YSL struts into the NFT game

Photo of author

By A D

Well-known French fashion house, Yves Saint Laurent Parfums SA, has officially entered the metaverse by filing new trademark applications pertaining to the usage of NFTs for virtual goods.

According to Yves Saint Laurent’s trademark applications, which were submitted on January 12, the company aims to provide multimedia files comprising NFT forms of artwork, text, audio, and video content relevant to perfumes, toiletries, and other personal care goods. Customers might soon have access to a digital version of the real goods produced by the well-known business. The documents also seem to indicate that Yves Saint Laurent plans to conduct direct sales through shops set up in the metaverse that sell its products.
With the announcement of its initial drop of 10,000 NFTs, Yves Saint Laurent Beauté had already started its Web3 journey last year. Owners of these tokens gained access to the brand’s Web3 ecosystem. These users included Vivatech attendees as well as Instagram and Twitter fans who follow @YSLBeauty. The 10,000 NFTs known as the Golden Block were created on the Polygon blockchain and made available on the YSL Beauty Wallet app.

NFT of a YSL Beaute floating in a virtual space
Yves Saint Laurent Beauté’s NFT collection. photo credits: wundermanthompson

In the wake of declining crypto prices, luxury products brands such as Gucci, Lacoste, and Tiffany have introduced cross-platform strategies utilizing NFTs and blockchain technology.

One of the first sectors to dive headfirst into NFTs was the fashion industry. Labels have discovered innovative, fascinating methods to stand out on Web 3.0, whether they do it alone or through high-profile partnerships on fashion brand NFTs with blockchain entrepreneurs and artists.

girl standing wearing physical versions of NFT in Gucci Aria
Gucci Aria NFT film “Aria”. photo credits: somewhere
an NFT piece from Nike x RTFKT
Nike acquired NFT sneaker company RTFKT Studios in December 2021.
photo credits: fibre2fashion

The renowned fashion label Gucci made its NFT fashion brand debut with the four-minute, unique film “Aria”. In June 2021, the NFT was sold for a total of $25,000, with all of the money going to UNICEF USA to help with its mission to “provide global equitable access to COVID-19 vaccines.” In May 2022, the record label announced intentions to start accepting cryptocurrency payments in some of its U.S. retail locations.

A real-life/metaverse crossover starring American sportswear brand Russell Athletic served as HUGO BOSS’s NFT premiere. The jackets had a QR code so the owner could wear the identical item in augmented reality in addition to the physical product.

Prior to the more widespread Web3 push, Nike was already moving forward and had been granted a patent for their “CryptoKicks” line of blockchain-connected sneakers. In March 2020, Nike conducted a blockchain trial with Macy’s and the RFID Lab at Auburn University to improve the sharing of product data throughout the retail supply chain.
Nike made a significant leap towards Web3 when it acquired NFT sneaker company RTFKT Studios in December 2021.

Tiffany, one of the most traditional luxury companies, made its Web3 debut with CryptoPunks, perhaps one of the most traditional NFT ventures. Exclusive to owners of CryptoPunk NFTs, Tiffany revealed 250 digital necklaces in August 2022 for 30 ETH apiece (about $50,000 at the time). Holders of these diamond-encrusted pendant NFTs might exchange them for real necklaces. The largest sale to date was a Tiffany CryptoPunk necklace that one user sold for almost twice as much, or 55 ETH.

There have been numerous fashion weeks, celebrations, and events—all kinds of engaging and enjoyable venues. Centra claims that millennials and Gen Z are mostly responsible for the growth of the web3 fashion category, whether it be through innovative production or inquisitive purchasing. Online shoppers seek for experiences that are personalised to them and give them a sense of being “in person” at the store. This needs to be supported by a compelling metaverse notion in order to avoid becoming a transitory trend. This offers marketers a big opportunity to learn more about their clients and understand their needs.

Leave a Comment