NFT fashion products are getting increasingly popular as people pay more attention to their online personas. This is especially the case among generations who invest lots of time and energy in curating a digital presence they can be proud of. While it was previously unheard of to buy digital clothing and accessories, brands are now pivoting to meet the needs of consumers.
With NFTs, brands can fuse the online and digital worlds by creating products that consumers can show off both online and offline. In fact, sneaker and streetwear brands as well as luxury brands like Gucci are developing NFT product lines to appeal to a wider audience.
How NFTs are helping brands to create unique products
When you’re creating a digital product, the possibilities are endless. Want to design shoes with real flames? Go for it! Always wanted to create a dress with shimmering wings and a halo? You can finally do this. In the digital world, you can stretch your imagination and create products that wouldn’t be feasible in the real world. Many brands are taking advantage of this opportunity and creating products that we’ve only dreamt of before. On the other hand, consumers can benefit from the “wow” effect when they model products that are out of this world on their online profiles.
While some consumers want to be able to model fantastic products online, others love the idea of owning a real-life twin of their digital NFT product in real life. For this reason, some brands are already creating NFT products that allow consumers to own both a digital and physical version of a rare fashion piece. This way, luxury consumers can show off their unique outfits both online and in person.
How Catharsis Design is plugging into the NFT space with jewelry and accessories
Catharsis Design has released an NFT collection featuring unique rings in a stealth launch for their NFT-driven jewelry and accessory brand. This stealth launch [Drop 0.1] will build up to [Drop 1.0], the much larger, major release of NFTs by the brand. With digital, collectible artwork connected to physical wearables, the goal of this project is to build a global design brand that incorporates a community of like-minded people — called the Catharsis Collective.
Originally a physical brand selling fashion accessories, the Catharsis team (made up of the husband-and-wife duo Ty Henwood & Meg Wells) were forced to rethink their strategy after the COVID-19 pandemic struck. Before COVID-19, Catharsis sold their products at popups and live venue events, so sales dropped drastically when governments started imposing lockdowns. With people spending more time online and the NFT space growing, the team at Catharsis saw an opportunity to change the way their brand operated.
Catharsis Design was inspired to introduce jewelry and accessories into the world of NFTs. Their mission is to fuse the physical and digital worlds of fashion and art. Holders of these first NFTs will receive physical rings of their chosen finish, size and design. They also act as a key into the Catharsis Collective- the community they are building through their brand. Members of the Collective will not only have a say in the company’s direction, aesthetic, and pieces, but they will also directly benefit from their input, whether financially or otherwise. The brand will also allow creatives and artists to connect with and collaborate with people they might not have met otherwise. The Catharsis team also wants to provide resources, funding, and support for new and young artists trying to break through the clutter of the art world. Their long-term goal is to create open-access communal art studio spaces around the world.
How NFTs benefit designers and artists
The ability of NFTs to verify transactions and their authenticity, has made them valuable in industries both in and out of the blockchain space. Thanks to NFTs, collectors and buyers can now verify the authenticity of a rare art piece or fashion accessory before they buy it. Additionally, NFTs enable artists to bypass the traditional gatekeepers like publishers, art galleries, or retail chains who would normally determine the prices of their art. NFTs put power back in the artist’s hands, allowing them to determine the price as well as distribution channels for their art pieces.
What’s more, NFTs allow artists to program royalties into each sale of a unique art piece. Traditionally, artists would get their payday when they first sell a new piece but miss out on any profits when it is later traded on a secondary market. Since the true value of an art piece usually isn’t realized until years after its creation, the lack of royalties has historically left artists with a fraction of what their work is worth. In contrast, collectors and speculators have gotten rich.
Many people are surprised to learn how little even the most famous artists have made during their careers. Instead, with royalties, artists can now receive 10% of sales of their work from every future sale. For example, if a work is first sold for $10,000, then for $100,000, and finally for $1 million, the creator who would only have the opportunity to make the initial $10,000 in the traditional market, now makes an extra $10,000, then $100,000 with a 10% royalty in the digital market from those secondary sales. This can be easily accomplished by incorporating these royalties into the NFT from the start, resulting in far better conditions for creators and artists. Regardless of how much their work appreciates, each new sale means more money in the artist’s pocket.
Want to check out the new NFT [Drop 0.1] ring collection from Catharsis Design? Connect with them on Twitter.
