Indian fashion designers join NFT bandwagon

economictimes.indiatimes.com:

Mumbai: After Bollywood stars and sports celebrities, India’s top fashion designers are now looking at non-fungible tokens (NFTs) as a credible source of income for their digital fashion collections. Designers including Manish Malhotra, Raghavendra Rathore, Anamika Khanna and Pankaj & Nidhi have already embraced blockchain technology in order to connect with more tech-savvy audiences. Most of them have seen their initial drops of digital artwork sell in minutes on NFT marketplaces. «Fashion NFTs have received great traction on our platform and in general as well. We are hoping to introduce new-age street brands in fashion onto the NFT bandwagon as these would be a perfect fit with the young NFT community,» said Vishakha Singh, vice president, WazirX NFT Marketplace.

Did you Know?

A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest

It was RISE Worldwide, the sports and lifestyle arm of Reliance Industries, that first got Malhotra to drop his NFTs during the last fashion week. «Our focus at the fashion week is to not just provide a platform for Indian designers but also create case studies on the best new technologies available for the fashion community to adopt,» said Jaspreet Chandok — head of RISE Fashion and Lifestyle. «Manish dropped five NFTs, which sold out within seconds. This really created a conversation in the industry, and we have seen many designers join in since then.» He added that the pandemic had accelerated the technology adoption cycle by consumers by a great degree and over the last year, designers, fashion retailers and fashion platforms had moved to phygital and omni-channel