Wearable NFTs Meaning
What Are Wearable NFTs?
Non-fungible tokens (NFTs) have gained popularity in virtual worlds with users utilizing picture-for-profile (PFP) NFTs to showcase their status and prestige. This has led to artists and global brands from different industries experimenting with NFTs to drive their sales and appeal to users in the digital realms. And one of the latest NFT trends is in the digital fashions industry with NFT wearables.
Wearable NFTs are virtual items or accessories that a user’s virtual character (avatar) can don in metaverses or web3 games. They facilitate a way to express yourself in the virtual realms based on the unique fashion items your avatar owns and wears.
Think of NFT wearables as a virtual wardrobe to your digital realm life– a digital version of physical fashion items. They can be virtual apparel, jewelry, accessories, and footwear, you name them, within a digital platform. These items are unique, rare, and cannot be counterfeited. Their appeal is in their capacity to improve the virtual experiences of users.
How Do NFT Wearables Work?
In traditional video games, the “skins” or outfits that you select for your character could be considered wearables. They are often acquired by completing game levels and challenges, or by purchasing them with in-game currencies or real, fiat money.
NFT wearables work like traditional video game wearables or “skin.” However, the main difference between them is ownership. With NFT wearables, you actually own the tokens representing the wearable. In contrast, traditional in-game items are not actually yours and cannot leave their game, regardless of whether you spent real money on them or hours earning them.
And since the items are virtual, they can be easily created, sold, and traded as non-fungible tokens (NFTs) in secondary marketplaces. So when a user buys one, they are actually buying a token that represents the fashionable item. The tokens are transferable via blockchain transactions. Their value is based on factors such as scarcity, popularity, and desirability.
Generally speaking, making in-game items NFTs makes them tradeable and interoperable with other web3 games. It also gives them the capacity to store or accumulate value. These factors give them an edge over traditional in-game assets.