NFTs, meet NYFW.
Yahoo is launching its first-ever NFT experience, partnering with designer Rebecca Minkoff in time for New York Fashion Week.
The Rebecca Minkoff collection will be showcased in an augmented reality, museum-like experience that viewers can digitally walk through. They can “stop” at an image of a model wearing an outfit from the new line and can bid on the NFT image, and in some cases, the virtual clothes. There will be 15 NFTs total for auction: 10 image NFTs, with five of those also available to buy as 3D digital wearables.
The image NFTs will be auctioned via OpenSea, while the digital outfits will be on Dematerialised, an NFT marketplace that specializes in 3D digital wearables. All auction proceeds, and future NFT resales, will go towards the Female Founder Collective, a nonprofit that gives grants to women-owned businesses.
Yahoo is also working with designer Christian Cowan on a QR-code experience. Viewers will be able to scan QR codes either on desktop, or physically at NYFW, to see an AR Cowan talk about NYFW and his own collection. Those who buy one of his (physical) pieces will also get a QR code that opens a video of Cowan talking about the inspiration and what went into making that particular piece of clothing.
“We’re excited to be at the intersection of technology, commerce, and fashion,” says Joanna Lambert, head of consumer at Yahoo. “We think the key link here is commerce. Viewers are able to buy the NFTs, but are also able to bid on the real-life collections. It’s just another way to reach customers at several levels.”
The popularity of NFTs, which stand for non-fungible tokens, isn’t slowing down. Other major brands, especially those with robust intellectual property, have started tapping into the medium as another marketing channel and a revenue generator. Other fashion houses including DKNY, Burberry, Gucci, Louis Vuitton and Ralph Lauren have also sold NFTs or debuted a collection in the metaverse.
This is Yahoo’s second time partnering with Rebecca Minkoff. The first was during Fashion Week in February of this year. Yahoo’s Ryot Labs helped create 3D and AR versions of Minkoff’s collection for viewers to see in their own space and online.