The fashion house Balmain is already launching its third project involving non-fungible tokens (NFTs). More and more luxury brands understand the value of NFTs to enrich the customer experience
Balmain’s third initiative in NFTs
Some brands are moving faster than others. For Balmain, the potential of non-fungible tokens (NFTs) is already a strategic pillar of its business. On 8 December, the brand is launching its third NFT project, namely two pairs of virtual sneakers with VIP experiences.
Txampi Diz, Balmain’s Marketing Director, said:
The most important element of these projects is to really link the NFT to an experience, in other words, it links everything digital to a physical experience.
Both NFTs come with special benefits, depending on the final sale price. They will be auctioned on the OpenSea marketplace, starting at ETH 2.5 or about $10,000.
If the auction price reaches ETH 6 buyers will be able to participate in a personal training session with Kirk Myers, founder and CEO of the celebrity gym Dogpound.
If the bid reaches 10 ETH, buyers will receive 2 tickets to the next Balmain fashion show. Finally, at 14 ETH, holders will be able to go backstage at the fashion show
vogue singapore partnered with olivier rousteing, creative director of balmain, and gaming company altava to create a virtual-only look to celebrate rousteing’s 10th year anniversary in his role as creative director.
“flame dress” is available for auction as an NFT pic.twitter.com/fRii8oxiKb
– alejandra (@wrkhs) August 25, 2021
Luxury and NFTs, a logical marriage
NFTs allow luxury brands to amplify and enrich the customer experience, explained Txampi Diz,
According to investment bank Morgan Stanley, NFTs could make up 10% of the luxury goods market by 2030, with a revenue opportunity of €50 billion. The report states:
NFTs have three benefits for consumers: investment, status and community. Many brands focus on the second part, but there are many other things you can exploit and do. Adding VIP benefits to NFT ownership over time makes sense
Brands other than Balmain have taken the plunge, for example Gucci auctioned an NFT video at Christie’s for $20,000 in May, Burberry produced an in-game NFT for Blankos Block Party in August; and Givenchy launched its second collection of 15 NFTs with artist Chito in late November.
Balmain Boy by me- NFT available on @opensea OpenSeaNFT NFT NFTartists nftart nftcollector cryptoartist balmain chaaracterdesign pic. twitter.com/yGgGpmNjVb
– Kageri (he/him) (@thekagerian) July 23, 2021
