Luxury brands create NFTs to cash in on singles’ day in China
- Luxury brands create limited edition NFTs for Alibaba Singles Day sales event.
- Participating brands include British brand Burberry, American handbag maker Coach and Swiss watchmaker Longines.
- Burberry sold special edition scarves for 2,900 Chinese yuan ($ 453) with an interactive NFT deer.
Luxury brands entered the shopping metaverse in China with NFT offers ahead of the Singles Day shopping festival on Thursday.
On trend is e-commerce giant Alibaba’s Tmall shopping platform, which last month launched a “Double 11 Metaverse art exhibit” in its mobile app. He works with brands such as Burberry, Coach and Swiss watchmaker Longines, who all created NFTs for the event, Tmall wrote on his Weibo microblog account.
NFTs – called “digital collectibles” in China – are usually packaged with a physical item, with the digital offering being a limited edition item.
The NFT Singles Day deals were scheduled to run from October 20 to November 11, but many of them sold out days before the event.
Burberry, for its part, already sold over 1,000 special edition scarves which came with an interactive NFT deer and was listed for 2,900 Chinese Yuan ($ 453 each). The scarves launched on October 20 and cost 12% less than the cheapest Burberry scarf still listed on Tmall.
Most buyer reviews focused on physical products, but some comments also showed interest in the NFT part of the deal.
âOkay, now I’m just waiting for the little pet that is the digital collector’s item,â wrote one buyer, who said they’ve already received the special edition scarf.
Longines, meanwhile, offered 45 Limited Edition NFT with a 17,300 Chinese yuan ($ 2,700) watch. Computer hardware manufacturer Alienware also issues 100 NFT of its logo with a laptop purchase, according to information on Tmall’s Weibo social media account. At the time of publication, Alienware NFTs were still available.
NFTs, or non-fungible tokens, are digital assets that link ownership to unique physical or digital elements, such as works of art, music, or videos. They are saved securely on a blockchain, which makes them difficult to modify or forge.
Singles Day – a shopping event similar to
– is November 11. The shopping marathon, however, started well in advance, with livestreamers setting record sales. One of the main influencers, Austin Li Jiaqi – widely known as the “Lipstick King” of China – moved 10.7 billion Chinese yuan ($ 1.7 billion) in products over the course of ‘a 12 hour live broadcast.
Despite the pandemic, Chinese e-commerce giants Alibaba and JD.com had record sales of $ 115 billion on Singles Day last year, far exceeding that of Amazon $ 4.8 billion of sales from Black Friday 2020 to Cyber ââMonday.