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Fashion Evolution: What is Web3?

Okay, what the h*ll is an NFT? 

NFT stands for Non-Fungible Token - a one of a kind, non-replaceable item that is bought with cryptocurrency and exists on a blockchain. An NFT can be digital art, music, photography, anything really. What makes it special is the data connected to it which is used to define ownership of the NFT. (So no, you can’t just take a screenshot and claim it’s yours!)

 

Web2 vs. Web3 

You’ve seen the term “web3” getting thrown around a lot and yes, it’s actually a thing. Think of web2 as Instagram, Tiktok, posting selfies, and using the internet to connect with “in real life” people and ideas. Web3 represents a more digital world where we own digital possessions (NFTs), have a version of ourselves in the metaverse, and use advanced technologies and AI. One of the main appeals of web3 is decentralization - giving more control back to the people!

 

The Future of Fashion

As we move into Web3, businesses are quickly entering the NFT/crypto space and fashion brands are no exception. Big names like Adidas and Gap have already dipped their toes into creating and selling NFTs and now it’s time for smaller brands (like us!) to join in. The fashion industry is evolving every day and advanced technologies, NFTs, cryptocurrencies, metaverse, and finding new ways to display and enjoy fashion are the next steps. Don’t get left behind!

 

What’s the point of owning an NFT? 

You may think an NFT is just an image and nothing more, but it’s really everything behind the image and what it stands for that makes it meaningful.

 

Utility

Some NFTs have real-life benefits connected to them. For example, if you buy a Coachella Collectible NFT you get a lifetime pass to the festival and access to tons of exclusive benefits.

Supporting a cause

Plenty of NFT projects are tied to an organization or cause meaning that when you buy their NFT, a percentage of sales gets donated to help someone or something in need.

Simple, it’s art

NFTs made by big companies are the ones you see in the news, but did you know a majority of NFT projects are creates by small artists? Buying an NFT is just another way to collect art and support artists. 

Making a profit

Because NFTs can be auctioned off and resold in secondary markets, higher demand = higher selling prices! If you follow a project closely and believe in it wholeheartedly, you can purchase an NFT as an investment in hopes of selling it for a higher price in the future. 

 

 Honeyz

Honeybum is working with Honeyz NFT to bring you your very own fashion dolls. We’re working on collections that you can wear for yourself AND for your Honeyz doll. We’re getting in right at the forefront of this fashion evolution. Don’t get FOMO, join us! 

 

Ready to join us into the future? Start here.

 

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