confirmed by a blockchain platform.
"Virtual clothing is not real and cannot be worn," Kevin Mirabile, a professor of finance and business economics and an expert on alternative investments at Fordham University, told Lifewire in an email interview. "However, it can be shown in virtual fashion shows and displayed on websites or venues. Therefore, it has uses and value."
Italian fashion brand Dolce & Gabbana recently wrapped up its first NFT collectibles auction, raising around $6 million. In some cases, bidders won physical clothing or jewelry items as well as the digital version.
