The partnership will provide a marketplace to select designers and artisans to sell their work as non-fungible tokens
WazirX NFT Marketplace has joined hands with FDCI X Lakme Fashion Week to introduce fashion NFTs by designers and artisans. Non-fungible tokens (NFT) have created a market where digital versions of garments and accessories are linked to blockchain hosted tokens. This partnership will mark the entrance of India’s fashion industry in digital assets- a step towards integrating tech innovations with fashion via blockchain technology. Manish Malhotra will lead the industry by creating five exclusive NFTs which will be available on the WazirX NFT Marketplace in collaboration with FDCI X Lakme Fashion Week. “NFTs are a complete gamechanger and absolutely something that the Indian industry needs to consider and move towards. I will be launching the first ever designer NFTs in India on Wazir X Marketplace and kickstarting this initiative through FDCI X Lakme Fashion Week. I hope my participation encourages more designers and artisans to explore and take advantage of this new opportunity,” Manish Malhotra said.
According to Jaspreet Chandok, head, RISE Fashion and Lifestyle, fashion NFTs have gained prominence across the globe in recent months. Chandok believes that this can possibly be a big game-changer for Indian fashion which is why they need to pioneer the ecosystem in understanding, support and access for designers and artisans.
Pioneering the NFT segment in India and South Asia, WazirX NFT marketplace is India’s most trusted platform for designers, artists and creators to explore the NFT ecosystem. WazirX NFT marketplace builds on providing multiple use-cases with NFTs, these fashion-themed NFTs being the latest ones. The NFT craze has swept through the fashion world and this unique collaboration will revolutionise the Indian fashion industry. For Vishakha Singh, VP and advisor, WazirX NFT Marketplace, globally, designers have commenced making a statement using NFTs to engage with fans and patrons in the form of loyalty rewards. “With the trend of NFTs being at its nascent stages in India, we believe that there is a room to understand and create awareness around the different use cases of NFTs. We have seen a promising response to art and music-based NFTs on our platform – this has propelled us further to explore newer segments, with fashion being the most recent industry to jump the NFT bandwagon. The fashion NFT space is fairly untapped in India and has great potential to grow – if brands engage with the over 10 million growing crypto community now, they are collecting a strong community base for the future. Additionally, for independent fashion designers, NFTs will certainly be a new revenue stream,” she added.
Scheduled on October 6 at the upcoming FDCI X Lakme Fashion Week, the panel discussion will bring together key stakeholders to address the current understanding of NFTs in the Indian fashion industry.