BoohooMan launches its first digital NFT collection
boohooMAN has launched its debut collection of non-fungible tokens (NFTs), making it the first brand of its kind to launch a digital collection.
Following the success of its augmented reality (AR) campaign last month, the global fashion brand is expanding further into the digital age by introducing the world to its newest venture through the ever-expanding Metaverse.
With a collection of eight three-dimensional futuristic NFTs in the collection, boohooMAN is reimagining its apparel with a modern contemporary twist.
“Blockchain technology and NFTs are on the tip of everybody’s tongue and have been for quite some time,” said Samir Kamani, ceo at boohooMAN.
“We have seen luxury brands flock to the Metaverse one after another, but we are yet to see any fashion brands in our market enter the space. At boohooMAN we see a future for digital fashion. This collection is us dipping our toe into the vast and complex landscape of the Metaverse.”
He continued: “This is our first experiment with non-fungible tokens and we have great expectations for future NFT collections, collaborations, digital fashion pieces, games and more.”
What are NFTs?
In economics, a fungible asset is something with units that can be readily interchanged – like money. With money, you can swap a £10 note for two £5 notes and it will have the same value. However, if something is non-fungible, this is impossible – it means it has unique properties so it can’t be interchanged with something else.
An NFT is a digital asset that belongs to the person who has it in their crypto wallet. A record of value and ownership is stored on a blockchain ledger that anyone can view, but only the owner has permission to alter.
