Michael Kors, Coach and more head to the metaverse with NFT launches

It’s a bold move from the CFDA, says Akbar Hamid, founder and CEO of The 5th Column, who coordinated the project. Up until this point, European fashion brands like Gucci, Louis Vuitton and Burberry have been actively experimenting in metaverse and Web3 spaces. While some American brands have gotten in on the action (Tommy Hilfiger is a standout), “they haven’t taken a full-fledged approach like the Guccis of the world,” Hamid says.

The goal was to place American fashion at the forefront of innovation — and the CFDA’s 60th anniversary was a fitting moment for this future-forward retrospective. “You’re taking 60 years of archives, iconic moments in American fashion, and are allowing them to be brought to life [digitally],” says Hamid. It’s an indicator of a juncture in the fashion world and shows how brands can pay homage to their history while innovating and pushing forward. 

“Bringing to life iconic American fashion moments as digital assets and reimagining their surroundings to amplify core brand values and showcase timeless design is building a great use case for the global fashion industry as a whole,” says BNV founder and CEO Richard Hobbs. “BNV is building the framework for fashion brands to navigate their way into the metaverse and all the possibilities that Web3 can offer them.”

This approach also builds on prior brand attempts to use blockchain technology to offer exclusive access to fashion’s traditionally walled-off spaces. At New York Fashion Week, Keys to NYFW granted fans access to five brands’ physical fashion week experiences, from shows to afterparties. This innovative approach promised a new type of relationship between consumers and brands. “Fashion week has always been a walled garden that is difficult to access, and Web3 can be a democratising force,” Web3 advisor Jenny Wang told Vogue Business at the time. Granted, it wasn’t all smooth sailing; holders eligible to attend Kim Shui’s show were turned away at the door. That said, at a price point of $15,000 plus (versus $100 keys) and a more personalised and curated experience (these are one-of-one compared to 50 keys per designer), utility fulfilment ought to be a non-issue.