Eduard

Posted on Feb 25, 2022Read on Mirror.xyz

The parallel between Streetwear and NFTs

Last year, I wrote a Twitter thread discussing the parallels between Streetwear and NFTs, as well as what lessons NFTs may learn from this vast culture. For the past several years, I’ve been involved in, studying, and living in the streetwear scene, and I’ve seen a lot of powerful things that, if implemented in this new realm, can only lead to remarkable things. Things are evolving quickly in this new space, and we’ve seen a lot of changes in the streetwear culture as well. Brands are slowly, but steadily, embracing NFTs, realizing their similarities to streetwear, and exploring how they can use this new technology in their brands to provide more value to their communities. Adam Bomb Squad, The Hundreds’ NFT project, is an example, but we’ll discuss it in another article. Now, let’s get down to business.

Shawn Stussy came up with the brilliant concept of screen-printing the signature in white on black T-shirts in 1982, and streetwear was born. That was the turning point in the movement. Following Stussy’s Stussy, plenty of new brands emerged, including Supreme, BAPE, and others, to become what we now refer to as streetwear pioneers, OG brands, and so forth. In a recent piece, we discussed how this culture came to be.

On August 7, 2015, Terra Nullius was the first NFT to be minted on the Ethereum Blockchain. Following Nullius, Etheria v1.1 (Blockplots) and Ethereum Name Service (ENS) were launched on October 29, 2015, and March 10, 2017, respectively. Because NFTs were in the spotlight last year and were perceived as art, the first art project on the blockchain, Curio Cards, was launched on May 9, 2017. CryptoPunks, which was minted on June 23, 2017, is one of the most popular projects that everyone is talking about. These are a few of the projects that I like to refer to as “OG’s” or “pioneers” in the field of NFTs. Some of them have faded or failed to acquire the traction they hoped for, but in the last year, we’ve seen ENS and, in particular, CryptoPunks gain traction, with some Punks even selling for outrageous sums of money.

I wanted to talk about the OGs to show you that both streetwear and NFTs have a lot of love and concern for the pioneers of each movement. Even if some brands or NFT projects that have been active since the beginning are no longer popular, they have either leaped to build a new one that is more relevant to today’s times or continue to earn recognition and a loyal following that knows and understands what they genuinely represent.

Stories are one of the greatest and most valuable assets of streetwear culture. Streetwear brands either tell tales or participate in the creation of them. Of course, many people are unconcerned about what a T-shirt signifies or why it was produced and are solely concerned with having a nice design. They will only buy it if it is a specific brand, stands out, or for other insignificant reasons. They aren’t interested in it because of the culture. True fans, followers, and streetwear lovers, on the other hand, adore a good story depicted on a T-shirt, understand why it was made, how it might inspire them, or why a particular collaboration was created. They allow the brand to have a role in their story.

The part about the story, I believe, also relates or should apply to NFT’s concept. I’m not only talking about art here, even if it’s the simplest method to show and express a tale but also about other ways that NFTs can improve a brand’s story and experience. Even in this space, there are those who buy NFTs just to buy them, and those who understand the movement, recognize what a certain initiative is doing, and want to be a part of it. If you haven’t seen it yet, I can assure you that you will do so shortly. In both streetwear and NFT scenarios, the story is where the true value lies.

One of the reasons why some streetwear brands are so successful is because they provide social status. Consider the Supreme brand. When you wear or see someone wearing a Bape Box Logo T-shirt, how do you feel? Everyone who knows a little about this space and has heard of Supreme and BAPE will think you’re an OG, a true devotee, filthy rich, or just have the appropriate links to get your hands on it. Brands like Supreme, in addition to providing social status, also provide authority and chances to gain wealth as prices continue to grow.

I’m confident that everyone reading this article has heard of the Bored Ape Yacht Club ( BAYC ). It is currently one of, if not the most successful, NFT projects. I like to make an analogy to Supreme. BAYC symbolizes the new social status symbol in this new society, proving that you were an early adopter of NFTs, and when their prices rise, owners gain riches and authority in their community, similar to what happens with Jebbia’s Supreme. BAYC had a mint price of 0.08 ETH, and the collection had a floor price of 100 ETH last week. Imagine how much money you would have made if you had been a hodler from the beginning, how your voice would have been heard and meant something not only in the BAYC community but also in the entire NFT realm, and what social position you would’ve had in this new world.

