Luxury Fashion Brand Balmain Launches Unicorn Sneakers NFTs

Today, French fashion house Balmain launched a limited NFT collection inspired by its Unicorn sneakers. Each NFT holder will receive a real-world matching pair of those sneakers.

The collection, dubbed Unicorn Phygital Wearable, comprises 130 Unicorn sneaker NFTs, each costing between $1590 and $2000. Interested parties can pay using ETH or traditional currency.

Balmain Collaborates With Web3 Firm Space Runners

Balmain revealed that it partnered with Space Runners to design the NFTs. Space Runners is a digital fashion firm backed by Polychain, Pantera, Animoca Brands, and Pantera, among other venture capitalists. Balmain’s head of Marketing, Txampi Diz, said this partnership has allowed the company to reach a wider audience.

Along with receiving a physical pair of Unicorn sneakers, NFT holders will be granted other perks, such as exclusive access to future drops and extra digital wearables to be used in metaverse platforms and online games.

Space Runners Creative Director Rohan Chhabra hopes their collaboration with Balmain will fuel the adoption of digital wearables among Web2 customers. He is also optimistic that digital wearables will flourish like luxury fashion one day.

He, however, says the current state of the metaverse needs to improve in order to attract web2 customers. Chhabra claims that present metaverse platforms like Decentraland and The Sandbox are not compelling enough.

At the moment, Balmain’s Unicorn NFTs lack compatibility with the existing metaverse gaming platforms. But Space Runners has revealed that the sneakers will be wearable in its own metaverse, expected to launch before the end of the year.

According to the digital fashion company, the metaverse will focus more on commerce than experiential gaming.

Balmain’s Web3 Experiments

The Unicorn NFTs are now one of the many Web3 experiments that Balmain has conducted over the past few months. Last year, the fashion giant formed several partnerships with Web3 companies like MINTNFT to create digital versions of the firm’s physical outfits. Diz says Balmain will continue with those experiments to determine which ones make sense for the company.

Despite the existing bearish environment, the digital fashion space appears attractive to many investors. Just last week, digital wearables company DressX managed to raise over $13 million intended to create more virtual outfits.

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