Michael Kors, Coach and Other US Fashion Giants Embrace the Metaverse with the Launch of NFTs
NFTs have become objects of great interest, and many companies are now leveraging the technology to grow their brands. In this quest for notoriety, the fashion industry has not been left out of this digital revolution. Major American fashion houses such as Coach, Michael Kors, and many other designers have turned to the metaverse to develop their brands. What projects are in the pipeline for the end of the year?
Who are the American Fashion Designers Rushing to the NFT?
Since the beginning of the year, many fashion brands and designers have turned to the metaverse and NFTs to boost their brand visibility.
To promote the brands, the Council of Fashion Designers of America, as part of its 60th anniversary celebration, has set up a retrospective exhibition on the metaverse platform The Sandbox. The exhibition will feature 60 American fashion looks from the past 60 years, including NFTs for purchase, in “Fashioning the Shades of American Design”.
Tough competition in the fashion industry has prompted seven brands to position themselves for international product development. These include fashion houses such as Coach, Michael Kors, Carolina Herrera, Diane von Furstenberg, Tommy Hilfiger, Vivienne Tam, and Willy Chavarria. These leading luxury brands will each create a unique NFT with the associated utility. These works will be available on the 12th of December, a week before the exhibition opens.
What does each American Fashion Designer Offer Through the NFTs?
Brands considering offering NFTs for their project have decided to accompany it with a host of benefits beyond the ordinary. For example, Diane von Furstenberg is offering to deliver a personalized physical wrap dress to its customers, an invitation to the opening of a DVF exhibition in Brussels in April 2023, another invitation to preview upcoming collections, and a meeting with Diane von Furstenberg herself. All these benefits can be obtained thanks to the NFTs generated.
Michael Kors and Vivienne Tam, on the other hand, have decided to offer access to their show and backstage meetings. Tommy Hilfiger is offering an all-expenses paid trip to his next show and Hilfiger merchandise. Coach is taking it a step further by offering NFTs that include a tour of the company’s archives, access to holiday events, and a physical handbag.
The NFTs have been created in collaboration with fashion platform NFT Brand New Vision (BNV) and are available in a private auction from 12-16 December. It is important to note that the opening auctions reflect the high utility of the NFTs, ranging from $15,000 to $25,000.
Why did you Initiate the Retrospective Exhibition Project this Year?
The plan to organize such an event has several objectives. The main idea behind the project is to place American fashion at the forefront of innovation. The 60th anniversary of the Council of Fashion Designers of America is the perfect time to look to the future. 60 years of archives and iconic moments in American fashion, all set in a digital dynamic. Of course, this will allow fashion houses to pay homage to their history, innovate, bring unique American fashion moments to life as digital assets, and reimagine their environment to amplify core brand values.
Enhancing timeless design is a great use case for the entire global fashion industry. For this to become a reality, BNV’s effective participation will be the foundation for fashion brands to find their way into the metaverse and all the possibilities that Web3 can offer. It should also be remembered that this exhibition project will be a crucible for American fashion to venture into this space, in a context of increased skepticism towards Web3, especially with the fallout from last month’s FTX.
In addition, it should be noted that a large part of the objective will also be to educate American designers and creators about the possibilities that exist in this technology. It will be about introducing more high fashion players to metaverse and Web3 technologies by providing experiences and assets that luxury fans would actually want to invest in.