My good friend Rachel Wolfson reported in CoIntelegraph.com that “Specifically speaking, the million-dollar luxury fashion sector has started taking note of NFTs. High-end fashion brands, such as Dolce & Gabbana and Jimmy Choo, have recently launched their own NFT collections, while designer Rebecca Minkoff became the first American female designer to create and showcase an NFT collection during New York Fashion Week 2021.” The October 26, 2021 article entitled “Culture converges with blockchain as luxury fashion brands launch NFT collections” included these comments from Megan Kaspar (managing director at Magnetic Capital and member of Red DAO — a fashion-focused decentralized autonomous organization):
The fashion industry, one of the largest industries in the world, generated $2.5 trillion in global annual revenues prior to the pandemic.
Red DAO’s thesis around digital NFT fashion includes the potential of global revenues at least doubling over the next two decades due to the digitization of fashion and new capabilities offered.
This is great news, but not a surprise!
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