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French Fashion Brand Lacoste Enters Web3 With NFT Collection

French fashion brand, Lacoste has made a dive into the non-fungible token (NFT) ecosystem as it has launched its own collection dubbed Underwater (UNDW3).

The collection consists of 11,212 NFTs, priced at 0.08 Ethereum per piece.

The NFTs feature a 3D version of the crocodile, the fashion company’s brand logo with a robotic, glowing eye that was making periodic movements in and out of still water. The company said besides the exclusive access to customized unique products linked to the Lacoste brand, users will also gain access to extensive utilities which will all be unravelled in the next few months.

Lacoste noted that the NFTs will be available for sale in the secondary market on OpenSea or LooksRare.

While Lacoste is not the first brand to dive into the NFT world, it boasts as one of the few whose dedication to its digital collectables is designed to truly reward its customers as it redefines the overall customer engagement strategy.

“If Lacoste is still here after all these years, it is because of one thing: you. In a world more and more connected, we think the next big step is to add you to our core team,” Lacoste said via its official Twitter handle, “By owning a part of the Lacoste experience you will join the Lacoste Family and will have your word to say on our future.”

The full embrace of NFTs by Lacoste is not a new feat in the fashion world as brands like Dolce & Gabbana have pioneered this ecosystem as reported by Blockchain.News. Besides the general fondness for NFTs, more fashion companies particularly Balenciaga and more recently, Farfetch are redefining the pace at which they enter the Web3.0 world, beginning with the acceptance of digital currencies for payments for their goods.

The entry of Lacoste into the NFT world indicates that the art and fashion industry is growing fonder of the blockchain ecosystem.

Luxury Fashion Brand Gucci Now Accepts Payment in ApeCoin

Italian fashion brand Gucci has announced that it has started accepting ApeCoin (APE) as one of the payment options.

According to the company, the addition of ApeCoin was made possible with the aid of its crypto payments partner, BitPay. The service is only available to select stores in the United States now.

ApeCoin is the native token of the Yuga Labs-created Bored Ape Yacht Club (BAYC) ecosystem. The ecosystem encompasses some of the industry’s most iconic non-fungible tokens like the Bored Apes and also includes Mutant Ape Yacht Club (MAYC), CryptoPunks, and Meebits, both of which were acquired by Yuga Labs earlier this year.

The ApeCoin was launched as a way to help holders of either of these NFTs with additional utilities.

The addition of the ApeCoin token also represents a milestone for Gucci as it seeks to double down on its Web3.0 mission.

Back in May, Gucci announced that it is making a move to accept digital currencies for in-house purchases, which will encompass the likes of Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five dollar-pegged stablecoins.

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them,” Marco Bizzarri, President and CEO of Gucci, said in a statement at the time.

Other top fashion brands are also making their moves into Web3.0 with prominent names, including Lacoste, Dolce & Gabbana, and Salvatore Ferragamo. While the pace of Web3.0 adoption is different, each company has its own defined modalities, each following its individual timelines.

Nike Leads among Web2 Brands for Highest Revenue Reaped from NFTs

Fashion brand Nike has topped the list of Non-Fungible Token (NFT) exposed traditional companies that have recorded the highest revenue from digital collectable transactions thus far.

According to data from Dune Analytics, as shared by NFTGators, Nike has raised a cumulative sum of $185.26 million in revenue. The company introduced this figure from a total transaction count of 67,251.

About a year ago, fashion and entertainment brands started embracing NFTs as a new way to connect with their customers and fans worldwide. Many not only acquired blue chip NFTs like the CryptoPunks and Bored Ape Yacht Club (BAYC), quite a number of brands launched their own NFT collections, further showcasing the interest across the board.

The dive into NFTs now seems to be paying off for these brands as their venture has turned into productivity in no small measure. Per the Dune Analytics data, Dolce & Gabbana ranks second on the list of outfits with NFT exposures, with its revenue coming in at $25.65 million. Jewellery brands Tiffany, Gucci, and Adidas, make up the top five list of brands with high NFT revenues.

The majority of brands that have shown positive interest and commitment to NFTs have seen a remarkable return. This feat shows that Web3.0 is not entirely a waste of investment or interest. A very significant data in the Dune Analytics data is the exposition on the place of royalties earned on their respective NFT collections.

Nike has earned a total of $92.1 million on royalties, indicating that many secondary sales of the respect NFTs have taken place since the collection was launched. Of the top ten profiled brands, Tiffany, Budweiser, Bud Light, and the Pepsi Mic Drop have not recorded any transaction sales. This indicates that the NFTs are either yet to hit the secondary markets or collectors are HODL to sell much later.