Combining a digital NFT offer with a physical item has become common in the fashion industry for a while now. Usually such offers come in limited editions, something that ties in with important principles for luxury collectors – scarcity, desirability and trends.
At the moment quite a few brands are studying new ways to engage consumers, though, and create experiences that combine a drop with a digital offer or a digital offer with an exclusive physical item. The aim for brands and fashion houses is one – extending the experience of buying something for their consumers and offering them more value and the opportunity to create more impact with pieces they can post on social media and wear in the real world.
In June, Prada gave out NFTs, issued on the Ethereum blockchain (and using the technology of Aura Blockchain Consortium, the collaborative platform originally launched by LVMH Moët Hennessy Louis Vuitton) to customers purchasing their latest item - a unisex shirt in black or white designed in collaboration with artist and musician Cassius Hirst, son of artist Damien Hirst.
The shirt was part of the house’s Timecapsule limited-edition drop of ready-to-wear products (available only on the brand’s online store just for 24 hours). Also customers who bought the previous drops received NFTs. Besides, the fashion house also launched around the same time "Prada Crypted", its community server on the Discord social platform, open to everyone.
This month instead Prada announced a new offer: 50 shirts integrating deadstock textiles with archival prints including the Frankenstein one (A/W 2019). Dropping tomorrow, the shirts will entitle customers to exclusive complimentary NFTs and to a unique experience - the chance to be shortlisted to be flown to Milan and see the S/S 23 show (scheduled on 22nd September).
Tiffany & Co. has also been researching innovative ways to combine digital and physical products. Rather than looking for the next Elsa Peretti, Tiffany launched the NFTiff Service that allows Cryptopunk owners to turn their NFTs into unique bejeweled pendants. The service was inspired by a bespoke pendant that Tiffany executive vice president for product and communication and Cryptopunk holder Alexandre Arnault had it made to look like his Cryptopunk #3167.
From Friday Cryptopunk holders can buy access the NFTiff website and purchase a pass (there are only 250 available and one person is allowed a maximum of three passes) that will be stored in blockchain technology. The passes - only available for purchase with Ethereum cryptocurrency - are priced at 30 Ethereum, which is trading at around $48,000 at the time of writing this post.
The pass will allow holders to mint a Tiffany & Co. pendant inspired by the owners' Cryptopunk and receive it as an NFT and order a real pendant designed at Tiffany's innovation center in New York City and produced at its workshop in Rhode Island.
In 18-karat rose or yellow gold, the pendants will feature a minimum combined total of 30 gemstones and diamonds (the Cryptopunk number will be engraved on the back of the pendant) and they will come with a chain with rectangular links inspired by the shape of square pixels. The digital NFT rendering of the pendants will be sent in December, while the physical jewelry delivery is targeted for early 2023.
These projects hope to target new audiences: Prada's remains in the realm of luxury fashion, but it is still more affordable than Tiffany's, yet both offers target young, affluent and crypto savvy people and aim at creating a new consumer base.
And while just three years ago digital wardrobes may have been the ultimate democratization of fashion, these NFT focused projects are pushing this new technology towards the creation of an elitist group, a VIP club of NFTs collectors who are also fans of hyper luxury designs.
As fashion houses and brands realise that offering an NFT with a physical design and vice versa is not enough, the rush towards the exclusive experience for a very limited number or people, from a Willy Wonka-like golden ticket to a fashion show to the possibility of having a bespoke piece of jewellery made for you, becomes imperative. We'll see where it leads us.
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