From Prada to Louboutin to Tiffany, this year saw some of the best luxury NFTs burst onto the Web3 scene. The start of 2022 witnessed the industry slowly warming up to the idea of non-fungible tokens. But many consumers remained cynical, branding labels’ Web3 efforts as PR marketing stunts with unclear or short-term values. Now, as the year draws to a close, luxury’s biggest players are officially embracing the virtual assets with open arms.
2023 is gearing up to be a time of widespread recognition for Web3, with non-fungibles playing a crucial part in that success. To celebrate, Jing Daily rounds up the top NFT drops in luxury that shaped the market over the past 12 months.
Prada’s “October” Timecapsule NFT, inspired by the brand’s Spring ’03 collection. Photo: Prada
Prada’s Monthly Timecapsule NFTs
The NFT: This year Prada kicked off its new Timecapsule NFT series. The monthly token drop commenced in the summer with a virtual interpretation of 100 gender-neutral shirts designed in collaboration with artist Cassius Hirst. Jumping forward to December and seven token drops later, the house has truly solidified its project as one of 2022’s most successful digital campaigns.
The Verdict: Prada’s Timecapsule NFT initiative brought the house’s iconic archive and heritage to the metaverse, and gave enthusiasts of the brand the opportunity to revisit some of Prada’s previous runway designs. For example, its “October” shirt was created using pure silk fabric from the Spring 2003 collection. It also made full use of token utility by offering highly exclusive benefits to holders — including tickets to Prada’s Miami Extends.
Tiffany & Co.’s $50,000 Cryptopunk pendant, which was released in August. Photo: Tiffany & Co
Tiffany & Co.’s Controversial Cryptopunk Pendant
The NFT: Luxury jeweler Tiffany & Co. sent shockwaves through Web3 when it made the decision to tap the CryptoPunk NFT community. The gemstone giant dropped a limited-edition run of Cryptopunk-inspired pendants available only to those who were a member of the ultra-exclusive cohort. The “NFTiff” launch allowed holders of CryptoPunk NFT PFPs (non-fungible profile pictures) to transform their own CryptoPunk into a custom-designed physical counterpart. The catch? Each token came with a $50,000 price tag.
The Verdict: Controversial, yes. But the token drop propelled the brand to widespread recognition in the crypto community. It also got people talking about luxury’s place in the metaverse. The prospect of an accessible — even utopian — new virtual landscape may have been completely overridden by its eye-watering cost, but the drop demonstrated the hunger for luxury jewels in Web3. Something Tiffany & Co.’s competitors should be looking to satiate in 2023.
After releasing an NFT collection together in April, Nike and RTFKT launched a physical “Web3 sneaker.” Photo: Courtesy of RTFKT
RTFKT x Nike’s MNLTH NFT Unlocks IRL Cryptokicks
The NFT: As part of its partnership with Nike, RTFKT saw the year out by bringing its prized Cryptokick sneakers to the physical realm. The sportswear titan helped produce the Cryptokick IRL drop: the first smart sneaker by RTFKT that was connected to its MNLTH NFT, which launched in April. The design integrated self-lacing capability, lights, wireless charging, and an “RTFKT WM Chip (NFC),” bringing next-gen tech innovation to the sneaker industry.
The Verdict: This year, RTFKT went from cult status to mainstream stardom. Teaming up with the likes of Rimowa, Byredo, and, in its most notable relationship, Nike, the digital-native house is set to be on the radar of every fashion brand come 2023. But this drop left many unconvinced. Problems cited included a lack of global shipping and unprecedented pricing expectations. Can the label redeem itself in the new year?
NYFW’s NFT keys received mixed response from their holders, with some questioning their value. Photo: Afterpay
NYFW x Afterpay’s NFT “Keys”
The NFT: NYFW’s Spring 2023 season saw The Blonds, ALTU by Joseph Altuzarra, Kim Shui, AnOnlyChild, Jonathan Simkhai, and more team up with Afterpay to create NFT keys that granted access to runway shows, afterparties, and opportunities to meet their designers. Inspired by each brand’s heritage, the tokens offered an accessible price point of $100, which could be split into installments using Afterpay.
The Verdict: Fashion months are notorious for their inaccessibility and habit of barricading showcases behind highly-exclusive guest lists. But that might all be set to change, thanks to the introduction of token-gated passes allowing fashion fans and members of the public into these closed-off spaces. Though growing pains and learning curves remain, the outlook is brighter than ever and the initiative has laid a strong foundation for brands looking to enter the world of phygital.
Christian Louboutin’s Paris Fashion Week showcase provided onlookers with a POAP to commemorate the event. Photo: Christian Louboutin
Louboutin Releases First-Ever NFT With POAP
The NFT: Chrisitan Louboutin released its first-ever NFT as part of its Paris Fashion Week showcase. The luxury footwear group created the token with a POAP (Proof Of Attendance Protocol) for the event, which guests could keep as a “badge of honor” after watching the show, staged at the top of the Eiffel Tower. Onlookers from across the globe could also redeem the NFT by scanning a QR code featured at the end of the performance, which was available to view on socials.
