Italian fashion brand Diesel is expanding its presence in the non-fungible token (NFT) sector through the launch of D:VERSE NFT platform. It’s looking to launch collections that combine physical and digital items and support a digital community on Discord.
The collections will include digital collectibles of runway pieces, limited edition physical garments, sneakers and accessories. The NFTs will potentially be used as wearables in the metaverse, but no partnership with an existing virtual reality platform was mentioned. The company is launching a D:VERSE key, which is a token-like asset that can be exchanged for discounted NFT pre-sales, raffles, prizes, and other NFTs.
The first collection will be based on pieces showcased at this year’s Milan fashion week from the Fall/Winter 2022 collection. In total, there will be four different NFTs that will be sold on the D:VERSE platform on a first come, first serve basis. However, no pricing has been released. In addition, there will be one single edition NFT that will be sold through an auction on Rarible’s platform.
This is not Diesel’s first go at NFTs. The brand launched a collaboration with digital fashion house The Fabricant and NFT platform Neuno, which specializes in bringing luxury digital wearables to the metaverse.
The interaction of physical and virtual reality is growing in the fashion industry. One aspect that brands need to consider is how NFTs and digital assets in general can provide some utility for consumers instead of just being a static image on a screen.
Wearables in metaverses are becoming more common through partnerships with existing games and digital worlds for product placement in metaverse experiences. This strategy attracts an audience that is more engaged with technology, blockchain, and digital. Sometimes the target market is a little different.
One novel feature that Diesel is exploring is customizing NFTs. For example, Diesel plans to have a vote by sneaker NFT owners to decide the color layout of the piece. This feature can expand into enabling fashion enthusiasts to modify virtual pieces based on the physical ones and create a sense of uniqueness to the product. A potential development is to award a digital NFT when a consumer purchases a physical item and allow for some customizability on the digital version.
Meanwhile, Diesel’s parent company OTB has launched a division to target NFTs and the metaverse in the fashion industry. OTB has also joined luxury consortium Aura to fight counterfeit and other brand-damaging fraudulent acts through blockchain.