The Trust Project is a worldwide group of news organizations working to establish transparency standards.
Luxury brand Hermes is joining the Web3 fashion movement. The company plans to launch virtual clothing, NFTs, and cryptocurrency and host metaverse fashion shows. The news comes after the Parisian fashion label filed a trademark application on August 26.
Hermes’s filing with the United States Patent and Trademark Office was shared by trademark attorney Michael Kondoudis.
Hermes’s metaverse plans to develop downloadable computer software for managing NFTs and cryptocurrencies. The company plans to establish a virtual retail store and host fashion shows and exhibitions using AR and mixed reality technology, NFT marketplace. The brand also plans to provide financial services through virtual currencies and organize fundraising and financial sponsorship relating to virtual products.
Several months ago, Hermès filed a lawsuit against digital artist Mason Rothschild, who created MetaBirkin NFTs. MetaBirkin digital bags resemble Hermès’s signature Birkin bags, which sold for up to $45,000, with total sales of over $1 million. The lawsuit could be one of the reasons Hermès is entering the Web3 world, as now the brand will have protection in the metaverse.
The conflict between Hermès and Rothschild was one of the most talked about disputes in the NFT industry. Rothschild publicly disagreed with the fashion label’s accusations of copyright and wrote in a letter that his art and NFTs are “a playful abstraction of an existing fashion-culture landmark.”
Fashion is one of the most active industries in the metaverse. Prada, Gucci, and Balenciaga have already dropped several exclusive NFT collections. Nike, famous for its virtual sneakers, has already made $185 million in NFT-related sales. Other fashion brands that made several million from NFTs in revenue are Dolce & Gabbana, Tiffany (jewelry), Gucci, and Adidas. NFTs will also be a part of New York Fashion Week.
Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.