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Fashion brand Lacoste, known for its signature crocodile logo, released an NFT project “Undw3.” Owning an NFT will serve as a ticket to the Lacoste DAO, where members are part of the Lacoste Underwater creation and will have exclusive access to the brand’s products.
Undrw3 is pronounced as “underwater,” which also references Web3 and the brand’s motif – a crocodile. As Lacoste’s Twitter description states: “A brand-new crocodile is emerging. Join the 3.0 family. Live the UNDW3 experience, build with you,” the company is clearly focused on creating in Web3.
The 11,212 Lacoste collectibles were quickly sold out on June 14 for 0.08 ETH. The NFTs seem to be in demand as the current floor price on the secondary market OpenSea is 0.245 ETH. The Undw3 collection has already raised 815 ETH (currently $899,271). Unlike many other fashion-focused digital collectibles, Lacoste’s NFTs are not digital art, but a pass. Every holder has the same image of an animated crocodile surfacing from the water.
Through NFTs, Lacoste aims to connect with fans, allow them to decide the brand’s future projects and collaborations, purchase customizable products, access unique items and events, and be part of the creative process.
“Undw3 attests to our desire to accompany the phenomenon of decentralization driven by Web3 and bears witness to our ambitions in this area,” said Lacoste’s chief brand officer Catherine Spindler.
The project did receive some controversy. Some users were questioning the value of joining the project — the benefits don’t seem to be worth the price for some so far. Though the Lacoste NFT project’s roadmap is still under development, more utilities will be revealed in the upcoming weeks.
The first time that Lacoste entered digital space was in March with the “Croco Island” project, which the brand launched in collaboration with Minecraft. As for Lacoste’s Metaverse and VR plans – the company is in, “no matter if the market is red or green.”
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