Tiffany, CryptoPunks, Bored Apes, Adidas & All You Need To Know About 2022 In Web3

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Tiffany, CryptoPunks, Bored Apes, Adidas & All You Need To Know About 2022 In Web3

Intellectual property

The fact that owners of assets like Yuga Labs’ CryptoPunks and Bored Ape Yacht Club and the like also hold the IP rights means they can commercialize said assets. This allowed Tiffany & Co to create custom NFTiff pendants for individual CryptoPunk owners to have their own Punks materialize as custom physical pendants with additional NFTs that can be traded separately to the physical version. After the announcement in July and the hitting of the NFT versions, the visuals for the pendants themselves started to arrive this month.

FYI, the original price owners paid was ETH30 (approx. $50k) and the NFT versions alone are now trading on OpenSea for between ETH40 and ETH50. Alexandre Arnault, Tiffany & Co.’s executive vice president of product and communications, recently asked his Twitter followers if Tiffany & Co. should work on another crypto project, suggesting that a follow-up is likely on the cards. Jeweled Bored Ape Yacht Club Tiffany pendant anyone?

PFP Wearables Become Real

In November adidas Originals introduced a new digital product category Virtual Gear along with a PFP dressing tool that allows them to be worn by PFP avatars from compatible partner collections – first Bored Ape Yacht Club, Mutant Ape Yacht Club. While it was previously possible to ‘burn’ virtual clothes onto a PFP as a permanent addition, the real game changer is that the new tool will allow users to change their PFP’s outfits just as they can with those of regular avatars such as Ready Player Me.

Artist royalties

Warner Music Group partnered with digital fashion retailer DRESSX this month to provide a platform for its artists to design their own virtual fashion lines across Instagram, Snapchat et al. IRL celebrity fashion collaborations are already a lucrative business and this year the dial has already started moving into metaverse territory. Supermodel Kate Moss, previously known for her collaboration with Topshop, has appeared as a guest avatar on Lucy Yeomans interactive styling game Drest, which has joined forces with jewelery label Messika.

CRM and Anti-counterfeiting

If digital fashion leaves you cold, digital twins can do much more than simply dress your avatar. Swiss foundation Origyn creates blockchain-based digital certificates for luxury watches, photographing the watch at 360 degrees to generate its biometric passport. Warranties are also embedded in the certificate. Web3 plugin Mintouge, co-founded by a former Meta employee, enables brands to provide post-sales customer service, digitize physical assets and communicate via a product’s digital twin stored in an associated app that s conservation wallet meets social network meets private members club.

The Business Of Beauty

Just as digital fashion wearables have become more interoperable, so has makeup. In June, Clinique enabled digital makeup looks to be branded onto PFPs from the Non Fungible People community, but fast forward to November when L’Oréal teamed up on cross-gaming avatar platform Ready Player Me with Maybelline New York and L’Oréal Professional hair and makeup looks that can be converted as easily as a digital T-shirt.

Marketing In The Metaverse

To celebrate the FIFA World Cup, official timekeeper Hublot built a stadium in the photorealistic Spatial metaverse with a media wall displaying campaign footage featuring friends and ambassadors such as French international striker Kylian Mbappé. The activation shows how brand marketing campaigns can contain an additional metaverse dimension beyond that of traditional advertising.

Future-proof fashion

Brands preserve their physical heritage by introducing it to a new web3 native generation. During Metaverse Fashion Week in March, Paco Rabanne showcased 12 NFT dresses with profits used to buy back pieces from its own physical archive. Gucci’s recent pop-up in The Sandbox game featured activities such as restoring a vintage Gucci bag while the CFDA is currently hosting a 60-year gaming exhibition, also in The Sandbox, featuring appearances from Dapper Dan to Marc Jacobs reimagined using The Sandbox’s voxelized language. Web3 vintage wearables brand MNTGE recreates clothing from adidas collaborator Sean Wotherspoon’s archive to be digitally customized by artists.

Let’s get physical

If web3 is to reach the $81.5 million market size projected for 2030, mass adoption is the name of the game which means getting the non-digital native population on board. Enter initiatives such as Paris’ NFT Factory which launched in October with an NFT art exhibition and web3 training courses, and physical pop-ups such as Printemps’ activation with DressX. Philipp Plein was an early adopter in April with a London flagship featuring an NFT art gallery and metaverse information center with tutorials in setting up a digital wallet and navigating the process of buying NFTs and digital fashion.

Mark your diaries for Metaverse Fashion Week 2 in March.

MORE FROM FORBESHow Metaverse Fashion Week Ups Its Game: Interoperable Wearables, Cross Metaverse Teleporting, Avatar SupermodelMORE FROM FORBESThe Soho House Of Web3 is launched in Paris and everyone is invitedMORE FROM FORBESHow L’Oréal’s Ready Player Me Avatar Partnership Will Drive Beauty’s Web3 AgendaMORE FROM FORBESGucci Vault is alive in the Sandbox Metaverse and it sells exclusive digital collectiblesMORE FROM FORBESWhat if your clothes could talk? There is a Web3 startup for thatMORE FROM FORBESAdidas First Wearable NFT Collection Is The First Time You Can Dress Up AND Undress Your Bored MonkeyMORE FROM FORBESHow Paris Hilton and Snoop Dogg animated their bored monkeys, what the technology could mean for brands

MORE FROM FORBESWhat DRESSX’s partnership with Ready Player Me means for digital fashionMORE FROM FORBESHow Origyn’s partnership with WatchBox sets the diamond standard in luxury watch authenticationMORE FROM FORBESWhy Philipp Plein Launched a Web 3.0 Concept Store in London and a Metaverse Marketplace OnlineMORE FROM FORBESTiffany & Co is releasing those CryptoPunk pendants and they are expensive, here’s all the Intel

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