French luxury fashion house Givenchy has dropped 15 non-fungible tokens (NFTs) created in collaboration with the graphic artist Chito on the OpenSea marketplace.
The sale of the NFTs will be through a seven-day simulated auction starting Tuesday. This mark’s Givenchy’s first foray into the NFT market.Givenchy’s creative director Matthew Williams worked with Chito to create the NFTs, which Givenchy said can be used as online avatars or profile pictures.Proceeds raised from the NFT auction will go to Givenchy’s charity partner, The Ocean Cleanup, a nonprofit developing technologies to eliminate plastic pollution.Givenchy decided to launch its NFTs on Polygon because of the network’s low energy consumption. Aura Blockchain Consortium, a network developed in partnership with ConsenSys and backed by LVMH, consulted on the development of the smart contracts for Givenchy’s NFTs.Luxury high-end fashion brands have been jumping on the bandwagon as NFTs surge into the mainstream.In September, Dolce & Gabbana’s inaugural NFT collection, dubbed the Collezione Genesi, launched on the luxury marketplace UNXD and fetched approximately $5.65 million in a sale.British luxury fashion brand Burberry also launched its own NFT collection in partnership with Mythical Games in August. The Burberry NFTs featured items via Blankos Block Party, a game with digital vinyl toys known as Blankos that live on the blockchain.
Read more: Metaverse Gaming, NFTs Could Account for 10% of Luxury Market by 2030: Morgan Stanley
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