Selfridges, the latest fashion brand to enter the metaverse, has announced that it will be selling NFTs in its physical stores.
This iconic British department store chain claims it is the first to sell NFTs at fixed prices over the counter.
The company will sell more than 1,800 NFTs, ranging in price from approximately 2,000 to more 100,000 pounds at its London Corner Shop.
This move is part of “Universe”, a “major multidimensional project” that Selfridges launched Thursday in partnership with Fondation Vasarely, Paco Rabanne and Fondation Vasarely.
The NFTs will showcase either Victor Vasarely’s Op Art Movement pioneering artwork or Paco Rabanne’s first 12 iconic dresses, the ‘Unwearables’.
Sebastian Manes is Selfridges’ executive director for buying and merchandising. He said, “As Selfridges looks towards the future, we continue looking to the past to inspire us. We have over fifty years worth of future possibilities in the case Victor Vasarely or Paco Rabanne.”
“I love the idea that Vasarely’s artwork will be brought to Selfridges, alongside Paco Rabanne’s distinct identity. I can use their vision to bring emotion and connection to the experience.”
NFTs are gaining popularity in fashion
NFTs are digital assets that are unique and can be sold or bought online. They have been a huge hit with the world and fashion industry in recent months.
Fashion heavyweights such as Adidas, Karl Lagerfeld, Harvey Nichols, and Boohoo all have launched NFT collections in the past few weeks.
The NFT and wider metaverse offer exciting opportunities for the fashion industry.
While it is not clear how much they will be of value in the future it is understandable why brands race to get into this space so early. Many believe the metaverse will replace the internet.
Nike, the sportswear giant, bought RTFKT in December. This fashion start-up makes wearable NFTs for digital.