Lacoste, a French fashion brand, has introduced a collection of non-fungible tokens (NFTs) to build an online community and communicate with customers in a new way, according to the company.
The dip comes barely a week after the firm opened a Discord server, which received 30,000 subscribers in the first two days, according to the company.
The amount of NFTs in the release, 11,212, corresponds to the brand’s L1212 iconic polo shirt. These will be available for purchase for 0.08 ETH (about $97).
In a news statement, Lacoste stated that the initiative, dubbed UNDW3 (pronounced “underwater”), will provide collectors of NFTs with access to a “long-term collaborative network.”
Despite the recent drop in floor pricing of the most popular NFT collections and the general instability in the crypto market, fashion labels have continued to experiment with crypto and web3 initiatives.
Farfetch, a fashion retailer, revealed last week that it has begun to accept cryptocurrency purchases, following in the footsteps of brands like Gucci, Tag Heuer, and Off White. Balenciaga will begin accepting cryptocurrency at its physical stores and online in the United States.
In addition, at a press conference, last week, Kering’s chief client and digital officer Grégory Boutté stated that “web3 and NFTs represent a major milestone.” Boutté also announced during the conference that Kering had invested in Haun Ventures, a web3 venture capital firm created by Katie Haun, a former partner at Andreessen Horowitz.
It’s uncertain if the recent dip in crypto prices and overall market volatility will influence the fashion industry’s excitement for the technology.
Lacoste’s foray into the interactive virtual world with UNDW3 is not it’s first. Previously, the firm worked with the popular video game Minecraft.