Fashion giant Mango is celebrating the opening of its new Fifth Avenue store with the release of five NFTs (non-fungible tokens). The Spanish retailer which is part of the Inditex group (think Zara, Bershka and the likes) is no stranger to the metaverse – back in March, they released three NFT artworks during the Metaverse Fashion Week.
Mango’s director of technology, data, privacy and security, Jordi Alex said: “Through these new projects, Mango is coming into contact with new target markets so that we can understand how younger consumers interact in these environments.”
So what value do these NFTs have in real terms for the company? The NFTs themselves will not actually be available for purchase, however a collection of digital garments will be. This is a clever approach to the NFT market as the company have thought about how to add value for their customers and provide a unique experience, something that brands and affiliates need to think about when approaching NFTs.
This isn’t the first time we have seen the fashion sector embrace the metaverse. Last year Boohoo Man launched its first collection of NFTs and encouraged customers to get involved by running a competition to win them. It is likely that as time goes on we will only start to see more and more of these types of ideas cropping up within the fashion industry and other sectors but the most important factor to consider is how NFTs are adding value to not only the customer experience but the brands themselves.
