Givenchy joins the string of luxury fashion designers who have launched into the NFT surge with their own digital collections. The French Fashion House collaborated with the creative Chito, a prolific spray paint artist in the fashion industry, who has worked with the brand previously on their Spring 22 Pre-Collection. Together, they’ve produced 15 animated and static images of Chito’s signature spray artworks for you to bid on until the 29th of November. According to the brand’s listing on OpenSea, the profits made from the CHITO X GIVENCHY NFT collaboration go to sea cleanup initiatives.
What Is An NFT?
NFT stands for non-fungible token, meaning it’s a one-of-one item. From the buyer’s perspective, it’s the difference between having a print of “The Birth Of Venus” vs owning the actual painting or downloading a song vs owning the original master recording. So, although people can screenshot artwork published as an NFT all they like, purchasing an NFT indicates your singular ownership of it as a cryptographic asset. The original artist still preserves their copyright and license to reproduce the image. However, you own the NFT and can transfer ownership of it to whomever you like later on.
What do NFTs have to do with luxury fashion?
Fashion is positioned to perform strongly in the NFT market. Not only does its blockchain technology guarantee brand authentication for each piece of digital merchandise, but the exclusivity of each unique NFT is also aligned with a fixture of the fashion industry’s appeal: rarity. Product scarcity increases consumers’ desire for an item, and the experience of novelty deepens a person’s connection with a brand. For fashion houses looking to secure brand loyalty with the Gen Z market, tapping into the digital realm with NFTs is an innovative way to go. Ultimately, NFTs are a high net worth item with a high payoff for luxury fashion houses.
How can I buy a CHITO X GIVENCHY NFT?
According to Givenchy’s listing on Opensea, each of their NFTs are “minted on Polygon, an eco-friendly Ethereum-compatible network.” Ergo, you bid and buy on each of the CHITO X GIVENCHY NFTs with Ethereum. To do so, you’ll connect your crypto wallet and make your bidding offer (there’s only one NFT you can buy outright at the moment). The current bidding price ranges from .0574 ETH to .5 ETH for the rest, which totals about 900 to 8,000 AED, respectively.
Discover the collection for yourself here.