What Happened: ANNAKIKI, the Chinese independent fashion brand, is the first Chinese label to feature NFTs in its collection — and the results are taking Chinese social media by storm. Looks from the collection have been spotted on celebrities such as Shen Mengchen, Wan Nida, and Jike Junyi, as well as popular influencers and KOLs like Chen Ran, Nikki-Min, YangFanJame, and Meng Jia. In total, the entrepreneurial label has virtually dressed a total of 23 celebrities and KOLs.
The collection, which debuted at Milan Fashion Week, obscured the boundaries of the traditional physical form, instead exploring cyborgs and non-human evolution. Taking the material presence of its physical lineup, designs were then encoded into a series of NFTs titled “Metacosmos,” which creative director Anna Yang Yangzi described as “creating a unique identity label for the emerging humanity of another parallel dimension.”
The Jing Take: Fall/Winter 2022 saw more designers welcome digital assets into their collections. From Phillip Plein’s “Monster Gang” NFTs to ANNAKIKI’s multidimensional showcase, virtual fashion is creating a new world of innovation and creativity.
From a luxury consumer standpoint, it’s possible that the benefits of virtual fashion can outweigh those of physical. Ongoing scrutiny over the fashion industry’s contribution to the climate crisis has led to a shift in consumption habits. Alternatively, the metaverse provides an outlet where our needs could be satisfied online without these environmental consequences. Digital fashion is, additionally, an effective means of exploring our own identities. One of Web3’s most attractive assets is its ability to carve out a space for users to experiment with who they are through virtual fashion.
But some are hesitant to follow suit. Chairman and Chief Executive Officer of LVMH group, Bernard Arnault, has previously voiced that the luxury house will be approaching the metaverse with “a note of caution.” As the lines between what is real and what isn’t are becoming increasingly blurred, it’s hard to predict if virtual consumption will overtake physical. But with the NFT market surpassing $40 billion dollars last year, it’s beginning to look more and more possible.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.