America’s Biggest Fashion Designers Coach, Michael Kors, and more Dabble into Web3 with NFTs
A number of the biggest fashion designers in America’s history plan to dabble into Web3 and metaverse with the launch of their non-fungible tokens (NFTs).
The Council of Fashion Designers of America, a not-for-profit trade association comprising a membership of over 450 American fashion and accessory designers, plans to set up a retrospective exhibition on the metaverse real estate platform The Sandbox to celebrate its 60th anniversary.
The event, dubbed “Fashioning the Shades of American Design,” will feature 60 American fashion looks from the last 60 years, and will also offer NFTs for purchase.
A total of seven high-profile designer brands, including Coach, Michael Kors, Carolina Herrera, Diane von Furstenberg, Tommy Hilfiger, Vivienne Tam, and Willy Chavarria, will each create one-of-one NFTs with associated utility.
The NFT will be available from December 12, one week before the exhibition opens, and will come with unique perks and benefits for holders.
For instance, Diane von Furstenberg is offering a customized physical wrap dress, an invitation to the April 2023 opening of a DVF exhibition in Brussels, an invitation to preview upcoming collections, and a meet-and-greet with Diane von Furstenberg herself, all of which can be unlocked with the NFT.
Moreover, Michael Kors and Vivienne Tam are granting show access and backstage meet-and-greets, while Tommy Hilfiger is offering an all-expenses-paid trip to his next show and Hilfiger-signed items. Coach is offering a tour of its archives, holiday event access, 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.
Notably, the fashion industry has not been unfamiliar with NFTs and Web3 initiatives. Gucci, Louis Vuitton, and Burberry, as well as some other giant fashion companies, have been actively experimenting in metaverse and Web3 spaces.
Furthermore, some American brands have gotten in on the action (Tommy Hilfiger is a standout), but “they haven’t taken a full-fledged approach like the Guccis of the world,” said Akbar Hamid, founder, and CEO of The 5th Column, who coordinated the project.
“You’re taking 60 years of archives, iconic moments in American fashion, and are allowing them to be brought to life [digitally],” says Hamid.
“Bringing to life iconic American fashion moments as digital assets and reimagining their surroundings to amplify core brand values and showcase timeless design is building a great use case for the global fashion industry as a whole,” says BNV founder and CEO Richard Hobbs. “BNV is building the framework for fashion brands to navigate their way into the metaverse and all the possibilities that Web3 can offer them.”
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