Hey Fun Gs,
Welcome to part 2 of my Web3 series! If you missed part 1, catch up on it here.
Web3 and digital fashion are deeply intertwined and it is critical for everyone to keep up to date on what’s happening in both spaces.
I received great questions from a lovely Fun G named Elizabeth about the purpose of NFTs so we will be covering this topic today. Some points we will touch on include:
Why people want (and don’t want) to buy NFTs
What makes NFTs so special
Why collecting digital assets is the next big thing
The digital fashion space is continuously evolving, which means what worked a year or two ago may not necessarily work now.
I remember uploading my NFTs onto Foundation and having them sell out within a few hours. I would post about it on X (then Twitter), collectors would spot my art on their feed and a bidding war would ensue. Today, it is a struggle, especially if you have not built up the community or hype in the space.
On the crypto side of things, the landscape is different. The market is volatile; there are continuous sharp dips and peaks in the value of assets and tokens. Not too long ago, digital art NFT was all the rage but now the hype has somewhat died down. This is a result of people dropping into the space purely for financial gain as opposed to the art itself. They then started dropping out when things started declining rapidly. Some people stuck around and bought NFTs in the hope they would blow up like Beeple did.
Moreover, with the word “fashion” attached to digital fashion, people expect to wear it in one form or another, whether it’s AR, a phygital garment or a metaverse wearable. Sometimes, just having a beautiful digital fashion artwork does not seem enough.
Don’t get me wrong, the actual NFT technology is here to stay and you will see many brands like RTFKT, mmERCH and 9dcc use it for verification purposes but also as a reward membership system. This is one of the best use cases of NFTs, in my opinion, especially when fake goods can be easily reproduced.
Being in this space means you are a futurist; we are trodding on ground that has not been walked on before. It means we are working with technology that may confuse people, prompting them to give you the side eye when you are trying to explain what you do as a digital fashion artist. But let me make this clear: if you want to be in the digital fashion industry, you have got to understand that it's the combination of 3D, fashion and tech. Web3 falls under the tech side so even though the market may be slow, being clued up on what is happening in the space is an important part of your success.
Digital identity and self-expression are on the rise, and here to stay.
If you want to learn more, head over to my Patreon where you can watch the full video.
Twitch Streams
Just in case you didn’t know, I also do weekly Twitch streams every Wednesday at 9pm BST.
Make sure to tag along if you are keen on watching my digital fashion creation process live. It’s always a ton of fun and everyone is welcome!
Quick Update
I will be away end of July to August. Finally taking a break where I won’t be working and definitely do need some down time to re-evaluate what I want to do for the rest of 2024. So after next week you may not hear from me for a bit, don’t worry and I will bounce back feeling refreshed to continue sharing and creating digital fashion with you all.
★ Stephy Fung ★
IG | Twitter | Tiktok | Youtube | Twitch | Patreon | Discord | NFTs
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