Many big brands are entering the NFT (non-fungible token) world. Recently, Balmain created its own NFT ecosystem, which they call a Non Fungible Thread. The thread is an amalgamation of real and virtual experiences built on a Ripple ledger that exclusively caters to Balmain’s clients. Balmain customers can join its Non-Fungible Thread. The benefits of the thread are still under discussion. The benefits may include early access to digital and physical products, exclusive access to some products, and invitations to events like the Balmain Fashion Week. Thus, Balmain aims to provide a unique immersive experience to its customers. This is a part of its strategy to offer an omnichannel experience.
Other big brands have been making headlines too. For instance, Gucci bought an unknown amount of virtual land in The Sandbox, a decentralized blockchain universe. Similarly, Dolce & Gabbana turned heads when it sold a digital piece called Doge Crown for $1.25 million last year. This year Prada is jumping on the NFT bandwagon too and launching 100 Ethereum NFTs. Prada shoppers will get a free drop NFT by purchasing their merchandise. These developments indicate that Web 3.0 has become an essential component for luxury, high-end brands. This is because exclusivity and scarcity are the common thread that defines both luxury fashion and NFTs.
The spirit with which the luxury fashion industry is embracing Web 3.0 is almost shocking for many people. This is because the industry has not been exactly welcoming to online shopping. However, it seems that the luxury fashion industry has changed its approach to digital innovation and is heading straight towards Web 3.0. It is making progressive efforts to build its own space in the new era of Web 3.0 in a highly digitized world.
Why Are Luxury Brands Seeking Web 3.0?
Web 3.0 is a hotspot of opportunities for high-end fashion brands. For instance, the fashion publication of Condé Nast decided to put Web 3.0 as its theme. Similarly, big names like Vogue and NQ are shifting to Web 3.0. There are quite a lot of things that align between these two industries – Web 3.0 and high-end fashion. Web 3.0 offers luxury fashion a way to convert its consumers into an audience. Luxury brands are utilizing the powerful tool of NFT to strengthen their brand name….
