Luxury brands are taking over NFTs

For luxury, NFTs (“non-fungible tokens”) or non-fungible tokens are already a dual-trigger weapon. These unique creations enhance the image of the brands and develop a new territory with exclusive expression. But these cryptocurrencies are also multifaceted digital objects that reinforce a unique link with the customer as well as the product’s traceability with blockchain certification. Among luxury NFTs, some launches have been spectacular. In the fall of 2021, the Italian Dolce & Gabbana sold nine virtual pieces at a record price. Highly sought after, they rose to 1,885.73 ethereums, equivalent to about 4.8 million euros. Since then, the House has doubled its attention to its NFT community, “DGfamily,” as it chose to identify itself in mid-February.

Although bitcoin has lost half its value, by $ 30,000 (against $ 68,000), luxury brands are not giving in to the storm; on the contrary. The sector’s positions in the meta-verse have never been so many. Two blockchains occupy the land, the Aura consortium, which includes LVMH (owner of “Echos”), Prada, Richemont and the OTB group, as well as the French alliance Arianee.

Unique works

Making a difference by collaborating with a digital artist is a fundamental trend for big brands like Prada, Givenchy or Gucci. Kering’s flagship brand, which first invested in the virtual world of gaming (games) like Louis Vuitton, was launched in May 2021 in NFTs. She offered a unique work of art as part of a charity sale. Then a gear shifted up in February last year by suddenly launching 10 NFTs designed with the American brand Superplastic.

The project entitled Supergucci is a concept of unique works for collectors that combine object and NFT in an ultra-limited edition. It was born from the association of the artistic director of Gucci, Alessandro Michele, and two artists presented as “synthetic”, Janky & Guggimon.

Hublot and Murakami NFTs

Anyone who enters cryptocurrency also thinks of other developments in the metaverse. That’s why TAG Heuer is considering ambitious projects in the Web3 world. Hublot has already started the race for NFT launches that make a difference by collaborating with Takashi Murakami. In January 2021, the Classic Fusion Takashi Murakami All Black was unveiled, a limited edition watch that will be sold in a few days. It was after this success that we, together with Takashi, decided to offer a different version [la Classic Fusion Takashi Murakami Sapphire Rainbow, NDLR] in color this time.

This limited edition was also sold out in a few days, says Ricardo Guadalupe, CEO of Hublot. NFTs were offered to holders of Murakami / Hublot watch models (200 and 200 units respectively), but they were issued in slightly higher numbers (216 and 108 units) so that they could also be acquired by drawing lots. “To the general public, we are giving away 10 NFTs. 2 NFTs are reserved for the ‘Hublotista’ community. By already owning a Hublot watch, it was therefore possible to participate in the 2 draws and increase your chances significantly,” explains Hublot about the operation performed on OpenSea.

Replica Birkin bags, the abuse of which could be costly

The two references from NFT Murakami Hublot appear under the same contract on Ethereum. They could be purchased on May 31 for 50 ETH or about 95,000 euros. This project does not depend directly on Aura. But to request its NFT, the clock authentication was performed with a high technology called Hublot e-Warranty.

Not all NTF experiences in the meta-verse are so pleasant. Hermès initiated a case in January against artist Mason Rothschild, who launched the MetaBirkin project without permission, and suggested several variants of the French saddler’s symbolic bag. The sale constitutes an infringement of intellectual property rights, he claims. Even virtual, Birkin bags are not within everyone’s reach. On OpenSea, all sales would have exceeded 1 million euros.

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