METHODOLOGY OF CREATING NFT FASHION PROJECTS

Milica Simić, Katarina Šikman, Marija Vrljanac, Vukašin Despotović, Marijana Despotović-Zrakić

DOI Number
https://doi.org/10.2298/FUEE2401029S
First page
029
Last page
052

Abstract


There is a lot of misunderstanding about what non-fungible tokens represent. They are usually associated with some kind of ownership or certification, but it is much more than that. This document aims to inform the readers about different use cases of NFT in the real and virtual world, with applications in the fashion industry. The paper aims to propose a methodology for creating NFT fashion projects. According to the proposed methodology, modelling of the ecosystem for the fashion industry based on NFT is presented. An example of creating an NFT collection, minting and realizing a transaction using a smart contract was also developed. The PyTeal programming language was used to develop the smart contract, and the Algorand platform and market were used to display transactions and minting.

Keywords

Digital Fashion, Metaverse, NFT, Algorand, Smart Contracts

Full Text:

PDF

References


H. McQuilln, "Digital 3D design as a tool for augmenting zero-waste fashion design practice", International Journal of Fashion Design, Technology and Education, vol. 13, no. 1, pp. 89-100, 2020.

N. Särmäkari, "Digital Fashion on its way from niche to the new norm", Fashion Theory Russia: Dress, Body and Culture, 2022.

J. A. Fairfield, "Tokenized: The Law of Non-Fungible Tokens and Unique Digital Property", Indiana Law Journal, vol. 97, no. 4, 2022.

G. Wood, "Ethereum: A secure decentralised generalised transaction ledger", Ethereum project yellow paper, vol. 151, pp. 1-32, 2014.

M. Franceschet, G. Colavizza, T. Smith, B. Finucane, M. L. Ostachowski, S. Scalet, J. Perkins, J. Morgan and S. Hernandez, "Crypto Art: A Decentralized View", Leonardo, vol. 54, no. 4, pp. 402-405, 2021.

F. Regner, A. Schweizer and N. Urbach, "NFTs in Practice – Non-Fungible Tokens as Core Component of a Blockchain-based Event Ticketing Application", In Proceedings of 40th International Conference on Information Systems, Munich, 2019.

R. Musiala, J. Wasick, K. Murphy and V. Reynolds, Introduction to Non-Fungible Tokens, BakerHostetler, 2022.

K. Lau, "Non-Fungible Tokens," A Brief Introduction and History, 2020.

Q. Wang, R. Li, Q. Wang and S. Chen, "Non-Fungible Token (NFT): Overview, Evaluation, Opportunities and Challenges,", 2021 [Preprint].

M. Gurock, L. de Lima and J. Ekberg, "A Primer on the Metaverse and NFTs", Oliver Wyman Forum, 2022.

S. Mystakidis, "Metaverse", Encyclopedia, no. 2, pp. 486-497, 2022.

L.-H. Lee, T. Braud, P. Zhou, L. Wang, D. Xu, Z. Lin, A. Kumar, C. Bermejo and P. Hui, "All One Needs to Know about Metaverse: A Complete Survey on Technological Singularity, Virtual Ecosystem, and Research Agenda", 2021 [Preprint].

D. Stefanoski and S. Fuchs, "Tokenization of Assets", EY, Basel.

"Asset Tokenization: What It Is and How It Works", Chainlink, May 2023. [Online]. Available: https://chain.link/education-hub/asset-tokenization.

"Fashion and NFT. Which Fashion Brands Created Their Own NFT Collections", GamesPad, [Online]. Available: https://gamespad.io/fashion-and-nft-which-fashion-brands-created-their-own-nft-collections/.

E. Kirjavainen, "The future of luxury fashion brands through NFTs", Master's thesis, Department of Marketing Aalto University School of Business, 2022.

J. Dugal, "Top 5 Most Popular NFTs in Fashion", Fashionbeta, [Online]. Available: https://www.fashionabc.org/top-5-popular-nfts-fashion/.

