FS X NFT
By Brett Borthwick
Non-fungible tokens, otherwise known as NFTs, took the world by storm in 2021. These tokens are categorized as “non-fungible”; even if they have comparable monetary value, they cannot be interchanged. They are one of a kind, which lends their use to collectible items such as sports cards, art, and even designer handbags. NFTs minted on the blockchain present themselves as a feature of ownership in the new age of technology. This sort of technology allows digital art to hold actual concrete value as an asset. Digital ownership presents a solution to the concerning problem of data rights, which notabarose during the 2020 US Presidential Election. With a decentralised web through the ethereum blockchain, the individual will be empowered and protected from corporations owning their personal data, thus facilitating the transition to Web 3.0. Web 1.0 was the consumption of data, where published information is unchangeable from the public perspective. Web 2.0 allowed interaction through centralization; creators could add to and change content freely. In the third generation of the internet, Web 3.0, information can be owned by anyone, as it is decentralised through blockchain technology. The Ethereum smart contracts track ownership, and also, allow the artist to be credited every time the piece resells. It is for this reason that many artists are now turning to digital art rather than traditional mediums.
With the Metaverse, Decentraland, and other digital realms gaining traction, it follows that digital fashion would too. Some digital fashion NFTs come in the form of wearables that avatars can actually wear in a virtual environment. But even without wearables, fashion NFTs still continue to thrive. Luxury fashion houses such as Burberry, Gucci, and Louis Vuitton have dropped NFTs in the past year, with these exclusive pieces amassing huge profits and garnering massive media attention. Gucci was the first to do so, minting a four-minute film inspired by their “Aria” collection which ultimately sold for 25,000 USD. Dolce and Gabbana’s NFT collection in September of 2021 amounted to 6 million USD. Besides NFTs, blockchain technology allows for brands to legalize every transaction of limited-edition merchandise, thus aiding in authenticating and tracking purchases for physical items such as designer handbags.
This year, FS takes a step into the world of NFTs as we announce the first-ever St Andrews Charity Fashion Show NFT collaboration. We will be auctioning off a 1 of 1 fashion NFT, inspired by this year’s editorial theme, Encompassing Environments. This piece will be available to bid on at FS2022 on April 2, 2022. We are thrilled to announce our partnership with Known Origin, a Manchester-based platform for purchasing Ethereum art on Web 3.0. Known Origin is one of the first and largest platforms to buy and sell NFTs, with over 1000 artists and $1.3 million in sales to date. In the days to come, we will provide guidance and more information, so you can bid on this one-of-a-kind NFT. The creator behind this collectible is James Mack, a UK-based 3D artist who specializes in fashion NFTs. He has collaborated with brands such as H&M, Charli Cohen, and Lazy Oaf in the past and we cannot wait to see his work for FS. The profits from this sale will be distributed between our charities, Fear Free and the Joshua Nolan Foundation. To stay updated on the first FS NFT, make sure you follow us on Instagram @fs.standrews and Facebook: The St Andrews Charity Fashion Show.