Although I am simply discussing their parallels and what NFTs may learn from streetwear in this article, there are many things that our cherished culture can learn from this new movement decentralization, but that is a topic for another post. Let’s continue on our adventure!

Before I move on to the next part, I’d like to share a short approach with you, and I’d love to hear your thoughts on it. The most significant message and takeaway are that the game’s transactional aspect must take second place in culture and community. Do you agree with what I’ve said?

The collectibles culture includes both streetwear and NFTs. Quick flips, trading, and reselling are key aspects of the culture, but they cannot be the sole motivator for a project. The players will move on to the next one if this happens. This has happened to us numerous times. In line with my previous statement, if a project doesn’t add value to culture and community and is only here for the reasons listed above, it won’t be long before people notice and move on to another that does. Everyone was an investor in 2021. Sneakers, watches, apparel, vehicles, NFTs, and so forth. People invested in them and profit from them in the long or short run. But, do you want every exciting and tradeable thing to feel and act like a stock? I don’t think so. NFTs are also included because, without something precious and remarkable at its core: long-term human and meaningful rewards and benefits, they can only retain the world’s attention for so long before getting sidetracked by the next shining star. Agree?

Unfortunately, newbies to the NFT realm view them as an investment at first, then as cultural and art objects, and lastly as a lifetime membership in a community. This wasn’t the case at first. People bought NFTs for the love of art or for the community they were about to join, even if they had no idea what opportunities or rewards awaited them. Take a peek at the BAYC. The things they do for the community are incredible. They have and continue to transform the lives of countless people, and being a member of their community is a blessing. This is something that many people who are just getting started in this field are unaware of. One of the reasons for this, in my opinion, is that when social media influencers hear about NFTs, the first thing they do is tell people how they can make money with them, how they got rich with them, and so on, rather than properly introducing people by telling them what an NFT is, what it signifies, talking about the community aspect, and other things that are useful and help people see the true face of NFTs. You are free to judge me, but these are only my thoughts.

For a better understanding of what I’ll be talking about in the final sections of this article, I’ll show you a piece from the origins of streetwear that I wasn’t able to live because I was a child, but I learned and discovered while being active and wanting to learn more about the culture. This part, I feel, relates to where our world is headed in the future.

Before the reselling craze, streetwear had spent a decade laying down cultural roots and cultivating artistic appreciation. People used to buy clothes or sneakers because they were meaningful to them, and they admired the artists who created them or the art that was displayed on them. Moving on to this segment, flipping sneakers was an important and active part of the culture at the time, but the infrastructure needed to handle the level of transactions that exists now was a pipe dream. Despite concerns about fraud and revealing personal information such as credit card numbers on the internet, eBay, Craigslist, and Yahoo Japan were the only online marketplaces where consumers could buy and sell sneakers. Does it sound familiar…?

NikeTalk

In the crypto and NFT realm, NikeTalk, a sneaker messageboard that existed in the late 1990s and early 2000s, can be regarded as the forerunner of what Discord is now. Niketalk was a place where sneaker collectors could share information, talk about product art and design, and connect. This forum’s members tended starting a thread called “What did you wear today?” Profit money does not equal status, as this forum revealed. Being well-informed about — and being able to identify and obtain — the sneakers in the first place was a sign of status back then. If you did your homework in finding the appropriate retailer, waited in line, and then acquired a pair of Nikes for retail, rolling around in a pair of SB Dunks was as good as a PFP today.

At one of Nike’s meetings, they discussed why loyal customers abandon their brand in favor of smaller ones. The explanation presented that day was a lack of connection, and collaborations were suggested as a solution. Even if you don’t agree with the culture, you can perceive the difference between a collaboration and a non-collaboration release. The gap is enormous. Supreme will also be used as an example. Even if people hurry to get a piece for retail every Thursday, the frenzy and craziness that is generated when they release something in partnership with The North Face is unbelievable. People are vying for goods, their website can barely handle the volume of traffic, and so forth. Collaborations are valuable to both brands and the culture. When two incredible brands join forces and two ideas come together, the designs and collections that emerge will leave you speechless and propel the culture ahead. We’ve seen streetwear labels collaborate with luxury fashion houses in recent years. This is fantastic news for the culture. Luxury being introduced to streetwear is something that most people did not expect, but it is warmly welcomed.

