Lacoste, a well-known French company, has announced the creation of a new non-fungible token (NFT) initiative called “UNDW3” (pronounced “underwater”).
According to a report by The Block, the French fashion business has created an NFT collection in an effort to embrace Web3 and increase online interaction. Lacoste also created a Discord server earlier this month in an effort to modernize and appeal to a wider audience.
According to the source, the collection consists of 11,212 NFTs, a reference to the Lacoste Classic Fit L.12.12 Polo Shirt. Each item in the collection has been assigned a price of 0.08 ETH.
Block’s article also said that in a news statement, Lacoste stated that buyers who owned a piece of the collection may participate in a “long-term collaborative community.”
The press statement continued by stating: In the world of the crocodile, collectors will have access to a pioneering ecology and digital, physical, and experiential rewards, such as co-created items.
As reported by The Block, Lacoste’s foray into the NFT sector comes shortly after the likes of Gucci, Tag Heuer, and Off White embraced crypto services, including the acceptance of crypto as a means of payment.
Balmain’s chief marketing officer, Txampi Diz, has said that the brand viewed Web3 similarly to the rise of social media and e-commerce ten and twenty years ago, respectively. Every brand’s worldwide market strategy should prioritize expansion into the Web3 arena, according to him.