French luxury fashion house Givenchy has dropped 15 non-fungible tokens (NFTs) created in collaboration with the graphic artist Chito on the OpenSea marketplace.
- The sale of the NFTs will be through a seven-day simulated auction starting Tuesday. This mark’s Givenchy’s first foray into the NFT market.
- Givenchy’s creative director Matthew Williams worked with Chito to create the NFTs, which Givenchy said can be used as online avatars or profile pictures.
- Proceeds raised from the NFT auction will go to Givenchy’s charity partner, The Ocean Cleanup, a nonprofit developing technologies to eliminate plastic pollution.
- Givenchy decided to launch its NFTs on Polygon because of the network’s low energy consumption. Aura Blockchain Consortium, a network developed in partnership with ConsenSys and backed by LVMH, consulted on the development of the smart contracts for Givenchy’s NFTs.
- Luxury high-end fashion brands have been jumping on the bandwagon as NFTs surge into the mainstream.
- In September, Dolce & Gabbana’s inaugural NFT collection, dubbed the Collezione Genesi, launched on the luxury marketplace UNXD and fetched approximately $5.65 million in a sale.
- British luxury fashion brand Burberry also launched its own NFT collection in partnership with Mythical Games in August. The Burberry NFTs featured items via Blankos Block Party, a game with digital vinyl toys known as Blankos that live on the blockchain.
Read more: Metaverse Gaming, NFTs Could Account for 10% of Luxury Market by 2030: Morgan Stanley
