Traditionally, NFTs have long been used to assert ownership of digital assets like images and videos. Nonetheless, it is also easy to see why non-fungible tokens — as NFTs are otherwise known — were embraced by the fashion and luxury sectors during the COVID-19 era.

As the pandemic forced the temporary closure of brick-and-mortar shops and cancellations of in-person fashion shows, high-end brands digitalised many aspects of their operations — such as by launching NFT projects. Burberry, Levi’s, Gap, and Adidas have all taken this route.

However, it may also be tempting for some observers to think that fashion NTFs must be a trend that has now come and gone. It is true that many NFTs have dropped sharply in monetary value, but the following initiatives show how brands can continue to leverage NFTs in thrilling new ways through adjustments to their Web3 strategy.

LVMH makes its mark in the ‘phygital’ space

Like cryptocurrencies, NFTs are recorded on a distributed ledger referred to as a blockchain. So, Ian Rogers — chief experience officer at the crypto wallet provider Ledger — is well-positioned to comment on recent developments in the NFT space.

“The fluff has been burned away,” Rogers recently observed to Glossy. He was referring to how, with the initial hype around Web3 having died down, brands have been able to uncover new, more practical uses for NFT technology.

Rogers further observed: “What LVMH and the other members of the Aura Blockchain Consortium [a joint nonprofit between a number of luxury companies] are doing with NFTs is not front-page ‘Bored Ape goes to the moon’ kind of stuff.”

One good example could be the LVMH-owned brand Louis Vuitton’s recent introduction of a Pharrell Williams-designed leather varsity jacket made available not only in physical form, but also as a digital collectible NFT.

Introducing Maison Margiela’s MetaTABI Collection

The above-mentioned Louis Vuitton jacket was priced at €7,900, with only 200 copies of the garment issued — doubtless adding to its prestige appeal. Another French fashion house, Maison Margiela, followed a similar strategy with its MetaTABI Collection launched in April. 

This collection is Maison Margiela’s first in Web3 fashion, brought to fruition with help from digital fashion house The Fabricant. It’s a great example of an established player — Maison Margiela having been founded back in 1988 — updating itself by partnering with an up-and-coming brand.

It is also another instance of a company offering NFTs tied to physical garments. Recipients of the 15 white Tier 1 NFTs included in the MetaTABI Collection will each be handed a pair of customised boots hand-painted with a gold finish. 

Meanwhile, the collection’s 1,500 black Tier 1 NFTs will each come with a leather wallet containing a printed crypto wallet number. MetaTABI owners will also be able to participate in virtual experiences on platforms including Ready Player Me and The Sandbox. 

It could prove crucial for your own fashion brand to keep pace with competitors finding new, thoughtful purposes for NFT technology. By emailing hello@skywire.co.uk, you can learn how we could help you formulate a Web3 strategy closely accounting for the current luxury landscape.

Photo by Andrey Metelev on Unsplash