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what happened: British designer Richard Quinn, known for his bold and evocative approach to images and prints, has released his eponymous line of NFT collections for the first time in history. In partnership with Clearpay and the British Fashion Council, the “London Fashion Week in Bloom” series of tokens went on sale last Saturday through a special website. The collection takes inspiration from the group’s SS23 show (presented at LFW in September) and includes a special, limited-edition pink NFT – a digital rendition of the giant flowers that appeared on the physical runway last month.
But, like many recent token drops, there’s more than meets the eye. Following their purchase, buyers of Richard Quinn NFTs will be given the opportunity to choose from two options: attend an exclusive VIP event in London’s Covent Garden later this week, or receive an exchange set in an exclusive Richard Quinn floral print. With Clearpay, including items like bucket hats, skinnies and tote bags.
All NFT sales are earmarked to be donated to the BFC Foundation, fundraising for the future growth and success of the British fashion industry with a focus on education, gifting and business.
Taking zinc: From the likes of Gucci’s double G symbol to Burberry’s latest interlocking monogram, luxury houses around the world have chosen to incorporate their signature styles and logos into their imaginative styles. This represents not only gaining recognition as much as possible, but also creating a distinct identity among their growing competitors in the space. Quinn is similarly looking to put his internationally recognized stamp on the digital landscape. The creator has become synonymous with sublime floral themes throughout his career and now, his latest work shows his ambition to bring this dynamic floral power to Web3.
But what’s interesting to see is how names in fashion are returning to NFT initiatives. Earlier this year, the hype around crypto art had a significant cooling off period. The increased ambiguity and uncertainty surrounding the value of tokens has reduced the popularity and demand for digital assets. The sector saw an 88% drop in the number of addresses on NFT marketplaces in June. Blockchain analysis platform ChainalysisAlso, the average sales price is $3,894 (approx 27,846 RMB) to $293 (approx 2,095 RMB) in summer
The ‘Richard Quinn x Clearpay: London Fashion Week In Bloom’ NFT collection features a limited edition rose inspired by the label’s SS23 LFW show. Photo: Richard Quinn.
The failure has forced brands to reassess how they can use the intangibles and bring added value to their customers. In most cases, including Queens, this is accomplished by offering special benefits and tokenized access to special events to generate excitement and re-engage audiences. But with little social media coverage of the collection in Europe or China, it’s uncertain how successful Quinn’s drop will or will be, even with such additions.
For companies looking to successfully execute their virtual campaigns, it’s all about finding the sweet spot between good ideas and creativity, capturing customer interest, and knowing how to effectively market products across multiple channels. But with more than ever establishing themselves in the online space—with an NFT renaissance in sight—Web3 fashion seems to have a bright future.
Take Jing Our editorial team provides analysis of the key implications for the luxury industry by reporting on major news. In this recurring column, we examine everything from product drops and mergers to the heated debates that have emerged on Chinese social media.
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