It is no secret that NFTs are gaining popularity and are seen as the future of technology. But can you believe that the most expensive one was sold for $532 million. Now, fashion brands are making their presence seen in the Metaverse by creating and selling NFTs. Hermes is a brand that has applied this strategy, and has created Birkin Bag NFTs, and let me tell you, they are highly regarded.
For those who don’t know what an NFT is, they are non-fungible token, and in simpler terms, anything digital (photos, 3D models, videos, you name it). The value of these graphics is always increasing (or decreasing if you’re not so lucky) and people are always buying and selling them.
How does this relate to Hermes?
Birkin bags are known to be the industry’s most exclusive accessory, and getting one straight from an Hermes store is close to impossible. This leaves me with a few questions; does the Metaverse open new doors for the sales and demand of these products? How much more accessible are Birkin NFTs?
In May 2021, Meson Rothschild and Eric Ramirez launched the “Baby Birkin” NFT. This does not mean it’s a small version of the Birkin… no no. The 3D printed animation consisted of a 40 week pregnant Birkin. Looking at it from a business perspective, this is genius. However, looking at it as a bystander who’s very passionate about Hermes and Birkin bags, I’m a bit disturbed.
You can create your own opinion about this bag, but the only opinion that matters is that of the buyer that spent $23,500 to buy this NFT at an auction. The purchase of these NFTs is done through auctions, where one can buy them using Ethereum (ETH), the most popular cryptocurrency.
As a continuation to the Baby Birkin project, on December 2, 2021, a 100 MetaBirkins NFT collection was presented at the Art Basel Miami Beach by Mason Rothschild. The presented value was 0.1 ETH, which is the equivalent of $4.360. These bags are custom-made, faux fur bags, made in a variety of contemporary colors and graphics.
Not only are these bags beautiful and a luxury fashion icon, the creation of this project has a hidden message behind it. Mason Rothschild developed this series of bags after being influenced by the revival of ‘no fur’ fashion initiatives and the subsequent introduction of ethical alternative fabrics. He wants to show people that luxury can be animal-free. He also encourages all designers, artists, and brands to experiment with these new materials without fear of compromising their concept in the process.
What is happening now?
experimenting with the Metaverse. Gucci has sold a 4-minute-video NFT, , incorporating Alessandro Michele’s (creative director of Gucci) recent runway presentation. The project is called ‘Aria’ and had a starting bid of $20,000, and was officially sold for $25,000. This is the most expensive product produced and sold by House of Gucci.
Blankos Block Party. Blankos Block Party is a multiplayer party game featuring digital vinyl toys known as Blankos. These toys can be purchased, upgraded and sold in-game. Burberry is to release its own in-game NFT accessories, such as a jetpack, armbands, and pool shoes, that players can use on any Blanko. Blanko can also be trained to master a variety of abilities, such as speed and agility, ensuring the toy’s rarity and uniqueness.
Balenciaga has also partnered up with Fortnite to create an NFT collection for clothing in the game. The collection includes outfits and accessories, such as backpacks. As flexing belongings and wealth has become common on social media these days, the integration of Balenciaga into Fortnite has created another world of flexing.
Now, the importance of flexing what you have is taking place in a virtual world, which has nothing to do with trends in real life.
What do we think?
When I started writing this article I was not aware of the vast amounts of luxury brand NFTs that have been circulating. I have to say I am pleasantly surprised to have discovered the facts. I think it’s obvious to everyone now that whether we like it or not, NFTs will be a big part of digital fashion for the future.
I’d also love to get one for myself but I don’t have $20,000 to spare. This brings me to the answers of my questions at the beginning. So we have established that despite being easier to access, NFTs are not accessible, as they are sold for thousands of dollars, which many can’t afford. The aim of the brands is not to create more demand for their products, or target a different group, but rather it is to hold the exclusive titles.
Overall, I like how the fashion world is coming together with the technological world, with luxury implementation of brands in video games, video making, and overall product sales.
If you had the money, would you invest in a Birkin NFT or any luxury products being released? Let me know your thoughts in the comments.