There is a major lack of collaboration in the NFT space. Collaborations in the streetwear industry have been shown to bring not only security but also unity to the market. Consider the partnership between RTFKT and FEWOCiOUS. It was a great hit, and it was just what this place needed at the time. Now, The Hundreds, an iconic streetwear brand that also has its own NFT project, Adam Bomb Squad (ABS), has announced collaborations with DeadFellaz, BRAin VOMit, and Smilesss. What do you believe these collaborations will add to the space? Hype, trust, unity, and a slew of other aspects are ideal for this new environment and will help to push the culture ahead. Collaborations promote trust and aid brand development in both streetwear and NFT cases, which both require customer trust. If there is no trust and faith, there will be no customers, community, or brand.

Have you ever heard of FUD? If you don’t know what that means, let me explain. FUD stands for Fear, Uncertainty, and Doubt, and it’s a genuine thing. This FUD occurs in all industries, not just NFTs, and I believe it will continue to exist indefinitely, especially for newbies. Most NFT artists and brands are isolated in Tribes, much as early streetwear where people used to have nicknames on NikeTalk. NFT collectors and leaders hide behind pseudonyms, and most NFT artists and brands are isolated in Tribes. Last year, I had the opportunity to read some of The New York Times columnist David Brooks’ statements, and in one of them, he defines tribalism as the antithesis of community, which is pretty accurate in the case of the NFTs, given the space between discord groups and gaps within the crypto society.

Collectors are excited when celebrities or brands board the NFT boat. That’s a plus and an encouragement for people to take part in the game. It’s possible that if that personality didn’t exist, they would not have entered the space. This item can also be found on the streetwear market. People will give a thumbs up if they see Ye wearing a specific piece of apparel or brand, and they will want to obtain that item. For example, he was recently spotted wearing a Balenciaga jacket, which was immediately sold out when the brand released it. I believe you understand what I’m saying, and I believe we’ve all felt something similar at some point in our lives. We’d heard about a thing, weren’t sure about it, but when we saw a celebrity leap in, we decided to do something about it.

NFTs must continue to establish trust, not only in their community. Collaborations between brands, projects, and designers can only benefit the community and the NFT space in the long run. As I mentioned earlier, The Hundreds is an example of a brand that embraces collaborations and recognizes the value they can contribute to the community by doing so. It’s not a surprising move when you consider how long they’ve been active and what they’ve accomplished in the streetwear realm, but I adore it. Many more brands will recognize the value of collaborations in the same way that this brand does, and I am confident that we will see a lot of partnerships between brands, artists, and projects this year. I’m looking forward to what’s to come.

While streetwear and NFTs have some parallels to the things discussed in the preceding paragraphs, they also have considerable differences.

Cycles and timelines are the most important factors. Fashion has an exciting up-and-down cycle, with trends lasting years, NFTs surviving a few dips, and new trends blooming and fading along the way. You never know what will happen the next day in this space. For example, today is February 1, 2022, and BAYC is at the top; but, tomorrow another project, with a new artist, with a different concept or opposing innovation in technology that allows the future to be unthinkable, could overtake BAYC. I love this position because it requires us to always be prepared, adapt to what is required of us, improve, and come up with fresh and inventive ideas that can disrupt the space. Because 2021 was unquestionably the year of NFTs, I believe we’ve learned from them that we don’t have to be bound by today’s technology state and understanding because things change so quickly that we can’t keep up with any trend.

In the closing paragraphs of this article, I’d like to share the conclusions I’ve reached after spending some time learning about both streetwear and NFTs.

The value of community and culture has been embraced and continues to be evoked through streetwear.

Streetwear shared and thought the secret of collaborations.

Nothing lasts forever, and the future is always a mystery.

Those who improvise are the ones who overcome adversity.

NFTs are metaverse status markers that function as fashion identifiers.

The brands that survive are those that are based on a solid foundation and have a long history and strong relationships.

New styles emerge and are unveiled, then fade away, followed by the rise of new styles, and so on. This is the cycle in both NFTs and Fashion, as well as in life. The only thing that lasts forever is people.

I’m not going to close this piece without asking you a few questions, which we’ll hopefully address in the comments or on Twitter:

What do you think of streetwear’s evolution and where do you believe it’s headed?

What can NFTs provide to the streetwear scene that will help it advance?

Do you believe NFTs will play a significant part in establishing trust and expanding a brand’s community?

This is all I have for today! Thank you for taking the time to read this article!

I hope you learned something useful here!

Please feel free to contact me if you believe I’ve missed something or if you have any additional questions! I will gladly respond to them!

*The story was first published on Medium on February 1, 2022. I decided to relocate it here for a step-by-step migration in Web 3.0.

Have a fantastic day!

Parallel