Michael Kors, Coach and more enter the metaverse with NFT launches
It is a bold move by CDFA, says Akbar Hamid, founder and CEO of Fifth Column PR, which coordinated the project. Up to this point, European fashion brands such as Gucci, Louis Vuitton and Burberry have actively experimented in metaverse and Web3 spaces. While some American brands have gotten in on the action (Tommy Hilfiger is a standout), “they haven’t taken a full-on approach like the Guccis of the world,” says Hamid.
The goal was to place American fashion at the forefront of innovation – and the CFDA’s 60th anniversary was a fitting moment for this forward-thinking retrospective. “You take 60 years of archives, iconic moments in American fashion, and bring them to life [digitally], says Hamid. It’s an indicator of a moment in the fashion world and shows how brands can celebrate their history while innovating and moving forward.
“Bringing iconic American fashion moments to life as digital assets and reimagining their surroundings to reinforce core brand values and showcase timeless design is building a great use case for the global fashion industry as a whole,” says BNV Founder and CEO Richard Hobbs. “BNV is building the framework for fashion brands to navigate their way into the metaverse and all the possibilities that Web3 can offer them.”
This approach also builds on previous brand attempts to use blockchain technology to offer exclusive access to fashion’s traditionally circumscribed space. At New York Fashion Week, Keys to NYFW gave fans access to five brands’ physical Fashion Week experiences, from shows to after-parties. This innovative approach promised a new kind of relationship between consumers and brands. “Fashion week has always been a walled garden that is difficult to access, and Web3 can be a democratizing force,” said Web3 advisor Jenny Wang Vogue Business at the time. Admittedly, it wasn’t all smooth sailing; Patrons who were eligible to attend Kim Shui’s show were turned away at the door. That said, at a $15,000-plus price point (versus $100 keys) and a more personalized and curated experience (these are one-of-a-kind compared to 50 keys per designer), tool fulfillment should be a non-issue.
