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Phil Hall
Phil Hall
Dec 9, 2020
News

Digitalax Auctioned $18.750 Worth of Digital Fashion

Digitalax has auctioned 19 digital fashion outfits for a total value of 35 ETH, or $18.750. Each of the digital outfits is one-of-a-kind.
Digitalax Auctioned $18.750 Worth of Digital Fashion

Digitalax has auctioned nineteen digital fashion outfits for a total value of 35 ETH, or $18.750. Each of the digital outfits is an one-of-a-kind digital assets stored on the blockchain. The center piece of the auction was a metallic dress by Edward Harber, which sold for $2700.

Each digital fashion items is an unique ERC-721 token. The owners of these tokens get a rendered PNG from the front view, side view and back view. In addition there's a 360 degree turntable GIF and a raw 3D model FBX file. Owners of these items have the complete commercial rights to the digital fashion garment, described by an Open Digital Fashion License.

Each fashion item (ERC-721) combines multiple textures and patterns. Each of these are child NFTs, or ERC-1155 tokens. There's no supply cap on these child NFTs, which are provided by Digitalax.

The 3D FBX file is one of the most common 3D files on the market. With relative ease users should be able to import their designs into virtual worlds like VR Chat or Somnium Space. Because buyers have the digital rights, they can potentially resell their garment for use in for example Somnium Space.

Digital fashion revenue

Digitalax didn't take any commission this round, but in the future they will take 12% of every primary sale above the reserve price. The rest of the revenue goes to the designers. In addition designers will get a ten percent commission on secondary sales, unless sales happens on other platforms. In that case designers rely on goodwill of the sellers.

At the moment digital fashion is a small business, but many groups are working on it. As society is moving more into virtual environments, the need for digital representation is growing. Having an avatar that looks good, could potentially be very important in the future. Digital fashion plays a crucial role here.

In blockchain-powered worlds like Somnium Space, Decentraland and Cryptovoxels the concept of wearables and digital fashion is growing in popularity. Even the iconic fashion brand Gucci is keeping an eye on the developments in this space. Cryptovoxels recently reenabled the option for users to mint digital clothing, while Somnium Space is providing similar options. Last month games publisher Bandai Namco invested in avatar company Genies, underlining the potential for the personalization of digital identities.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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