A year of fashion NFTs | Vogue Business
It’s been a big year for fashion and beauty NFT drops. Over the past 12 months, not only have more brands come on board and more fashion-focused Web3 startups launch, but they’ve evolved their NFT strategies to focus less on short-term monetary value and more on long-term, holder-focused benefits as the value of crypto plummeted more than 60 percent.
The Vogue Business NFT Tracker charted the most significant declines in the year from established brands including Gucci, Balmain and Prada, and Web3 startups such as Rtfkt, 9dcc and DressX, reflecting how the space quickly adapted to both economic and societal demands. Some even established Web3 strategies with multiple NFT drops, reflecting lessons learned from 2021’s initial experiments.
They began the year – when ETH 1 was still worth more than $3,000 – by rewarding early collectors with high resale values. In January, Adidas and Prada sourced consumer-submitted images to be embossed into NFTs that the original creator could then reverse (if they wanted).
One-off drops soon expanded with phygital elements, providing access to physical products and events, or to future drops, products and events. February’s Supergucci drop from Gucci and Superplastic, for example, came with physical ceramic sculptures and access to future events and drops. Former Parisian boutique Colette and cyclopean avatar project Darcel Disappoints rewarded NFT buyers with a custom phone case and a Dour Darcels hoodie in March.
As NFTs became more mainstream, brands began to offer more long-term benefits, often tied to experiences and membership programs. Prada’s monthly physical Timecapsule collection drops are now linked to NFTs since June. These provide access to global Prada Crypted and Prada Extends events (as well as a Discord server and future drops). Rebecca Minkoff and Mavion holders were given access to fashion week tickets. This month, the CFDA took this type of tool to the next level, giving holders of one-of-a-kind branded NFTs the opportunity to meet the designers, attend shows and other experiential benefits. This type of tool was not without its hiccups — both Keys to NYFW and Markarian NFT holders who were promised show access during New York Fashion Week were ultimately unable to attend, demonstrating the legwork that still remains to secure its use.
In August, Cryptopunk holders were granted full commercialization rights to create products based on their individual artwork, following in the footsteps of Bored Ape Yacht Club (also owned by developer Yuga Labs, which acquired Cryptopunks in March). Projects later in the year incorporated existing NFT IP. Tiffany’s Cryptopunk pendant release is perhaps the most notable, but many other drops, including Tag Heuer, Hndsm, 10KTF and Timex, capitalized on the PFP fashion trend, creating offerings that can be customized to the wearer’s Punk, Apes and World of Women characters .
