The Rise of Wearable NFT Art
If you have been sceptical about wearable NFT art in the past, wondering ‘how valuable can polygons really be?’ Gucci has an answer to your question. In May 2021, the luxury brand created a stir by selling a virtual bag in the video game marketplace Roblox for $4,115. You may be surprised to learn that the real-world analogue of the bag retails for a similar, but lower price: $3,400. Why would someone spend thousands of dollars on a piece of digital art that can only be exhibited in digital space? To hear Connie Digital (an NFT enthusiast and advocate for the Metaverse) say it, it’s the same reason many art collectors buy up traditional art at auction houses and art markets: for the flex. Of course, digital artists can’t build careers solely on the largesse of wealthy futurists, but the NFT (non-fungible token) market continues to expand. Genies is ready to capitalize on this trend.
A Beginner’s Guide to Wearables
The term ‘wearables’ is sometimes used to refer to technological devices such as smart glasses or fitness trackers: items intended to be physically worn to augment your abilities or otherwise assist in data-gathering. However, in the context of the digital art world, wearables refers to digital art pieces that can be worn by digital avatars such as those created by Genies. They may be regular articles of clothing that can be chosen from among the many default pieces in your avatar’s virtual closet, or they may be microtransactions to be bought in game marketplaces, such as Fortnite. In April 2020, Fortnite made a shocking 44.3 million USD, with much of that income coming from the sale of wearables. The kind of wearable that Genies is chiefly concerned with at the moment, however, is the unique variety: collector’s items minted as an artificially scarce talking point. NFTs, as a peculiar merging of the tech, finance, and creative sectors, create a tremendous amount of buzz, as can be seen in the cases of Jack Dorsey’s first Tweet or Mad Dog Jones’ ‘fax machine’. This buzz is helping bridge the mental gap between the perceptions around the value of physical artworks, and wholly digital ones.
NFT Art Collections
Genies is working on creating more NFT art collections in the same vein as Gucci’s Roblox pieces, such as its collaboration with a group of digital artists and BANDAI-NAMCO on a line of distinctive and distinguished Pac-Man NFTs. Our proprietary marketplace will offer wearable NFTs for your Genies to sport as they explore messaging apps, games, and more, representing your interests in unique ways.