Lately, non-fungible tokens have been making headlines, from Azalea Banks’s audio-only sex tape to eye-popping digital art sales by Beeple. Now Gucci is entering into the NFT ring.
The high-end retailer is dropping a virtual-only line of kicks as non-fungible tokens for the low price of $12.99. The sneaker line results from a significant push by the Italian brand’s parent company Kering to stay at the forefront of virtual reality.
According to Hypebeast, Gucci partnered with Belarusian fashion-tech company Wanna, who is known for manipulating augmented reality to create three-dimensional models that can be used for digital-only sneakers and watch fittings. Wanna has previously teamed up with Reebok, Puma, and Snapchat to test consumer response to virtually trying on clothing. Wanna and Gucci previously worked together for digital sneaker try-ons in the Gucci app.
The digital Gucci shoe, which retails for either $8.99 on Wanna’s app or $11.99 on Gucci’s app, creates an affordable product with unlimited quantity. However, both companies are developing trading capabilities that will drive up the digital kicks’ value once they are released.
Gucci is no stranger to the digital realm, creating digital clothing for Roblox, Drest, Sims 4, and even Pokémon Go.