Big and small fashion brands have been venturing into the digital fashion space for close to a year now. While most have not yet figured it out, many lessons are being learned the more they experiment.
In 2005, Rebecca Minkoff with her brother, Uri, co-founded the fashion brand. The brand rose to popularity for its appeal to Millenials with the Morning After Bag and I Love New York Tee.
Recently, the fashion label sold to Sunrise Brands for an estimated value between $13 million to $19 million.
In September 2021, Rebecca Minkoff, launched their first NFT collection at Spring Studios to coincide with the New York Fashion Week.
Each of the 300-500 units was shot by photographer Cass Bird, cost between $60-$600, and sold within 9 minutes Bidders used the special QR code on each photo to enjoy live bidding through augmented reality.
The proceeds from the sales went to the Female Founders Collective assisting female businesses affected negatively by the pandemic.
The second NFT collection.is all virtual with no physical collection. The Dematerialised platform, DMAT, is the women-owned digital fashion marketplace where the collection will be launched.
The NFT collection draws inspiration from the Greek philosophical concept of dunamis, a reference to power and potential. The Dunamis collection is categorized into four digital looks; Athena, Venus, Aphrodite, and Persephone. Furthermore, the line pays homage to the company’s New York roots and signature CBGB-gone-chic aesthetic.
The dresses, tops, bottoms, and accessories will cost between $100 and $1400. Buyers can access and buy the NFTs via crypto and fiat leaving no one out.
Each buyer will enjoy membership to the Rebecca Minkoff Metaverse world with access to an eSports event on High Heel Obby on Roblox, a metaverse platform. Both NFT holders and Roblox players will have the opportunity to participate in competitions to style the Minkoff looks and win prizes from the brand.
Through her NFT collections, Rebecca Minkoff is showcasing the potential value of Web 3 for the fashion industry.