Does the fashion house Yves Saint Laurent develop products for Web3 enthusiasts? According to the trademark registration it has made, the French company would be interested in non-fungible tokens (NFT) and metaverse. We take stock of his ambitions.
Yves Saint Laurent dives into Web3
While the European economic situation raises fears of a recession, the luxury sector is not experiencing the crisis. While the share market share of the LVMH group has just reached a new high, the company Yves Saint Laurent has just submitted a trademark to begin its adventure in Web3.
According to an official document, the subsidiary of the international group Kering is interested in non-fungible tokens (NFT) and their use in virtual worlds such as metaverses with a view to increasing the engagement of its customers through new communication channels.
The most detailed topic of the company concerns production of computer programs, the implementation of which will make it possible to create:
- virtual items such as cosmetics, perfumes and skin care for use in the metaverse » ;
- multimedia files including videos in NFT format and whose content will be related to the brand’s business sector;
- downloadable software dedicated to create, produce and modify digital skins and makeup » ;
- and a mobile application that enables the buying and selling of cosmetics and wellness products.
For the company, its presence in the metaverse must go beyond a simple virtual display of its products. Yves Saint Laurent has the ambition to create retail stores that allow trading of its virtual products.
Besides, its former subsidiary named Yves Saint Laurent Beautécurrently owned by the L’Oréal group, made a first experience in Web3 in June 2022 by unveiling a collection of NFTs thanks to a partnership with the French company Arianee.
👉 To discover the NFT collection made by the company Yves Saint Laurent Beauté
Alyra, training to integrate the blockchain ecosystem ⛓️
Always more companies in Web3?
In 2022, luxury brands have multiplied their actions in Web3 : While Swiss watchmaker Bretling and Italian fashion house Gucci have begun accepting certain cryptocurrencies for the purchase of their products, jewelers Tiffany & Co. launched its first auction platform based on blockchain technology.
If companies have an increasing interest in Web3, it is above all for commercial reasons. By using the tools available in this ecosystem, brands can increase their influence through communication operations performed in metaverses. To take over the luxury area, in 2022 Gucci had designed a virtual land accessible to everyone for two weeks on the metaverse The Sandbox.
The Gucci Vault Land, virtual land developed by Gucci in the metaverse The Sandbox
Operations like this allow a company to generate interest in its brand and to unite a community of passionate people who serve as a potential economic breeding ground. As soon as a new product related to the Web3 ecosystem is revealed by the company, this community’s prospects can turn into customers, allowing it to diversify its sources of income while offering new experiences to its customers.
To take the case of Tiffany & Co., one of their strategies was to market a new product to an audience interested in blockchain technology. Before that, the company has been surfing the universe of non-fungible tokens by selling pendants bearing the image of CryptoPunks’ NFT collection.
👉 Experience the visuals of Tiffany & Co. jewelry made with the theme of CryptoPunks
Cryptoast launches its first collection of NFTs
NFTs associated with a collectible paper journal 🔥
Source: US Patent and Trademark OfficeGucci
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