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Karl Lagerfeld launches first NFT collectable on The Dematerialised

By Rachel Douglass

10 Sep 2021

Business

Image: Karl Lagerfeld

In collaboration with Web3 digital fashion marketplace The Dematerialised, luxury fashion house Karl Lagerfeld will be releasing a non-fungible token (NFT) in the form of digital figurines inspired by the late designer.

Launching today, the NFT coincides with what would have been Lagerfeld’s birthday and marks the houses first exploration of blockchain technology. The two figurines pay homage to the designer, with the cartoon avatar holding a distinct likeness to Karl’s iconic look.

“This is a remarkable first step into the future as we pave our way into the virtual world of NFTs and digital fashion,” said Karl Lagerfeld’s CEO and president, Pier Paolo Righi, in a statement. “We’re excited to add this innovative category to our portfolio and be able to inspire existing customers and new customers with this one-of-a-kind collectable.”

For the first version of the NFT, a total of 777 digital figurines will be available at a cost of 77 euros (65.75 pounds), a play on the late designer’s lucky number seven, with customisable options becoming attainable through subsequent drops. Only 77 NFTs will be on offer for the limited-edition second version at a price of 177 euros (151 pounds), with a more sleek and futuristic design, complete with a chrome finish.

Marjorie Hernandez, co-founder of The Dematerialised, expressed her excitement about the collaboration saying: “The Lagerfeld brand continues to keep Karl’s legacy and love for innovation alive, and into the digital world. We are super proud to partner with the team at Karl Lagerfeld to bring the iconic Karl Collectable into the world of NFTs. Blockchain technology has opened the doors for new forms of consumption and production, and this collaboration is a tremendous milestone for the fashion industry entering the dematerialised world.”

Lagerfeld is not the first luxury design house to take a leap of faith into the digital world of NFTs. Burberry previously established its place in the market with a collection of NFT accessories and apparel in partnership with Mythical Games. More recently, New York design house DKNY sold a new version of its logo as an NFT as a way to target the digitally advanced Gen Z consumer.

Buyers of the augmented reality version of Karl are encouraged to share their digital interactions with the figurine through Snapchat, in a #PoseWithKarl campaign. Users can find themselves in an immersive environment while using the hashtag, with the brand prompting them to share their experiences through social media.