Like most brands embracing NFTs, it’s unclear whether they genuinely believe in the future of crypto or just want to be part of the conversation.
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Last year, brands from Gucci to Taco Bell released their very own NFTs. And when Facebook pivoted to Meta and introduced its second life, brands like Balenciaga and Nike dipped their luxury- and performance-sneaker toes into metaverse fashion. This week, the non-fungible fun continues (sorry), as Gap and Selfridges become the latest retailers to announce forays into digital assets.
Like most brands hopping on the bandwagon, it’s unclear whether they’re betting on the future of crypto or just want to be part of the conversation.
Blockchain bandwagon: Gap’s “gamified” NFT collection drops over the next two weeks, offering digital assets at four “levels” and price points (“common,” “rare,” “epic,” and “one of a kind”) ranging from $8 to $415 leading up to an auction for one-of-a-kinds. This follows recent, similarly hype-driven news of Yeezy Gap’s Balenciaga collaboration. “The launch is a test into the NFT space,” a company spokesperson told Retail Brew. “Gap Inc. is exploring new ways to bring our brands…to new and existing customers in a rapidly evolving digital ecosystem.”
Meanwhile, Selfridges is teaming up with fashion house Paco Rabanne to mix experiential IRL pop-ups (remember those?) and in-store art exhibitions with digital goods as an added bonus. Today, the British retailer is releasing archival Paco Rabanne garments alongside a 12-piece collection of “unwearable” NFTs, which will run for between £2,000 and £100,000. Selfridges declined to comment.
Worth the investment? Debatable. “At this stage, it’s too early to tell who’s making a good business decision and who’s not. Right now, everyone wants to get on the bandwagon,” Kearney’s Michael Felice told us. “Many will invest to be part of the race, but without a clear strategy. But if they don’t go in with a clear strategy, then the leap is just boardroom dressing.”—JG