Some brands are evolving quicker than others. For Balmain, the development of the potential of NFTs is already a strategic pillar of its business. On 8 December, the brand launches its third NFT project — a pair of NFT trainers accompanied by VIP experiences, linked to its upcoming collaboration on a physical pair with celebrity gym Dogpound in New York and Los Angeles.
Balmain is the first luxury brand with multiple NFT projects, previously releasing luxury NFTs focused on digital pieces of art or in-game items. Similarly, Gucci auctioned a video NFT at Christie’s for $20,000 in May; Burberry produced an in-game NFT for Blankos Block Party in August, and Givenchy launched its second collection of 15 NFTs with artist Chito in late November, traded on OpenSea.
Balmain’s latest NFTs include two pairs of trainers, a black and a white digital version of a BBold Dogpound collab, and a digital membership card, launched in conjunction with the physical drop of the trainers, which retail at $1,069 and are signed by Balmain creative director Olivier Rousteing.
The two NFTs come with special perks, depending on the final sale price. They will be auctioned on NFT marketplace OpenSea, starting at 2.5 ETH each in tandem with the launch of the trainers. If the auction price reaches 6 ETH ($27,000), the buyers receive a personal training session with Dogpound founder and CEO Kirk Myers; for 10 ETH, the buyers can tack on two tickets to an upcoming Balmain fashion show; 14 ETH adds two entries backstage.
