Press release
Digital Fashion NFT Marketplace Platforms Market Size Projected to Hit USD 36,423.04 Million by 2034, Registering a CAGR of 32.7%
Digital Fashion NFT Marketplace Platform Market
Market Introduction
Lately, digital transformation has transformed several industries, including fashion. Fashion NFTs are non-fungible fashion assets that have surfaced as an inventive notion transforming the way one recognizes, possesses, and trades fashion items. These distinct digital benefits showcase ownership of virtual fashion segments, permitting fashion enthusiasts to give way to a contemporary domain of self-expression and keepsake culture.
Digital fashion is becoming growingly approved as people are seeking modern ways to manifest themselves online. NFTs provide a way to possess and gather digital fashion commodities that can be utilized in social media, games, and other online platforms. Blockchain technology influences NFTs. It is a safe and explicit way to reserve digital assets, which makes it perfect for the fashion industry.
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Top Market Leaders
Critical enterprise players are modeling the digital fashion marketplace through tactical invention and marketplace evolution. Market leaders are enumerated as follows:
• Adidas AG
• Animoca Brands
• Decentraland (Decentraland Foundation)
• DIGITALAX
• DRESSX
• Genies, Inc.
• Gucci (Kering Group)
• Louis Vuitton (LVMH Group)
• Nike, Inc.
Digital Fashion NFT Marketplace Platform Industry Developments
November 2024: Genies introduced its Avatar Framework by utilizing machine learning and advanced computer graphics to support highly customizable avatars and digital fashion items. This development aims to enhance user experiences across gaming platforms and virtual environments.
September 2024: Web3 fashion brand Mmerch launched one-of-one collection of physical hoodies inspired by a Cryptopunk NFT and bedazzled with Swarovski crystals. Each hoodie in the collection is linked to an NFT and comes with corresponding digital artwork, blending art, technology, and unique digital identities.
April 2024: Maison Margiela launched the MetaTABI NFT, changing its iconic split-toe boot into a digital product offering exclusive benefits. The collection included 1,500 NFTs priced at USD 616 each, with premium choices providing limited-edition physical boots.
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Market Trends
Growing Gen Z Consumers: The growing participation of Gen Z consumers in virtual spaces such as gaming ambiances, metaverse fashion marketplace, and social media platforms has notably impacted the fashion industry. In November 2023, Roblox Corporation, an American video game developer, issued a review underscoring the escalating importance of digital expressiveness among Gen Z users contributing to the accelerated digital fashion NFT marketplace platform market growth.
Technological Progressions: The market is witnessing notable growth pushed by commodity progressions and inventions by major firms. In April 2024, Louis Vuitton developed its Via NFT project by initiating phygital varsity jacket costing USD 8,309. This entire commodity was made accessible to 200 members of its 'Via' group, merging physical fashion with digital possession.
Market Segmentation
The digital fashion NFT marketplace platform market segmentation is based on product type, blockchain networks, end user, and region.
Based on product type, the digital apparel segment led the market in 2024 due to the growing demand for virtual clothing pushed by consumer's aspiration for distinct digital expressiveness. Leading fashion brands have benefitted from this trend by delivering collectible digital clothing grouping.
Based on end user, the luxury & fashion brands segment dominated the market in 2024 due to its enterprising engagement of habitual fashion abodes in the digital industries, capitalizing on their brand equity to traverse contemporary receipts and improve customer engagement.
By Product Type Outlook (Revenue, USD Million, 2020-2034)
• Digital Apparel
• Footwear & Sneakers
• Accessories & Jewelry
• Others
By Blockchain Networks Outlook (Revenue, USD Million, 2020-2034)
• Ethereum-Based
• Solana-Based
• Polygon-Based
• Others
By End User Outlook (Revenue, USD Million, 2020-2034)
• Luxury & Fashion Brands
• Gaming & Metaverse Users
• Artists & Designers
• Others
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Market Geography
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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