H&M teams up with Roblox And Luxury’s newest accessory brand on the blockchain: Web3 Drops of the Week
The new year brings a whole new cycle of trends. And with it, new potential for creativity, innovation and more projects that push the boundaries of style and technology. Many luxury players have yet to reveal the next step in their roadmaps, but key themes for 2023’s virtual landscape are already emerging, indicating what could prove popular over the next twelve months.
The pace of digital drops slowed over the holiday season, but that didn’t stop Prada from releasing the eighth installment of the Timecapsule NFT series. In addition to this ongoing campaign, we’re excited to see what other metaversal endeavors the powerhouse has up its sleeve. Meanwhile, Tiffany Cryptopunk holders are finally receiving their coveted diamond pendants that rocked the luxury world back in August, while rising label Steel is banking on a marriage of craftsmanship and blockchain technology to crack the market.
We’re only a few days into 2023. But with promising opportunities for growth and acceleration on the horizon, it’s already shaping up to be an exciting year ahead for Web3.
The Italian luxury house has brought its long-running NFT project into the new year. Photo: Prada.
Prada’s Timecapsule NFT series continues to deliver valuable benefits to the community
What happened: Prada continues its highly sought-after Timecapsule NFT range into the new year. The house released its eighth part of the collection last week, with a shirt decorated with optical prints designed in 1969 by the Italian photographer Enzo Ragazzini. The 50-piece release also came with a gifted NFT along with the opportunity for owners to attend the Prada Menswear Fall 23 fashion show in Milan on January 15.
The verdict: Since the release of the Timecapsule NFT series, Prada has fostered a strong community of fashion and Web3 enthusiasts willing to invest in their virtual products. This is no doubt down to the attractive benefits that each token brings: in the latest edition, an exclusive invitation to one of luxury’s most anticipated exhibitions. As a brand at the very top of the industry, the stakes are high. A misstep would be disastrous. But the past year has proven that Prada is well capable of executing an impressive, long-term strategy in the metaverse.
H&M is targeting its colossal Gen-Z consumer base through its latest partnership with social platform Roblox. Photo: H&M.
H&M unveils “Loooptopia”, a new immersive virtual experience in Roblox – with an environmental twist
What happened: Fast fashion conglomerate H&M has launched its first digital project in 2023: an online universe where players can create virtual garments and wardrobes for their avatars. The interactive world is an extension of the clothing giant’s “Looop” recycling system, which aims to turn old garments into new ones. In the digital space, users can learn about circularity in fashion and sustainable commitments, as well as engage in styling sessions, games and more. The platform also encourages a more eco-friendly approach to fashion consumption by allowing players to swap clothes with each other and recycle their old outfits to unlock special in-game perks.
The verdict: The partnership aims to provide an educational outlet for Gen Z audiences through interactivity and incentivized activities. In terms of this, it’s a success: the project has a good strategy to deliver entertainment with a purpose to a younger generation (not to mention Roblox boasting 58.8 million daily active users globally, making it one of the most effective platforms today). But H&M’s virtual efforts will only go so far in tackling the wider implications of its business model, such as the three billion garments it produces each year. Is this then just more greenwashing? H&M needs to prove that its Web3 effort is more than just a diversionary stunt.
The latest accessories brand to enter the luxury scene is banking on blockchain technology to leverage the customer experience. Photo: Steel.
Steel brings blockchain technology to luxury with a brand new range of high-end accessories
What happened: Palm Beach-based luxury accessories brand Steel combines craftsmanship with blockchain technology for a groundbreaking new approach to bag design. The label, a rising star that produces all hand-stitched vessels in a Switzerland-based atelier, creates a series of sculptures complete with its own digital twin. Each NFT is minted on the Polygon Blockchain, and the group has implemented measures to ensure the process is accessible and seamless for potential buyers, using technology such as Apple Wallet to prove authenticity and QR codes.
The verdict: As a small venture against big competitors like Prada and H&M, it will be difficult to generate significant Web3 appeal or cultivate a meaningful presence in the online world. But Steel’s accessibility-focused approach gives it an edge. Using existing software rather than new technological innovations means the company can spend less time educating the public about how things work and more time focusing on creating high-quality pieces with superior value.
