‘NFT’ is an acronym many have seen haunting the media, but few can accurately describe. A Digital ‘trading card’ that cannot be replaced with something else, the Non-Fungible Token can be anything digital, acting as a new kind of blockchain. With its initial excitement geared towards selling digital art, the fashion industry is beginning to adapt to the possibilities—and profit—NFTs could generate. How are brands utilising interest and who is the average target consumer? 

Why is fashion interested in NFTs?

While adjusting to this new facet of the digital world, some brands have cited the changes as an ‘education’. Keen to get guidance from the ground up, companies have sourced their NFT information from articles or sites such as Clubhouse. With even more brands looking to join suit over the next year, the joins between fashion and cryptocurrency are ripe for experimentation. Digital copies are selling for quadruple the price of actual garments, while other brands have seen their assets sell out. As a wildly different landscape, this new challenge requires being open to speaking to a wider audience.

Who is the target consumer?

There needs to be a balance between appealing to traditional consumers, while meeting the needs of those who are crypto-fluent. The latter are considered to be a prime target audience, with promising statistics of 50% of US consumers actively looking to buy Digital Assets in the next 12 months (BoF Insights). There’s a level of consistency needed, marketing products in a way that’s suitable to an interested brand. Authenticity is key, using relevant data to creating campaigns that resonate with the right demographics. Testing with smaller releases can be a good way of experimenting with trial and error.

Reaching new audiences requires utilising the right kinds of platform. Dematerialised and Bitski are great examples of places to full plan digital creations, providing invaluable data. Social platforms like Twitter and Discord have proved necessary in marketing, capturing a reach whilst allowing room for consumer feedback. Brands should be creative with asset visuals, while keeping press short and to the point. There are long-term goals to be had, best suited by having a multi-step strategy in place.  Experimentation in a nascent market is key to staying ahead of potential in the NFT world.

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