1. NFTs and Fashion: Collectors Pay Big Money for Virtual Sneakers. A recent $3.1 million sale of some NFT sneakers has speculators wondering about the future of digital fashion. Each time the NFT is resold, Rtfkt receives a cut. This is a common practice in the market and makes NFTs even more enticing because on paper, creators can make money in perpetuity. – Read More on the WSJ
2. RELATED READ: NFTs Explained. What They Are and Why They Are Selling for Millions of Dollars. NFTs are digital certificates that authenticate a claim of ownership to an asset and allow it to be transferred or sold. The certificates are secured with blockchain technology similar to what underpins Bitcoin and other cryptocurrencies. – Read More on TFL
3. Fashion brands urged to fix ‘broken industry’ with pledge on workers’ pay: The #PayYourWorkers campaign said brands and retailers that made a profit in 2020 – like Nike, Amazon and Next – could stop garment workers “going hungry” and set up a severance fund by paying manufacturers the equivalent of $0.10 more per t-shirt. – Read More on Reuters
4. Richemont vs. LVMH: Which International Luxury Conglomerate Reigns Supreme? The insatiable LVMH has claimed yet another high-profile luxury brand. This time it’s Tiffany & Co.—for $15.8 billion—and if you’re Richemont, that might sound like a threat. – Read More on Robb Report
5. Hermès’s iconic Birkin bags may soon be made from mushrooms: Hermès spent three years collaborating with MycoWorks to create a high-end sustainable leather alternative. By the end of 2021, Hermès will incorporate the material into its “Victoria” travel bag. – Read More on Fast Co.