If you haven’t heard of crypto-fashion, you may be in good company as this latest craze is a newcomer to the digital world. It combines fashion and art with technology. It is being bought and sold in much the same way as Bitcoin is traded. Read on to find out what crypto-fashion is and how it is being popularised on the internet.
People in many countries are only just getting used to cryptocurrency, although most have heard of this new form of trading. It has taken off in Australia and is finding growing uses as a form of payment, especially in casinos and at airports. It can also be used as an investment and compares more than favourably with bank interest rates. In this way, it can help you beat inflation.
Crypto-fashion works on the same concept as cryptocurrency, utilising the same technology. Hence, it is no coincidence that cryptocurrency and crypto-fashion sound similar.
Crypto-Fashion and Technology
Crypto-fashion is being bought for Non-Fungible Tokens (NFTs). An NFT is, very simply, a unit of data corresponding to a digital file. This file is what is bought, sold, or traded, giving ownership of the original to the buyer.
Crypto-fashion combines blockchain technology, a security feature of cryptocurrency, with the world of fashion. Blockchain technology is also known as Distributed Ledger Technology, which simplifies things because it means that the financial transactions are distributed across the ledgers of all the people on that blockchain and thus stored on many computers. This means it cannot be hacked and changed, thereby ensuring the safety of the cryptocurrency. Crypto-fashion, therefore, goes further than traditional fashion by mingling design with technological platforms.
Crypto-fashion unites technology with the concept of artwork originals. Take the example of the Mona Lisa. Only one person can own the original painting although anyone else can download copies of it. In this way, crypto-fashion is being bought by people who want to own the design.
Crypto Fashion Week
In February this year, the first Crypto Fashion Week was held and allowed designers the chance to showcase their skills. Blockchain technologies, virtual reality, and artificial intelligence came together in this unique event. Kuki, a chatbot, was able to interact with viewers and answer questions in real-time.
Crypto-fashion is set to take the metaverse, never mind the world, by storm. Buyers are using these purchases to ‘dress’ themselves for Instagram, or for their Avatars in gaming. Covid has been handled with social distancing and much more isolation than the average person is used to which has expanded the virtual world for many seeking to interact. There are fewer opportunities for showing oneself off in new clothes, except online. This is where crypto-fashion comes in.
With crypto-fashion as a new way to expand your wardrobe, the idea has potential. This is especially true for sociable people who like to be out and about, showing off their newest outfits. Despite the pandemic, crypto-fashion safely extends your enjoyment of virtual reality.