HUGO partners with Web3 Firm Imaginary Ones to launch NFTs

by James · October 4, 2022

Neither the author, Tim Fries, nor this website, The Tokenist, provides financial advice. Please see our website guidelines before making any financial decisions.

Luxury fashion brand HUGO announced that it is teaming up with a Web3 company Imaginary Ones to take a trip into the metaverse. The fashion giant plans to launch a large NFT collection in November with 1,001 3D animations.

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HUGO launches 1001 3D NFTs

HUGO, a sub-brand of fashion giant Hugo Boss Group, said it is partnering with a Web3 company Imaginary Ones to deliver “a holistic, 360-degree metaverse experience.” Under the terms of the agreement, HUGO will enter the metaverse by rolling out a larger pool of non-fungible tokens (NFTs).

The collection, called “Embrace Your Emotions” (EYE), will feature 1,001 3D animations and will launch in early November. With EYE, HUGO aims to “encourage everyone to connect with their emotions, and to share a message that all emotions – positive and negative – are valid and should be embraced, as the freedom to feel and express can improve mental health and general well-being significantly. -being, the company wrote in an official announcement.

HUGO will allow users to purchase NFTs through an approval list, which allows users to pre-register for the drop. Out of a total of 1000 places on the approval list, 500 will be reserved for buyers who purchase an exclusive phygital T-shirt. Buyers will be able to choose from 500 limited edition T-shirts, each with a QR code that directs them to a Snapchat lens to create a unique augmented reality (AR) effect.

The remaining 500 spots on the list will be allocated to existing holders of Imaginary One’s NFTs and through a variety of other activities on the firm’s Twitter and Discord platforms. Furthermore, NFT owners will also gain access to Imaginary Ones’ staking ecosystem which awards them “a separate set of special HUGO x IO merchandise, experiences and content, including digital HUGO wearables and HUGO-themed Imaginary Ones drops”.

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More fashion brands are entering the Metaverse amid the market downturn

HUGO’s expansion into NFTs comes amid a significant market crisis in 2022, after seeing exceptional growth in 2021. According to blockchain tracker DappRadar, NFT sales are down nearly 70% year-over-year as investors steer away from risky assets amid in a tough macroeconomic environment.

Still, this didn’t stop some major brands from launching their NFT collections and entering the metaverse in recent months. Earlier this year, Italian fashion giant Gucci announced its collaboration with NFT marketplace SuperRare titled “The Next 100 Years of Gucci.”

Furthermore, the iconic thrash metal band Megadeth launched their own NFT collection “Rattleheads” in September. Major companies that recently launched NFTs include Louis Vuitton, Nike, Adidas and others.

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Do you think HUGO will make money from its new NFT collection despite the current market conditions? Let us know in the comments below.

About the author

Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.