Luxury brands in the NFT space
Luxury brands are becoming increasingly attracted to NFTs. NFTs have become an obsession for luxury brands, and this obsession might increase in the days ahead. NFTs push the limits of artistic expression, and hence brands are increasingly getting in on them as well. The results of these brands’ involvement in NFTs have interesting concepts. It has led to marketplaces like 4K, which allows users to exchange the NFTs they purchase on the website in return for the physical form of that item. There is also an alternative platform, other than GOAT or StockX, where people can search for collectibles. Given below is a list of brands that are adopting NFTs in their marketing.
1) Louis Vuitton – Louis Vuitton launched a mobile game, Louis the Game, as part of the 200th birthday celebrations of Louis Vuitton’s founder. This game follows the protagonist, Vivienne, through six different worlds, where she needs to collect 200 candles to celebrate the birthday of Louis Vuitton. It is a complex and addictive game, with a story to explore. Vivienne can be customized with different Louis Vuitton monogram prints. Most importantly, there are 30 NFTs embedded throughout the game, designed by the artist Beeple. Each NFT is a collectible that can only be found by playing the game, and cannot be sold. The game is also a way for a major brand like Louis Vuitton to tap into a younger audience by creating a challenge that everyone can participate in.
2) Clothia – Clothia, an online retailer which showcases fashion designers in the accessible luxury category, is currently auctioning NFT dresses. The bidders who win will receive corresponding real-life dresses. Both the NFTs and the physical garments are one-of-a-kind. It is evident that retailers and fashion brands are starting to treat NFTs as new, revenue-boosting platforms.
3) Balmain – For Balmain, NFTs figure strategically in their business. The company’s luxury NFTs focused on digital pieces of art and in-game items. Their latest NFTs include two pairs of trainers which are black and white, digital versions of a BBold Dogpound collab. The NFTs also come with a digital membership card and were launched together with the physical unveiling of the trainers signed by Balmain creative director, Olivier Rousteing. Dogpound members were also granted early access to the physical trainers. This is a way for the brand to connect with a larger audience, which has no access to the physical product.
4) Guerlain – Guerlain is using NFTs to bring new perspectives to charity initiatives. It presented NFT versions of works of art from four renowned contemporary artists at the International Contemporary Art Fair. The NFTs were minted on the Tezos blockchain and were sold for the benefit of the GoodPlanet Foundation. These artworks explore the question of materiality in art, and the fact that they are exhibited as NFTs will push the creative territory of art.