Fashion brands embrace NFTs as luxury market shifts to digital-physical experiences
Luxury fashion labels are increasingly utilizing NFTs to merge digital and physical realms, with Morgan Stanley estimating the market could reach €50 billion by 2030. On December 8, Balmain unveiled its third NFT, which features a sneaker collaboration with Dogpound, priced at $1,069 for the BBold Dogpound model. This NFT includes perks such as a training session with Kirk Myers, two tickets to a Balmain fashion show, and backstage access. Balmain, which is part of Mayhoola Investments, boasts 11 million followers on Instagram. Other notable brands venturing into NFTs are Gucci, Burberry, Louis Vuitton, Dolce & Gabbana, Givenchy, and Adidas Originals. Additionally, print outlets like Vogue Singapore and Fortune have also engaged in NFT projects, generating considerable revenue. In contrast, organized crime exploits cryptocurrency.
Key facts
- Morgan Stanley projects NFTs and video games could constitute 10% of the luxury market by 2030, worth €50 billion.
- Balmain launched its third NFT on December 8, 2021, for a trainer collaboration with Dogpound.
- The BBold Dogpound physical sneaker sold for $1,069 in limited quantities.
- NFT ownership includes a personal training session with Kirk Myers, two fashion show tickets, and backstage access.
- Balmain and artistic director Olivier Rousteing have 11 million and 7 million Instagram followers respectively.
- Gucci auctioned an NFT video by Alessandro Michele and Floria Sigismondi at Christie's for $20,000 in May 2021.
- Dolce & Gabbana's Collezione Genesi raised 1,885.73 ETH (about $6 million) in October 2021.
- Adidas Originals launched an NFT collection with Bored Ape Yacht Club, Gmoney, and Punks Comics in December 2021.
Entities
Artists
- Alessandro Michele
- Floria Sigismondi
- Beeple
- Chito
- Olivier Rousteing
- Kirk Myers
Institutions
- Balmain
- Dogpound
- Mayhoola Investments
- Christie's
- Gucci
- Artemis
- Burberry
- Mythical Games
- Louis Vuitton
- Dolce & Gabbana
- UNXD
- Polygon
- Givenchy
- OpenSea
- Adidas Originals
- Bored Ape Yacht Club
- Punks Comics
- Vogue Singapore
- Fortune
- Time Magazine
- Morgan Stanley
- Artribune
Locations
- New York
- Los Angeles
- Qatar
- Singapore