The Verdict: Besides token-gated experiences, POAPs are an effective method of proving one’s participation in an event while also opening up benefits to future drops and announcements. The assets have rapidly become a “status symbol” within the world of virtual luxury as a means of memorializing a house’s collections and noteworthy occasions, as well as demonstrating the unwavering loyalty of its customers.
Richard Quinn brought NFTs to London Fashion Week, complete with additional perks. Photo: Richard Quinn
Richard Quinn x Clearpay’s NFT Celebrates London Fashion Week
The NFT: British breakthrough designer Richard Quinn brought his iconic floral prints to the metaverse in his first-ever NFT series. The “London Fashion Week in Bloom” collection, in partnership with Clearpay and the British Fashion Council, took inspiration from his Spring 2023 show. The limited-edition rose NFT also came with two additional benefits. Holders could either attend the label’s exclusive VIP event or receive a collection of accessories with the creative’s signature flower patterns.
The Verdict: Alongside major fashion houses, it was nice to see an independent designer put their globally-recognized stamp on the digital landscape. The drop also came at a time of uncertainty for the NFT sector. In the midst of increased skepticism surrounding the value of tokens, many were hesitant to invest. But Quinn’s take on the virtual assets proved that appetite could be revived by outweighing investment cost with impressive rewards.
The phygital Azuki x Ambush collection featured Physically Backed Token (PBT) “Bean” Chips for verification technology. Photo: Ambush
Ambush x Azuki’s NFTs Bring Web3 Collective To Mainstream Fashion
The NFT: Japanese streetwear brand Ambush partnered with leading NFT project Azuki to release a cross-boundary fashion capsule collection. The phygital drop, inspired by traditional eastern craftsmanship, featured a selection of physical Azuki x Ambush items. Each came with a Physically Backed Token (PBT) “Bean” Chip embedded in the fabric, which powers innovative blockchain ownership verification technology created exclusively by Azuki.
The Verdict: Authenticity in Web3 has become one of luxury’s most pressing conversations, and is one that’s set to continue throughout 2023. As for Ambush, this latest campaign is set to put the Japanese label on the map among some of the metaverse’s top NFT projects, as well as potentially pulling Azuki from the niche corners of the internet and bringing it to a more mainstream fashion audience.
Givenchy teamed up with underground label (B).Stroy and Web3 collective Felt Zine for its NFT release this year. Photo: Givenchy
Givenchy Goes Underground With Collaborative NFTs
What Happened: Givenchy teamed up with one of New York’s most prolific underground lines, (B).Stroy, as well as Web3 native Felt Zine for its NFT collection. The launch fuses a number of unisex streetwear silhouettes — such as tees, hoodies, footwear, and varsity jackets — with Williams’ design knowledge and craft in a bid to make a mark in the luxury sector, while bringing the house of Givenchy ever closer to cracking the growing virtual market.
The Verdict: This year, Givenchy has made strides in its Web3 strategy: from introducing its global beauty arm to Roblox, to its latest NFT collection — which taps into a new crowd of online consumers through the power of collaboration. The token drop was also backed by the Aura Blockchain Consortium, one of luxury’s largest digital associations that aims to leverage the blockchain and support the rollout of NFTs.
In partnership with Arianee, 1,500 limited-edition NFTs were made available to Moncler Maya 70 jacket buyers, along with additional perks. Photo: Moncler
Moncler’s Commemorative 70th Anniversary Tokens
The NFT: Moncler celebrated its 70th anniversary by offering its audience a limited-edition drop of 500 “Maya 70” jackets that featured corresponding NFTs, in collaboration with digital artist Antoni Tudisco. Owners of the jacket could claim the NFT via a QR code, which then allowed them to receive access to exclusive new products and event invites.
The Verdict: The commemorative token launch marks only the beginning of Moncler’s expansive Web3 strategy for the coming years. The iconic brand is exploring ways of maintaining its longstanding cultural relevance while honoring heritage through innovation. Partnering with the digital experts at Arianee is a way of making sure the fashion house gets its ambitious virtual roadmap right.
Each NFT from the CFDA’s token collection embodies its brand’s distinct aesthetics and cues, celebrating American fashion. Photo: CFDA
CFDA Turn Some of America’s Most Iconic Designers Into NFTs
The NFT: Ending the year with a bang, seven of America’s most iconic fashion houses teamed up with the CFDA on a lofty NFT drop. Wes Gordon for Carolina Herrera, Coach, DVF, Michael Kors, Tommy Hilfiger, and more all released their own branded non-fungibles, complete with extra-special additional benefits. Exclusive add-ons included front-row seats to shows, backstage access, physical gifts, all-expenses-paid trips, and a deep dive into some of the labels’ archives.
The Verdict: Much like NYFW’s “NFT keys,” the tokens were designed around the concept of high-level utility. This is a trend that seems to have taken off among luxury enthusiasts as it opens up domains originally closed off to fashion fanatics. Accessibility is set to be a key theme for the industry’s digital roadmap across 2023 — something in which non-fungibles will most likely play a big part.
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Ambush, cfda, christian louboutin, digital fashion, givenchy, metaverse, moncler, NFT, NFT Collabs, nike, prada, Richard Quinn, RTFKT, tiffany, Web3
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