Entrepreneur released her modest fashion NFTs on OpenSea, a peer-to-peer marketplace for non-fungible tokens, rare digital items and crypto collectibles. 

In January, Fashion Cults Limited released a limited edition collection of modest fashion dresses and accessories priced in the cryptocurrency Ethereum (ETH) ranging from 0.1 ETH ($263.48) to 6 ETH ($15,787.92) per item. 

London-based Bangladeshi Afroja Khatun launched Fashion Cults Limited in 2020 with the aspiration to become the world’s first digital modest fashion brand. Khatun, a trained lawyer, told Salaam Gateway that she had dreamed of having a fashion line since her high school days.

“Through fashion, I want to raise awareness about human rights, sustainability and diversity,” Khatun said about her motivation to start the business.

Management consulting company McKinsey notes in its State of Fashion 2022 report that digital assets like non-fungible tokens (NFTs) and virtual fashion will become more mainstream as brands aim to unlock the potential of the metaverse.

McKinsey said “The Metaverse Mindset” would be one of the fashion business’ 10 critical themes in 2022, defining it as an “envisioned future iteration of the internet that is made up of 3D virtual spaces linked within a perceived virtual universe.”

Khatun released her modest fashion NFTs on OpenSea, a peer-to-peer (P2P) marketplace for NFTs, rare digital items and crypto collectibles, founded in 2017. 

NFTs are unique crypto assets whose authenticity and ownership are verified on blockchains. They are bought, sold and exchanged with cryptocurrency.

“We know that people are willing to pay good money for NFTs, for digital collectibles, and to have a second life in the metaverse,” Gucci’s executive vice president and chief marketing officer Robert Triefus said in the McKinsey report, confirming the revenue potential.

According to data from Dune Analytics, in January, OpenSea recorded its highest monthly trading volume so far —  $4.56 billion, up by 28.8% compared to the previous high recorded in August 2021. At the same time, OpenSea raised $300 million in a Series C funding round, putting the company at a $13.3 billion post-money valuation.

Also contemplating the metaverse’s economic opportunities, Malaysia’s former prime minister and national recovery council chairman Tan Sri Muhyiddin Yassin called for a paradigm shift at the World Islamic Economic Forum Roundtable, virtually held from 15-16 December 2021.

“We must embrace disruptive change as a catalyst of growth to be ‘future-proof’ in response to the ever-changing business and economic landscapes,” Yassin said, alluding to disruptive technologies as a potential game-changer to accelerate growth.

“We must empower the young to pioneer this exciting new frontier as Muslims and Malaysians enter the metaverse,” he said, calling for skill enhancement in the workforce, particularly in areas of high-value growth such as technology. 

According to the State of the Global Islamic Economy Report 2020/21, Muslim consumer spending on apparel will reach $311 billion in 2024. Malaysia ranks fourth on the Modest Fashion GIE indicator.

With all the value opportunities presented by the metaverse, there are also concerns it may increase threats of cybercrime and data loss, McKinsey warned in its State of Fashion 2022 report. The OpenSeas site was recently hacked and the assailants managed to buy NFTs far below their actual price before relisting them at higher rates.

But Khatun is pressing forward. She plans to launch a Fashion Cult digital collection on Trace Network Labs. The company creates personalised avatars to work, play and socialise in various metaverses.

“Upload a selfie on their site, and they will create a full-body avatar which you can dress and style,” Khatun explained, adding that people can buy and sell digital wardrobes and accessories on the company’s marketplace.

While her first sale on OpenSea is yet to be made, the entrepreneur is dreaming big: “In five years, my brand will lead the digital modest fashion industry.”

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