Fashion, music and games - how NFTs are building a metaverse

The art world may be where non-convertible tokens (NFTs

) got their start, but it’s not the only industry making money from it. Christie’s Art + Tech Summit featured a panel on gaming, fashion and music. Panelists revealed where these industries are using the technology. Sponsored

Panelists were Alissa Aulbekova and Paula Sello, creative director and co-founder of Auroboros; Amber Jae Slooten, co-founder and creative director of The Fabrican; Lin Dai

, co-founder and

CEO of OneOf, Jamie Lewis, CEO and co-founder of Ioconic, and John Linden, CEO of Mythical.

Democratizing Industries with NFT Metaversum

The main topic of the panel was the ability of NFT companies to democratize their industries.

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When it comes to gaming, while it’s already a popular space to connect with cryptocurrencies, John Linden explains that most gamers don’t come from this community.

It’s really more about transferring those assets and being able to sell and those kinds of things that we want to get out to the community. I think if we go too much in the direction of just a full blockchain gaming stack, we’re going to end up with a very small audience in just a select niche. We won’t be able to reach another 100 million consumers like we did with music, games or fashion.
– He explains.

However, Lin Dai points out that this is only possible if the network is actually affordable.

My point is that there is a certain barrier to entry. In today’s democratization, you first have to have something to trade in order to participate. Transaction costs on Ethereum have to fall much lower. So we don’t think you can talk about democratization when the cost of mining NFT is $150.
– He explains.

For those in the fashion game, NFTs provide a way for people to access luxury brands in the digital space.

We are very excited thinking about what the future could be. Especially on the luxury side, how it can be more experiential and more immersive for everyone.
– Alissa Aulbekova and Paula Sello say.

Towards digital worlds of the future

Unlike art, where many NFT products exist in both physical and digital form, many of these fashion, music, and gaming products simply exist

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in the metaverse.

Amber Jae Slooten’s work is entirely digital, as a fashion brand that operates solely in digital form.

We create clothes that are always digital and never physical.

– She explains.

Our identity every day becomes coraz more online. It was a logical decision to think about how fashion moves into this space, how fashion moves into this digital identity, how we create a space around ourselves that we take with us into the metaverse.
– He says.

The idea of metaverse refers to the connected online world. Here people interact and participate in parallel with the ‘real world’.

Metaverse is already very prominent in multiplayer games. It is just beginning to expand to other parts of human life.

For brands, this means engaging or being left behind as these new worlds unfold.

Ultimately it’s about creating longevity and you know these new technologies are adapting to that idea. So they can continue to grow their fan bases and everyone is using completely different ways and creating new combinations of technology use all the time.
– Jamie Lewis says.

It’s still early days though, and companies like the panelists are at the forefront of new innovation.

I don’t think we know anything about the possibilities of this type of technology yet.
– Slooten says.

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