NFTs become physical experiences as brands offer in-store minting

0
118
Advertisement

Non-Foldable Tokens (NFTs) have taken over the world over the past year. Digital collectibles designated only as CryptoKitties in 2017 have evolved into iconic pieces, digital music, and high fashion for the Metaverse and a way for communities to connect with others around the world.

Even with the current crypto bear market, recent findings from research firm Security.org find that NFT ownership has doubled over the past year, rising from 4.6 million people to 9.3 million people. The report also found that while the vast majority of Americans are not willing to buy NFTs, around 16.3 million potential customers are likely to purchase non-fungible tokens in the next 12 months.

Consumers Test NFTs with Mint IRL
Given the potential of NFTs, it should come as no surprise that a handful of retailers and brands have started incorporating non-perishable tokens into their product offerings. While this has been demonstrated by brands linking physical goods to digital NFTs, few retailers are now incorporating NFT technology into physical store locations.

This was recently demonstrated by the Italian luxury brand Salvatore Ferragamo. The new Ferragamo store opened June 24, 2022 in New York’s Soho neighborhood, the day after NFT NYC closed. From the outside, the Ferragamo store at 63 Greene Street looks plain, but once consumers are inside, they can experience Web3 first-hand with its immersive shopping features.

Daniela Vitale, CEO of Ferragamo North America, told Cointelegraph during a store preview that the Soho site is integrating technology with the world of luxury by integrating NFT mounts along with a custom hologram sneaker software. She said:

“Everyone is always talking about NFTs, so we wanted to bring a real experience to the Soho Store that allows people to create their own NFTs. We hope to gain new customers who are well versed in Web3, but this is also about making our existing customers a part of this world. I think this will be a success. big.”
Vitale added that Ferragamo’s NFT installation – created in partnership with digital artist Shxpir (pronounced like English poet and playwright Shakespeare) – is the first of its kind, noting that no other Ferragamo store has such a feature.

“We didn’t want our Soho store to be too static – we wanted it to have a technology corner. The NFT kiosk was integrated directly into the store design to encompass the entire shopping experience,” Vital added. She hopes these immersive features will allow customers to learn about the technology Web3 rather than being intimidated by the advanced sector.

NFT installation at Ferragamo store in Soho. Source: Ferragamo
In order to ensure this, a representative from multidisciplinary studio De-Yan – who has worked with Ferragamo on installations and helped with immersive projects for Louis Vuitton and Dior – told Cointelegraph that the NFT Ferragamo mint doesn’t cost customers anything.

New: Web3 will unite users from social media platforms, says Aave exec

“This will be the first NFT for many people, so Ferragamo will pay all gas ether fees on the transfers.” In addition, he noted that representatives will be available to assist clients throughout the entire minting process. He also shared that the NFT install will be continuous but the store limits the opening set to 256 NFT. “There are 972 possible combinations that NFTs could take, but so far only 256 can be minted,” he said.

Touch screen for NFT installation in Soho Ferragamo store. Source: Cointelegraph
In terms of the actual minting process, he explained that the experience is completely immersive, noting that the NFT installation is enclosed in a mirrored room to ensure customers have a 360-degree view of the NFT they create.

“Customers can customize their NFT and then they can shoot a video with the NFT to share on social media afterwards,” he said. After the coin is minted, an email is sent to customers asking for the address of their wallet. “The NFT is then sent to their Ethereum address and will appear in their OpenSea account on the day or so,” he explained.

Ferragamo NFT displaying digital artwork by Shxpir. Source: Shakespeare and Ferragamo
While Ferragamo may be one of the first luxury fashion brands to offer mint NFT in stores, Web3 media and the well-known entertainment brand Doodles have provided its community with a similar edge. Doodles created an off-site home during NFT NYC 2022 to allow fans and community members the opportunity to mint the latest NFT, view Doodles’ artwork and purchase exclusive items such as sweatshirts and T-shirts. Julian Holguin, chief operating officer of Doodles, told Cointelegraph that the goal of the Doodles house is to elevate the brand by allowing people to experience everything in real life. He said:

“We’re just announcing

Advertisement

LEAVE A REPLY

Please enter your comment!
Please enter your name here