Fashion lovers pay thousands of pounds…for clothes that are only found online. Digital tokens can be used to decorate animated versions of participants in virtual worlds.
This £9,000 golf apparel is just one of the items available online, and a matching Tam O’Shanter hat will set you back another £2,300.
For £9,000 you can also get a tracksuit covered in the Decentraland Games logo, which can be worn in Decentraland – one of the internet’s most advanced virtual worlds.
Valuable designer brands are also entering the stunning new trend, bringing Dolce & Gabbana, Nike and Adidas Clubber to the virtual world.
Every piece of clothing is sold as an NFT token – or a non-fungible token – that can be bought and sold in real life as a painting or any other item of value.
An industry source said: “Fashion in the real world can seem crazy sometimes with some clothes going for ridiculous money, but this is a whole new world.
“We’re talking about people paying thousands for something that only exists as pixels on the screen. It’s unbelievable.”
So far, D&G has sold nine digitally designed pieces at auction for a total value of £4.2 million.
The pieces included The Glass Suit – a green and silver suit that sold for £740,000, along with an actual copy of the suit.
In March, the first virtual fashion week will be held – in the real world. Virtual sportswear is set to be big business, too.
Nike has bought technology company RTFKT, recently valued at £25m, to help them create and sell virtual training devices.
Adidas has teamed up with two companies to take its original line of products into cyberspace.
Increased interest in NFTs follows the founder of Facebook
There, users can play games, shop, interact with friends, and even hold business meetings while wearing VR glasses, if they so desire.
Decentraland, which has its own digital currency, recently made headlines when it sold a plot of “real estate” for £1.7 million.
But criminals in real life also make money.
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AZ on those digital NFTs
Non-fungible tokens, or NFTs, are one of the biggest internet crazes in the world.
While some experts believe they are the future of the art and fashion world, others believe investors will stand to lose ground, echoing the fate of those who took off during the internet boom 20 years ago.
NFT is a unique unit of computer data stored in a piece of code called a blockchain. It can be linked to a digital asset such as a video, photo, quote, or even an outfit. The fact that each one has a unique signature means that they are limited and can be bought and sold like real-life artwork or collectibles.
The blockchain allows cryptocurrencies like Bitcoin to exist because it records in the digital ledger that a token has been changed.
While every cryptocurrency token has the same value – like the £1 coin – NFTs all have different values. What you are worth depends on how much people are willing to spend, such as paintings or antiques.
The first known NFT was a digital graphic called Quantum, designed by the artist in 2014
The niche technology became more mainstream last year after a string of high-profile sales. in march artist