Saturday, June 25, 2022
HomeTechnologyVirtual realityBalmain Wants 'Multi-Channel' Immersion for Fashionists With MINTNFT's Help

Balmain Wants ‘Multi-Channel’ Immersion for Fashionists With MINTNFT’s Help

Imagine a crowd of fashionistas lined up in a large glass dome: one dressed in an alien green corset, the other in a tight, furry dress, possibly derived from the Wild Thing hide. As each person enters the dome, the structure changes for them in real time.

The woman in the furry dress looks at a large screen and sees her own dress and an invitation to a private talk with the product’s designer that afternoon. On the same billboard, the man in the corset sees a flashing arrow pointing to his product and an immersive cocktail experience only available to owners of the same collection. The dress and corset were, until recently, purely digital clothing worn by the avatars of these people. virtual universe; physical versions of the outfits then arrived in the mail, along with a special invitation to the Balmain Festival in Paris Fashion Week.

Such a proposition may sound like science fiction to some.

The firm tasked with architecting luxury fashion brand Balmain’s NFT campaign is a goalpost for September, according to MINTNFT co-founder James Sun.

MINTNFT co-founder James Sun (left) and Balmain Creative Director Olivier Rousteing. Photo: Balmain

Sun is trying to establish as a leader the historic French fashion house that it claims is the next era of NFTs and the Web3 business: less focused on NFT dips and big swings in speculative trading, and more about immersive experiences and long-term trading. term relationships with customers.

“[Balmain] They knew they couldn’t go with OpenSea, Rarible, [and] make a lot of drops. Not unified,” Sun said. decrypt in an interview. “They need […] a unified strategy.”

According to Sun, the answer to such a dilemma is what Balmain and he call the Fungible Thread (NFT): an ecosystem of digital, physical and hybrid experiences based on Ripple’s XRP ledger and catering to Balmain’s privileged accounts. customer.

Any Balmain customer can join Non-Fungible Thread. Its still tangible benefits include early access to product discounts, exclusive access to unique physical and digital items, and sought-after invitations to events like the Balmain Festival in Paris Fashion Week each September. Such events can include immersive experiences unique to each Balmain client: mixes of NFT technology, augmented reality (AR), virtual reality (VR) and physical space. Events can also be digital only. Balmain is currently in talks with four metaverse platforms—the kind that allow users to purchase and customize virtual land with games and experiences—to create an all-digital Balmain footprint. (Sun declined to reveal exactly which platforms.)

In this hybrid environment, customers can access unique digital assets through ownership of physical ones; Conversely, digital fashion products may eventually provide access to their exclusive physical counterparts.

“Multi-channel,” Sun said of Balmain’s Web3 strategy. “Because in fashion, when you really collect clothing lines, you are building an identity. […] a personality that the brand gives you access to. This is how we see it. With Balmain you are building your own experience, now you own it.”

Numerous other luxury fashion brands have previously released one-off NFT drops of their digital fashion items. A NFT It is a digitally verified receipt verified by a blockchain platform for a unique digital item.

Last summer, Dolce & Gabbana made headlines for the auction of a single digital title, Doge’s Crown, a staggering $1.25 million. Gucci in February Purchased undisclosed amount of virtual land in decentralized blockchain metadatabase sandbox creating themed experiences for customers. In the rarefied ecosystem of luxury fashion, there seems to be consensus that Web3 is the future, or at least an important part of it.

Sun thinks it’s no coincidence that high fashion has emerged as one of the most notable non-Web3 local industries that take blockchain networks so seriously. “Scarcity and exclusivity […] defined the original NFT field,” Sun said. “High fashion works with the rhythm of creating long-term premium scarcity and collective experience.”

But Sun’s vision of an immersive, private, customized, semi-physical and semi-metaversal paradise for consumers will have to overcome several hurdles before it can take shape. Chief among these, limitations of current technology. For example: How would an event venue know how to scan your jacket and therefore reflect your customized billboard? Louis Vuitton already integrated blockchain-based microchips to bags to verify uniqueness; but integrating this technology with instant AR projections is another matter. How will you monitor these experiences with AR glasses or your phone’s camera?

Another issue is interoperability. As the metaverse began to take shape, multiple platforms, each with its own visual style and core code, rushed to populate it. Theoretically, a digital Balmain suit should be able to freely traverse the myriad “neighborhoods” of the metaverse; Currently, no digital items can be made as it will need to be redone in the style and code of each “neighbourhood” or platform. Sun says Balmain and MINTNFT are consulting game startups Castle to produce a solution to this problem; Forte last year Raised $725 million To fix issues with integrating NFTs into gaming experiences.

But Web3-specific digital fashion firms, go there first. To these digital fashion initiatives, digital axle, manufacturerand dressXThe promise of Web3 is a truly decentralized, equitable space where junior designers win. freed from the hegemony of old brands.

Sun’s mention of special Fashion Week premieres for ultra-luxury collectors somewhat clashes with that vision. However, in light of the crypto market, Sun final, devastating setbackTo rehabilitate crypto for the masses, the legitimacy of famous brands like Balmain is needed.

“The average user sees the headlines and they say, ‘Oh, no, I’m not going to touch crypto anymore,’” Sun said. “So I think they have to be comfortable for us to push it. One Balmain said, ‘You can count on that. […] it has legitimacy.’”

Sun believes such legacy brands could potentially lead the Web3 community in an upcoming process. crypto Winter, and into an age where NFTs are much more than culture and commerce ultra expensive status symbols: “NFT companies that speculated first will not survive this winter. And so you will see the rise of quality projects to increase loyalty, benefit and new value experiences.”

Do you want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news + weekly recaps and more!

Do NOT follow this link or you will be banned from the site!