RAWLPINDI: High-end streetwear brand Rastah has become Pakistan’s first fashion outlet to venture into the world of non-fungible tokens (NFTs) with the upcoming release of their digital outfit.
NFTs are a type of digital asset which use blockchain technology to record the ownership of online items such as images, videos, trading cards or land in virtual worlds. First launched in 2015, NFTs exploded in popularity earlier this year. According to NFT market tracker DappRader, sales volumes of NFTs surged to $10.7 billion in the third quarter of 2021.
The fashion world has also embraced NFTs, with luxury accessories brand Jimmy Choo recently launching virtual collectables and American designer Rebecca Minkoff showing an entire NFT collection during New York Fashion Week 2021. In India, one of the most coveted designers Manish Malhotra, sold NFTs of digital sketches of some of his most recognizable creations at $4,000 per image earlier this month.
Rastah’s entry into the NFT space will be marked by an auction of their digital piece from the upcoming “Love & Fear” collection on the Foundation Rastah site on Nov. 5. The garment, produced in collaboration with Lahore-based design house DMTLabs will also come in the physical form.
A digital fashion item designed by Rastah, Pakistan’s first fashion outlet to venture into the world of non-fungible tokens (NFTs). (Photo courtesy: Rastah)
“It’s an immense moment of pride for us to be able to accompany this digital NFT with an actual physical piece,” Rastah cofounder Zain Ahmad told Arab News over the phone.
“The inspiration to make the NFT came from the DNA of our brand which focusses on working with artisans and providing them access to a global marketplace,” he said.
For the brand, entering the NFT space was an act entering the global stage and form of “rebellion.”
“Rebellion in the sense that you have these artisans and designers who are not connected to the Internet or to the outside world,” Ahmed added. “For us to create an NFT Rastah is saying ‘hey, we’re here, and we’re going to be part of the discourse.’“
He sees the introduction of NFTs also as a way of empowering the artisans who work with the brand and making them earn more.
“We see a future of NFTs where we work with our designers to create physical pieces and we will also create an NFT for that piece with all of the money going to the artisan,” he said. “This is only the start of us expanding into the NFT space.”
Rastah’s collaborator DMTLabs sees big opportunities for designers in NFTs.
“There is a massive opportunity for fashion in the NFT world, this is the first time that a Pakistani brand is entering into the NFTs,” DMTLabs founder Sadat Mirza said. “We are very excited to represent this landmark moment.”
“Our goal is to empower creators and brands into the digital creative future with sustainable solutions and deliver future-proof digital assets and visual experiences.”
Zain Naqvi, one of the founders of Alter, the NFT auction space which made headlines earlier this year by facilitating the sale of one of Pakistan’s most viral memes, “Friendship ended with Mudasir,” told Arab News the launching of digital fashion items through NFTs is “logical growth.”
“Before Rastah there have been other fashion brands benefiting from stepping into the NFT space. For example, Vogue Singapore and Vogue China have done covers of their magazines that were NFT’s. You did not see anything on the physical magazine but the moment you turned your phone on it was an augmented reality (AR) projection of the cover,” Naqvi said.
“I think it’s the perfect marketing tool to build on the work and connect with millennials and the next generation.”
