Luxury designer Salvatore Ferragamo has joined the ranks of fashion brands entering the Non-fungible token (NFTs) space. In an announcement on Friday, it reported the launch of its NFT booth in the Soho district of New York.
The SoHo NFT booth is a piece of a broader concept store for the designer. Here, users can design and mint their own NFTs choosing from a variety of already designed traits.
Although it is open to expansion, the inaugural collection is limited to 256 NFTs. Users can mint for free as the brand has already covered the gas fee.
The Italian designer also contracted Shxpir to create the traits and graphic features for its Ethereum-based NFTs. Shxpir is an artist who has collaborated with a number of big players in the fashion world.
Ferragamo referred to its NFT booth as a mix of two worlds; web3 and online retail. The artist combines luxury and grit in a manner not many can.
Users can enter the booth and select from a range of background designs by Shxpir to create their own NFTs. All the process is captured and presented to the user.
The SoHo NFT booth is not the first foray into the virtual world for Ferragamo.
Last year, the luxury brand partnered with Obsess, an augmented reality platform to create a virtual store dubbed House of Gifts. The digital house allows users into a villa filled with Ferragamo products.
Luxury Designers and the Digital Space
With brands and retailers continually experimenting on how to incorporate NFTs, the nascent space continues to enjoy patronage.
Renowned fashion brand Lacoste joins the space with the launch of its NFT collections dubbed Underwater. The project contains 11,212 digital collectibles and holders can customize their assets on products ordered.
Gucci, a reverted brand, opened the door to crypto payment in some select stores. It also launched two NFT projects dubbed Gucci Grail and Super Gucci.
Balenciaga, another famed brand, incorporated crypto as part of its payment options not minding its price volatility.