• There are many similarities between streetwear and NFT culture.
• As a sign of authenticity, secondary streetwear digital markets may incorporate NFTs.
• NFT strategies will be needed by brands to improve their digital visibility.

Streetwear and luxury fashion markets are growing in capital because of a rising demand for unique products. NFT investors are drawn to exclusivity and unicity. Because they share the same emotions and eventually developed into secondary markets, both industries complement one another.

It Takes Two to Tango

Collecting and trading is a cultural behavior shared amongst both industriesThis is.Thus, constantly reinforcing the same discourse factors in creating the basis of a niche culture that is governed by a set of rules and cultural traits. . Streetwear culture and NFT participants engage in culture-based activities that trade their cultural assets to profit. This reveals similarities in the way people perceive their culture.

Individuals involved in trade must be certain of their authenticity to meet financial expectations. Bobby Hundreds (co-founder of The Hundreds label) stated that brands don’t sell the products but that they do this through cultural associations.

“What we do with sneakers and streetwear is sell this idea of social status and community and identity.”
Similarly, NFTs communicate the same value, and owning a high ticket NFT like a Crypto Punk is the ultimate flex. Even though it’s not streetwear NFT but fashion could follow suit and have the equivalent of an NFT.

Brands such as Nike (NYSE:) are already experimenting with NFTs, as a way to generate passive profit from individuals who transact Nike footwear on secondary markets such as StockX or eBay (NASDAQ:). NFTs are a catalyst for secondary markets as they eliminate the need to have an intermediary for product authentication. This is crucial to every product’s value.

On The Flipside

• Brands are adopting NFTs early as a way to increase their market exposure while not providing any value.
• To protect brand IP from being misused, copyright laws must be amended.
• For 22 Ethereum, sneaker NFTs were purchased.

A Reflection of Their Personality (Online)

Collectors purchase limited products, whether they are sneakers or NFTs because they retain or grow in value, and they can show off their possessions and communicate social status within their culture, similar to how CryptoPunks avatars have grown in popularity over the past months.

Bogdan Macovei from Sneakers Industry in Romania stated that customers choose brands and styles based upon their personalities. He further argues that while this currently takes place physically, the “need for NFTs will grow in line with market adoption.

“Every person who wears a specific piece of clothing, expresses his own personality, through his style and brands he chooses to wear.”
Thus, NFTs are a symbiosis of ideals into the developing digital space. Bogdan said that NFTs as collectibles bear similarities because a collector seeks something unique:

“Fashion collectors seek authentic products. No one owns a piece of clothing that has a unique story or was worn by someone known. In short, they seek exclusivity.”
NFTs, through their non-fungibility and immutability factor, can add unheard-of benefits for the collectibles market because they can work as proof of ownership or a seal of authenticity. This is a sought-after characteristic for sneaker collectors. Bogdan stated that the two sectors have a strong affinity for innovative products and complement one another.

What is the reason you should care?

Why you should care? NFTs are a way for consumers to check the authenticity of products. However, NFTs also have the potential to be used to increase the profits of large fashion companies.

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