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The LVMH-owned luggage brand will auction four digital artworks on May 18 amid surging interest in the market for Non-Fungible Tokens, or NFTs. The one-of-a-kind digital assets have emerged as a hot commodity, with consumers willing to pay millions to acquire the blockchain-secured virtual items.
In March, design studio RTFKT and digital artist Fewocious generated $3.1 million off of 621 pairs of NFT shoes, leaving consumers wondering what the rise of these digital assets could mean for fashion.
Rimowa said it is the first luxury travel brand to create a collection of NFTs, partnering with multidisciplinary design practice Nuova to develop four images of a food cart, lamp, sound system and table that incorporate design features from the brand. The pieces will be sold on NFT marketplace Rarible and the proceeds will go to the artwork’s creators and a charity focused on humanitarian issues, Rimowa said.
Opens in new windowThe Opportunity in Digital Fashion and Avatars Report — BoF Insights
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BoF Insights’ guide to digital assets in fashion, which examines the rise of the metaverse and underlying technological, social and consumer shifts, plus includes a playbook for how to seize the opportunity. To explore the full report click here.
The Opportunity in Digital Fashion and Avatars is the in-depth report published by BoF Insights, a new data and analysis think tank from The Business of Fashion arming business leaders with proprietary and data-driven research to navigate the fast-changing global fashion industry.
