In partnership with street artist Eric Haze, luxury fashion brand Jimmy Choo will launch a non-fungible token (NFT) collection on Binance’s marketplace at the end of October. The British brand – acquired by America’s Michael Kors in 2017 for £896m ($1.2bn) – is the latest to join a rising number of exclusive names in the fashion industry entering the NFT space.
Some of its stilettos sell for almost £3,000 ($4,125) and accessories such as phone holders surpass £500 ($687).
While many high end brands take the opportunity with NFTs to sell a more financially accessible product such as Burberry’s exploration of in-game clothing and Gucci’s 3D pieces, it seems that Jimmy Choo will mix it up.
The launch of the products will be through buying a mystery box. Each box contains a randomly assigned NFT, one of four designs that represents a high-heel shoe. These vary in levels of scarcity from super super rare (SSR) to neutral (N). In total, there will be 8,888 boxes available for purchase that will include 5,333 neutrals, 3,109 rares, 445 super-rares, and a single super super-rare. Collectors who score an NFT from the upper two levels of scarcity will be entered in a draw to receive another exclusive NFT, of which only 100 have been minted.
In addition, Jimmy Choo will also conduct an auction of an NFT of an exclusively designed trainer, only available in digital form. Profits from the auction will go towards The Jimmy Choo Foundation.
Meanwhile, fashion brands are taking different approaches to their first initiatives in the NFT space. Dolce & Gabbana sold a very limited collection of nine NFTs for $5.65 million. DKNY used digital assets to promote a new logo. Louis Vuitton launched an online experience with in-game assets to celebrate its 200th anniversary. And Gucci is exploring 3D clothing.