Future of fashion and Web3, according to Vogue Business

I tuned into the virtual “Vogue Business and eBay Technology Forum” on May 26 and wrote up some highlights including:

• Web3 offers fashion brands the opportunity to increase their revenue streams
• Sneaker culture drives digital wearable NFT trend in the metaverse

Web3 enthusiasts who subscribe to Condé Nast’s Vogue Business publication had access to its online Technology Forum co-hosted by e-commerce platform eBay on Thursday. The half-day speaker series explored the fashion industry’s role in helping Web3 users to shape and dress their digital identities. Vogue Business’ senior innovation editor Maghan McDowell hosted.

Speakers like Moët Hennessy Louis Vuitton’s (LVMH) vice president of digital innovation Nelly Mensah envision a “future that is 3D, tokenized and decentralized.”

Samuel Jordan, digital fashion designer for gaming platform Roblox, hoped to make clear the distinction between Web3 and the metaverse: “Web3 is a tech question. What is the backend of creativity? While the metaverse is a cultural question. How are you experiencing life digitally?”

And when it comes to NFTs, French fashion house Balmain’s chief marketing officer Txampi Diz, said that strong storytelling coupled with tying NFTs to physical experiences are key elements to a digital product’s success.

“We believe it makes no sense to have a separate dedicated team to work on a Web3/ NFT strategy,” explained Diz, adding that Balmain integrates the efforts of company-wide departments, from digital to communications and creative teams, into the brand’s global strategy.

Diz has led Balmain’s various NFT projects, including partnerships with Barbie, Vogue Singapore and with celebrity gym Dogpound. The Dogpound collaboration included two NFT pairs of sneakers, a black and a white digital version of the BBold sneakers accompanied by VIP experiences, and launched in conjunction with the physical twin pair signed by Balmain creative director Olivier Rousteing.

Sneakerheads and streetwear aficionados were early adopters of gaming, digital fashion, NFTs and PFPs. And brands like Balmain are just one of many tapping into this audience and multiplying their revenue streams.

As George Yang, founder and chief executive officer of Ethereum-based sneaker NFT brand Cult & Rain, pointed out: “Digital wearables are the next wave” of the metaverse “simply because it’s a quicker turnaround time.”

Rain is referring to dressing up “alter ego avatars” with items “that other people can’t have.”

“Web3 collectors are prone to purchasing collectibles. That’s why the NFT market boomed, because they want something that’s rare, scarce and holds value,” Rain said about following a scarcity and luxury business model.

Charis Márquez, the vice president of fashion at eBay, pointed out that “eBay was the OG of sneaker resales.” She added that trust and authenticity guarantee are what consumers value the most when it comes to e-commerce, and it’s not much different for Web3 consumers.

The company, which has its own NFT marketplace, most recently began inserting Near-field communication, or NFC-enabled tags into the left sneaker that provides information about the pair’s authenticity and facilitates any future re-listing.

Additionally, Vogue Business discussed how sneakerheads are taking advantage of the move-to-earn movement fostered by NFT-based games like Aglet and STEPN that reward players with in-app currency for walking and running. Or in Aglet’s case, players can purchase virtual sneakers from brands like Nike, Jordan, Adidas and Yeezy.