High-end streetwear label Overpriced, which describes itself as a brand creating “fashion for the crypto generation”, has sold a black hoodie as a non-fungible token (NFT) for a massive $26,000 (over Rs. 19 lakhs). The hoodie, inscribed with an expletive-laden logo in neon green graffiti font, was sold through an auction on the digital art marketplace Blockparty.co to an anonymous buyer who can now “wear” the garment virtually by scanning a unique V-code on any smartphone.
What is an NFT?
NFT stands for non-fungible token. These are cryptocurrency assets that represent a wide range of unique items, both physical and virtual like real estate or digital art. NFTs provide a certificate of ownership of a digital object for the buyer, which also protects its value for future transactions. CryptoPunks and CryptoKitties are the two most popular NFTs.
The most expensive NFT sold recently was a digital collage of the works of artist Beeple, which was auctioned for $69 million (over Rs. 500 crores) at Christie's in March.
The buyer of the NFT owns a “token” that proves they own the “original” work, but in many cases artists also retain copyright ownership to continue to produce copies. NFTs are “one-of-a-kind” assets that can be traded for something else, whether it is cryptocurrency or another digital piece, but they have no tangible form of their own.
What is Overpriced?
Overpriced was founded earlier this year by creative agency Impossible Brief's James Zwadlo and Grammy-nominated Leighton James of Adventure Club. It says it is on a mission to create social commentary on the madness of money meeting art.
Speaking about the use of expletive-laden slogan on this hoodie, Overpriced founder told Vogue Business that the messaging is a blunt comment on how fashion is about showing off how much money you have, while also acknowledging that their hoodies are aptly overpriced.
Of late, NFTs have gained popularity and several brands and celebs are launching their own digital art pieces. Last month, supermodel Kate Moss partnered with the art collective MITNFT to announce a series of NFTs. Similarly, Italian designer Angelo Galasso has produced NFT wallets, backpacks and keychains.