MYAX Fashion NFTs: luxury fashion consumer NFT acceptance

Myax - My Avatar X
4 min readSep 22, 2022

Keywords: MYAX, Crypto, MYAX Coin, Virtual Influencers, Avatars, Fashion NFTs, metaverse, web3, web2, social network, content, Luxury Fashion, Storytelling, Creative Economy, Polygon, $MYAX, Maya

Maya (Virtual Influencer, YouTuber, and Spokesperson of MYAX) talks about the upcoming fashion NFT line with Arzu Kaprol

Introduction

The creative economy of web2 is on a verge of a big transformation offering great opportunities. Some verticals will lead the transformation. Influencer marketing (estimated market size of $13.8 billion in 2021, expected to jump a further 19% to $16.4 billion in 2022) and the Fashion Industry are among the best candidates.

In this post, I will provide an all-encompassing rundown of the new creative economy, including an explanation of fashion NFTs and a focus on consumer NFT acceptance.

Some background information

About MYAX

MYAX ( My Avatar X ) focuses on the transformation of creative societies into web3 and metaverse.

The company vision is to create and endorse an ecosystem where; creators, users, investors, technology innovators, and influencers come together in a new digital layer that is transparent, verifiable, interoperable, and secured by $MYAX coin ( created on Polygon chain), and accessible to anyone who wants to create.

MYAX Platform

MYAX is a new generation content creation platform where users:

Create and Personalize Avatar with endless possibilities

Dress up avatar with Fashion NFTs

Buy/Sell/Rent wearable Fashion NFTs

Create engaging content effortlessly for social networks

Get paid for content creation (Create-2-Earn)

Screenshots from MYAX Testnet design

Fashion NFTs

Since it can be verified, traded, and traced, NFT technology has drawn a lot of interest in creative communities. Fashion NFTs utilize blockchain technology, which enables the creator of digital assets to demonstrate ownership. Every time the asset is successfully traded on any NFT platform, the designer becomes eligible to receive royalties due to the asset’s transparent transaction history. Fashion NFTs can be compared to a class of cryptocurrencies like Ethereum or $MYAX. NFT, on the other hand, cannot be swapped in an equivalent manner, although traditional cryptocurrencies can since each NFT is distinct and non-fungible, making it appropriate for certifying particular digital assets. The development of NFT technology has made it a wonderful tool for defending IP rights of Fashion designers and brands for the metaspace.

NFT System Model (Chen et al., 2021)

Fashion NFTs have a significant advantage over traditional collectible NFTs in utility. A Fashion NFT holder may dress up an Avatar with these 3d assets and visit metaverse projects with this unique look. In some cases, Fashion NFTs are like tickets to enter certain metaevents such as virtual fashion shows, concerts, etc.

Minh and Ngan stated that the coronavirus pandemic highlighted the importance of digital technology in driving fashion development and provided fashion brands with an opportunity to come up with novel solutions to sustain operations and customers’ access to fashion during COVID-19. The shift in consumer behavior toward online channels and the introduction of virtual solutions by manufacturers along the supply chain have sped up the digital transformation.

NFT Acceptance

A study by Anna Buriak focuses on the use of non-fungible token (NFT) technology in the current luxury fashion sector tells us an interesting story about the acceptance of NFTs in luxury fashion customer groups.

Acceptance of NFT fashion =0.596 + (0.263*Status Benefits) + (0.342*Trust) + (0.168*Age)

The Perceived Level of Investment is not affecting the acceptance of NFT fashion whereas it has been considered the most important factor in the traditional NFT market.

Anna Buriak Revised Conceptual Framework; Hyp2

A key takeaway for MYAX Platform:

  1. Offer status benefits
  2. Team up with respectable brands and designers
  3. Communicate with a younger audience

Read the article: NFT FASHION: AN INVESTIGATION INTO NON-FUNGIBLE TOKEN TECHNOLOGY AND ACCEPTANCE OF VIRTUAL FASHION WITHIN LUXURY CONSUMERS by Anna Buriak

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Myax - My Avatar X

MYAX is a revolutionary content creation platform that provides a seamless entry point to Web3 for over 200M content creators and fashion designers.