Why Fashion Still Loves NFTs

By the time Warren Lotas' first store opened in Los Angeles on a Saturday morning, hundreds of people had already lined up outside. Some had started camping the night before, eager for early access to a streetwear brand known for its eponymous designer's heavy metal-inspired hand-painted artwork and high-quality cotton and denim construction. p>

But one particular group of fans were able to skip the line all day, not because they were celebrities or influencers, but because they owned one of 4,000 non-fungible tokens (aka NFT) Lotas and his team released in late 2021 as The Wild Bunch. The hand-drawn skeletons, loosely inspired by the types of characters found in spaghetti westerns, depict "federally wanted individuals" outfitted in cowboy hats, camo jackets and neon sunglasses.

>

NFT owners received another perk: exclusive access to the second floor of the store. There, the brand has created a meeting space called Greeley's Saloon, with sofas and a pool table. “Was great putting faces to discordant names,” a Wild Bunch member tweeted after visiting the opening and picking up five branded shirts, referencing the messaging platform where crypto communities hang out. gather online.

Store space is one of the many rewards that the team at Warren Lotas strives to provide to its passionate NFT community. Last week, he launched a debut collection of apparel and accessories, including varsity t-shirts and jackets, only available for purchase for the Wild Bunch community.

"NFTs, in this case, are like a membership card - it's super sick to be part of this club," said Warren Lotas COO, who is called Sto. He estimated that around 200 The Wild Bunch NFT holders attended the store opening, some from as far away as Boston, London and Tokyo.

"The hype that surrounds [streetwear] releases is the same that surrounds NFT releases," he added.

Sto revealed that The Wild Bunch community has grown "like wildfire" since last year's "mint", a term used to describe when NFTs are created on a blockchain and become available for purchase. "We just want to keep delivering and giving them things that they'll know they love," he said.

Warren Lotas' approach is an example of a new way forward for the intersection of fashion and NFTs, prioritizing community building over splashing headlines about exorbitant sale prices. Despite being a latecomer to the first digital revolution, fashion – and, in particular, luxury – has embraced the metaverse as it has gained more attention in recent years. Luxury houses have partnered with digital artists, gaming platforms and crypto companies. For many, the goal is to be seen as part of a culture that is not yet mainstream, but is at the center of widespread fascination and speculation.

Hot brands like Gucci have created brand cities on popular gaming platform Roblox and collaborated with digital artists to launch NFT collections. Nike created its own virtual studio and acquired RTFKT, the innovative virtual sneaker studio with big ambitions to remake the idea of ​​a virtual wardrobe. Even smaller labels have become involved in web3. Recently Paco Rabanne announced an NFT collection selling images from his archive through Selfridges.