Fashion and Retail Association
The Future of Fashion: Luxury Giants Digitalization & NFTs
Updated: Mar 21, 2022
By: Angelina Not
To oversimplify for the non-tech savvy such as myself, I like to think of non-fungible tokens (NFT) as essentially modern-day digital collectibles. Now the interesting characteristic of an NFT is that as much as they can be any digital object they can also be “physical”, in a form of a non-replaceable, one-of-a-kind, verified, token of ownership of an object in the real world. As the NFT trend gets discovered, even some high fashion luxury brands are taking the opportunity to tempt their younger consumers through their digital channels.
Check out the most iconic events in the digital fashion world as of now:
1. The Gucci Vault & SuperGucci
Gucci made a memorable move during the Milan Fashion Week. As the brand celebrated its 100th Anniversary in 2021, Gucci’s Creative Designer, Alessandro Michele, introduced The Gucci Vault.It was described as an experimental online space that offers one-of-a-kind vintage designs picked personally by Alessandro and the House, as well as featuring exclusive pieces from emerging designers. The concept of marrying past vintage aspects of Gucci with the futuristic possibilities of the brand seems to resonate with Michele the most.
“In my mind, I always had the idea to create a place in constant evolution where 'impossible' conversations between objects from different origins, creators, and eras could take place: central figures in a dialogue between past and present, able to spark future inspiration. I said to myself: 'Why can't a fashion house with a creative director also have a space for expressive, aesthetic, and social contaminations?'. I created it using the most befitting medium of our time – a place where all of us can go – the Web.” - Alessandro Michele
This is not all, as Gucci partnered with digital character brand Superplastic and released their latest NFT collection called “SuperGucci” around a week ago. The designs become even more special considering that Alessandro Michele designed each of the NFTs himself. Each of the purchases come with an exclusive handmade ceramic sculpture from Italy and the much anticipated collection will be released with a mere 250 NFTs throughout three drop events.
2. Louis Vuitton and Louis: The Game
Louis Vuitton did not fall behind celebrating their 200th anniversary. This past August, in celebration of the founder and history of the brand Louis Vuitton released a mobile game -- Louis: The Game. The game was created to pay tribute to the founder’s journey when he left home to travel to Paris by himself to eventually launch the brand.
Emanating the founder’s travels, Louis Vuitton’s current mascot as well as the main playable character, Vivienne, searches around the world for 200 candles for the birthday celebration. Customizing your character with various traditional monograms and colorways is just another adorable in-game feature that enhances and personalizes the experience of the game. Around 30 exclusive NFTs designed by artist Beeple are also hidden throughout the world and are collectible for all the players with the game. Having played the game myself, I can say that the graphics and complexity definitely demonstrated the work put into this project.
3. Jimmy Choo and Mystery Boxes
Jimmy Choo has entered the NFT world with an equally intriguing campaign of an NFT action being sold through multiple mystery boxes, reminiscent of loot boxes in video games or collectible cards. In a collaborative effort with street artist Eric Haze and curated by Japanese designer Poggy, Jimmy Choo released their very first NFT sneaker on October 20th last year. The brand launched an auction on Binance featuring their digital sneakers as the main actor, along with an additional 8,888 mystery boxes, split up by their rarity levels (5,333 neutral, 3,109 rare, 445 super-rare, and just 1 super super-rare).
Each mystery box prize is completely randomized and is not shown until the box is “opened”, making the buyer’s experience more thrilling in comparison to an in-store or online shopping experience. Additionally, individuals that are lucky to get boxes with super rare or super super-rare items are entered into another draw for another exclusive 100 piece Jimmy Choo design in the future. Indeed a very creative and effective way to omni-channel this collection’s release!
From creating their own games to releasing limited edition digital collections, brands today are starting to engage with their clients through more unique and exclusive experience in purchasing items. With today's rise of NFTs and the “metaverse”, we are yet to see even more high end fashion brands jumping on this trend to innovate their marketing campaigns and expand their consumer’s ownership beyond the physical world and into the digital one.