New York Fashion Week NFTs to unlock show invites and products
NFTs first appeared at NYFW in February, offering exclusive rewards for guests from designers. Now they provide access to more physical experiences and goods, a shift that reflects a growing trend in fashion and retail towards token porting and phygital products. The keys aren’t the only blockchain-based tools for accessing NYFW experiences. Markarian offers a variety of NFT Private Salon memberships ($0 for Silver, $250 for Gold, and $3,000 for Diamond), which come with a chance to win invites to the live show on September 14th (the five Diamond holders are guaranteed invites). Rebecca Minkoff and Mavion also dropped 55 NFTs in July, five of which include tickets to Minkoff’s upcoming NYFW show.
Cases of early use are still nascent. However, if successful, fashion shows could plan to more regularly accommodate NFT holders, who are often brand loyal, engaged and active fans. It’s another way Web3 is working to democratize fashion by offering new opportunities for access, as long as fans can afford NFT. This trend reflects an interesting view of token gating, which is used to limit access to future product drops and experiences for select NFT holders. The premise holds (one must own a given NFT to gain access), but this approach aims to unlock previously inaccessible experiential possibilities, providing new avenues for brand engagement – should it resonate with consumers.
Last season, Joseph Altuzarra provided equivalent NFTs to show contestants in an effort to “create an expanded sense of community,” he said Vogue Business in February. This is the next step. “I want people interested in fashion at all levels to be able to participate, which is why I chose to help design this NFT,” he said.
Kim Shui, who first tested NFTs last season, wants to highlight the male dominance of the crypto space. As a womenswear designer, Shui hopes that the physical and experiential possibilities unlocked by the key will open up not only the world of fashion, but also the cryptosphere, to women who might otherwise not have had access to these places.
The lower price point of these NFTs, and the ability to split the payment into four installments, reflects a recognition of people’s reluctance to spend large sums of money on tokens that provide access to one-off events. The lack of bids for Jason Wu and DressX’s 8.5 ETH (about $13,000) Michelle Obama dress — which came with two show tickets — suggests that people aren’t willing to pay through the roof to attend a fashion show.
A $100 NFT key looks more promising – especially given the potential longevity of its utility. Wang is fascinated by how the project can grow and develop. “What happens if you hold multiple keys? What is the experience like for a fan who has held a key for multiple seasons, and what benefits can a fan who purchased a key this season unlock for the next season? Can community composition enable more cohesive fanbases and on-chain identity?”
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