"Digital fashion: from concept to consumer at Timberland", Unreal Engine, September 2022. [Online]. Available: https://www.unrealengine.com/en-US/spotlights/digital-fashion-from-concept-to-consumer-at-timberland.

T. Harrsion, "Fashion NFTs are here to stay in 2022", hypebae, March 2022. [Online]. Available: https://hypebae.com/2022/3/metaverse-fashion-week-nfts-trend-tommy-hilfiger-balmain-rtfkt.

R. Ginsburg, "Fashion Design and NFTs A Guide to Help You Break Into Web3", nftnow, 9 September 2022. [Online]. Available: https://nftnow.com/guides/fashion-design-and-nfts-a-guide-to-help-you-break-into-web3/.

"Top 5 of brands with the most NFT revenue in 2022", metav.rs, [Online]. Available: https://metav.rs/blog/5-brands-most-nft-revenue/.

R. Sharma, "Non-Fungible Token (NFT): What It Means and How It Works", Investopedia, April 2023. [Online]. Available: https://www.investopedia.com/non-fungible-tokens-nft-5115211.

A. Jalli, "Best NFT Design Software of 2023", codingem.com, [Online]. Available: https://www.codingem.com/best-nft-design-software/.

C. Team, "Minting Crypto", CFI, January 2022. [Online]. Available: https://corporatefinanceinstitute.com/resources/cryptocurrency/minting-crypto/.

O. Retail, "9 steps for a successful NFT drop: Hype, fairness & fun", Queue.it, December 2021. [Online]. Available: https://queue-it.com/blog/successful-nft-drop/.

L. Almeida, "How to Create an NFT in 5 Steps", Designity, August 2022. [Online].

A. Osterwalder, Business Model Generation: A Handbook for Visionaries, Game Changers, and Challengers, Wiley, 2010.

G. I. S. Parrales and B. Batbayar, "Exploring the impacts of NFTs in marketing strategies and customer relationships", May 2022. [Online]. Available: https://lup.lub.lu.se/luur/download?func=downloadFile&recordOId=9084109&fileOId=9084245.

R. Chohan and J. Paschen, "NFT marketing: How marketers can use nonfungible tokens in their campaigns, R. Chohan, J. Paschen", Business Horizons, vol. 66, no. 1, pp. 43-50, 2023.

A. Colicev, "How can non-fungible tokens bring value to brands", International Journal of Research in Marketing, 2022.

M. Shou and T. Domenech, "Integrating LCA and blockchain technology to promote circular fashion – A case study of leather handbags", Journal of Cleaner Production, vol. 373, p. 133557, 2022.

D. Wang, Q. Ren, X. Li, Y. Qi and Q. Zhou, "Defining Consumers Interest and Future of Nft Fashion", In Proceedings of International Conference on Social Sciences and Humanities and Arts, Nanjing, China February, 2022.

D. Pavić, "Methodology and tools for the creation of NFT collections on Ethereum blockchain", November 2022. [Online]. Available: https://bc.elab.fon.bg.ac.rs/2022/11/02/professor-keeting-was-our-guest-micro-lecture-methodology-and-tools-for-the-creation-of-nft-collections-on-ethereum-blockchain/.

M. Vrljanac and K. Šikman, "NFTs in the Fashion Industry", March 2023. [Online]. Available: https://bc.elab.fon.bg.ac.rs/2023/03/29/nfts-in-the-fashion-industry/.

J. Wade, "How to Create an NFT", Investopedia, October 2022. [Online]. Available: https://www.investopedia.com/how-to-create-an-nft-6362495.

Y. Xu, T. Slaats, B. Düdder, S. Debois and H. Wu, "Distributed and Adversarial Resistant Workflow Execution on the Algorand Blockchain", 6th Workshop on Trusted Smart Contracts, 2022 [Preprint].


Refbacks

  • There are currently no refbacks.


ISSN: 0353-3670 (Print)

ISSN: 2217-5997 (Online)

COBISS.SR-ID 12826626