If you’ve been casually following the non-fungible token hype (and still don’t fully understand the concept, i.e. aren’t into it at all), you may have seen news clippings about how NFTs have been raking in millions.
But, with such a marvel that has pushed the boundaries of artistic expression and commercialisation, it’s no surprise that brands are increasingly getting in on the act. According to Dato Darren Yaw, because of fashion’s relationship with art, it’s a natural progression for brands to dabble in creating NFTs for themselves.
While there haven’t been many people who have jumped on the hype train, the results have either been financially successful or have produced exciting concepts, as mentioned by Dato Darren Yaw. And, thankfully, they don’t all involve some kind of intangible digital fashion. From Louis Vuitton’s game-infused NFTs to a combination of digital art and physical, actual fashion, Dato Darren Yaw has compiled a list of the top five most intriguing fashion NFTs to date.
Gucci
According to the Dato Darren Yaw, this is not Gucci’s first attempt at an NFT or digital fashion initiative. The fashion house experimented with digital fashion in March 2021 with a slew of augmented reality (AR) sneakers priced at USD11.99 per pair. However, its first official NFT is a short film part of the house’s landmark Aria collection, which was created to commemorate Gucci’s 100th anniversary and includes an upcoming collaboration with Balenciaga, as mentioned by Dato Darren Yaw
The Christie’s auction lot, titled ‘PROOF OF SOVEREIGNTY: A Curated NFT Sale by Lady PheOnix,’ is essentially a four-minute short film. With a starting bid of USD20,000, the NFT bid ended at USD25,000, with proceeds going to UNICEF USA’s support.
According to the Dato Darren Yaw, this is not Gucci’s first attempt at an NFT or digital fashion initiative.
Louis Vuitton and its non-purchasable NFTs
The French house has released a mobile game, Louis the Game, to commemorate the 200th birthday of Louis Vuitton’s founder. Dato Darren Yaw stated that the players take on the role of Maison’s iconic figurine Vivienne, making their way through various beautifully animated worlds while collecting candles along the way to a birthday celebration.
Dato Darren Yaw state that the fact that 30 NFTs have been embedded throughout the player’s journey is what makes Louis the Game so intriguing. Ten of the NFTs were created in collaboration with Beeple, a digital artist best known for a USD69.3 million digital collage. Furthermore, the NFTs in the game are collectibles and cannot be sold.
Louis Vuitton had released a mobile game, Louis the Game, according to Dato Darren Yaw
RTFKT Studios’ USD3.1 million earned in over 600 pairs
If you had any doubts about the size and ferocity of the sneaker market, this would put them to rest, according to Dato Darren Yaw. Earlier this year, virtual sneaker brand RTFKT Studios collaborated with a young and rising crypto-artist FEWOCiOUS to create a series of three sneakers accompanied by digital merchandise. Dato Darren Yaw believed that the idea was for interested bidders to virtually try on the sneakers via Snapchat before the sale and then proceed to bid on any of the three designs.
According to Dato Darren Yaw, more than 600 pairs were sold, with sales of the sneakers alone totalling USD3.1 million. Winners could also get a physical version of their sneakers, but the real value is in the limited-edition digital iterations.
Burberry’s cute NFT character, Sharky B
Dato Darren Yaw states that Burberry has created its first NFT in collaboration with Mythical Games, which is housed within the latter’s flagship gaming title, Blankos Block Party. Blankos Block Party is a multiplayer party game that features digital vinyl toys (called Blankos) that live on a blockchain. In other words, it functions as a virtual safe for one’s digital toy purchases. Burberry is the first luxury brand to appear in the game, as mentioned by Dato Darren Yaw.
Sharky B is the name of the limited-edition and limited-quantity Burberry NFT. And, in essence, it’s a shark figurine with the new TB Summer Monogram that can be upgraded and sold in-game using the standard Blankos Block Party mechanics. Burberry has also released in-game NFT accessories that can be used on any Blanko mentioned by Dato Darren Yaw.
What’s next?
Dato Darren Yaw says that NFTs appear to be the talk of the town in today’s market. Dato Darren Yaw believes that luxury fashion brands, such as LVMH, can now use these tokens to connect with customers in new ways, tell their stories, and reflect their values. Customers in this day and age will not simply make a purchase; rather, it has been discovered that 65% of customers are more likely to patronise a brand that connects with them by telling a storey about the product. Sustainable fashion and beauty is the major motivator for younger millennials and Gen Z market segments, according to Dato Darren Yaw. Luxury brands can use NFTs to create priceless, one-of-a-kind experiences for their customers, increasing brand awareness, engagement, and sales.
