Luxury Brands Dive into NFTs, Coach Will Release an NFT Collection
Coach is joining the NFT space and collaborating with GQLab to create its own NFTs. What other luxury brands have NFTs?
Sept. 24 2021, Published 2:25 p.m. ET
Before NFTs existed, fashion brands had their own type of collectibles available for consumers ranging from exclusive releases, limited edition merchandise, to once-in-a-lifetime collaborations. These brands have found ways to add a collectible allure to their merchandise. Coach is one luxury brand known for its clothing. Now, the company is diving into the blockchain space with GQLab to launch its own NFT collection.
Consumers have found a way to profit off designer brands like Coach through the resale industry. Platforms including StockX and eBay allow users to buy a certain brand’s merchandise and sell it for a higher price. There's a lot of designer clothing that sells out quickly and doesn't restock at retailers.
The downside is that merchants don’t usually profit when a consumer resells their product. With NFTs, these brands can release digital collections on a marketplace and make residuals off selling it and if it gets resold.
Coach is partnering with GQLab to release its first-ever NFT collection.
Coach China announced on Sept. 24, that it will be partnering with the developers of GQ China to release six limited-edition NFTs. Coach China is a Chinese subsidiary of Coach. André Cohen, the former senior vice-president of Coach International, is the CEO. Along with its Fall 2021 collection “Coach Forever II,” it will release the NFT collection that was inspired by the themed designs. The digital collection will be released on ZKBox, which is a layer 2 NFT protocol platform.
GQLab has been a digital content creator and marketer for GQ China over the years. GQLab promoted its content on popular Chinese social media platforms including WeChat. GQLab specializes in media marketing, publishing content on platforms including TikTok, and other large-scale Chinese platforms including Bilibili and Weibo. GQLab will be working with the ZKBox marketplace to promote the NFT release on media platforms.
What is ZKBox?
ZKBox is an NFT marketplace based on a ZK-rollups 2 Layer solution. ZK rollups essentially offer faster transaction processing than a regular Ethereum network and there aren't any gas fees. ZKBox just made its website public on Sept. 23 and emphasized that its layer 2 protocol is cheaper, more efficient, and more secure than on an Ethereum network.
Users will be able to mint, trade, and transfer NFTs on the Layer 2 network. They will also be able to deposit or withdraw NFTs in mere seconds. Another unique feature about the platform is that users will keep their private keys instead of having them stored online.
How to acquire the Coach NFTs
While there hasn’t been a specific release date or link for the NFT collection, people can enter for a chance to win Coach NFTs by submitting design ideas through the Weibo app. There will be six winners and the NFTs will be distributed through an airdrop project. ZKBox says that it will provide a tutorial for participants who are new to blockchain or the NFT.
Which other luxury brands have released NFTs?
In August, Burberry released its NFT collection through in-game purchases of the Blankos Block party marketplace. Louis Vuitton followed a similar route and embedded 30 NFTs in its mobile video game that was released in April. Gucci had its first NFT sale for a reported amount of $25,000 in June. It was based on the brand’s recent fashion film.