Web3 is probably one of the most intriguing – and puzzling – development directions for the luxury fashion industry.
For over a year already world’s most renowned fashion Houses are trying to figure out how exactly they can use it: sell digital products, communicate via the metaverse, target crypto-conscious clients, leverage the Web3 to highlight their aesthetics and philosophy, nurture deeper relationships with their clients…
The opportunities are plenty, and fashion brands only start exploring them:
👜 Dolce&Gabbana launched a collection of 9 NFTs representing digital (and sometimes also physical) haute couture pieces as part of their Alta Moda collection last Autumn; it also participated in the Metaverse Fashion Week last March;
👜 Givenchy presented a series of 15 NFT drawings last November;
👜 Balenciaga announced the creation of an in-house metaverse division last December, and most recently – the acceptance of crypto as payment;
👜 Gucci “dressed” the heroes of some blue-chip NFT series like Bored Apes and World of Women, releasing a 10KTF Gucci Grail collection last March, and it also accepts Bitcoin as payment now;
👜 Balmain announced last week its intentions to create a “Non-Fungible Thread” – an ecosystem of both digital and physical experiences that would allow the House to create a new type of relationships with its clients;
👜 Prada is launching today its Timecapsule NFTs, which will be airdropped to clients who have bought the physical shirt capsule created in collaboration with the artist Cassius Hirst.
Fashion is a highly competitive space, and after some wary attempts by the industry leaders it is highly likely that more brands decide to dive in.
This is only the beginning 😉