Fashion and Beauty

As areas of the economy that grow faster than the speed of light, the beauty and fashion industries have always been steadfast in spirit as pioneers of innovation and creativity.

Building products that raise the image and stature of a brand has always been paramount to players in these sectors.

The very mention of “No:5” has an immediate brand recall for Chanel, or how luxury trench coats are now synonymous with Burberry. The ubiquity of these brands and the keywords that are associated with them have been etched into our collective minds.

Whether ‘you’re worth it’, and/or have ‘a crown for every achievement’, the movers and shakers of the beauty and fashion industries have championed the path of creative expression that works hand in glove with core marketing principles.

With NFTs proving to be a core component of almost every marketing plan being put together, the bloom is very much ON the rise.

We take a look at some of the early movers in the nascent yet burgeoning NFT space. We try to piece together how they are involved, what their motivations could be, and how they’re adding value not just as a brand-building exercise, but also contributing to the growth of the sector as a whole.

How can the Fashion and Beauty industry join the world of NFTs?

New Product Launch

When introducing a new product, any brand goes through what can feel like years of testing, sampling, and perfecting the said product.When the marketing brains of the company are entrusted with the roll-out, they are expected to pull out ALL the stops. The marketers have at their disposal every avenue available to help promote the launch as best as they can.

With Gen Z now firmly driving the growth proposition for all things ‘cool’, it is no surprise that brands have embraced the popularity and uniqueness of the NFT space.

With brands recognizing that coupling the launch of a new product with the drop of an NFT collection not only has the potential to drive more brand recall but also, in a manner puts them in a space where they weren’t in the minds of their consumers.

Brand Building and Positioning

Every brand in this space likes to think of itself as one that is leading rather than following. Whether it’s through innovation in design, superior results, better price points for consumers, or any other metric that helps them distinguish themselves from their competitors.

With a keen focus on cutting through the noise, the brands in this sector have always been willing if not eager to embrace new technology and sample more innovative ways to help build their image in the minds of their consumers.

NFTs signify a new way of not only connecting with your patrons but also helping build a community of like-minded users to develop a healthy and fresh take on your ‘monthly book club’. Bringing together people who share similar interests, purchasing habits, and/or loyalty to the said brand has the potential for growth beyond what has been possible thus far.

CSR Initiatives as Motivation

Every individual has a primal need to help their community or society at large. The majority of the populous does not have the right outlet to do so. They are more often than not reliant on television commercials or word of mouth to try and offer their help.

Now with almost every brand in the sector dedicating a portion of their time and allocating resources to comprehensively making a difference in the world, NFTs can act as the perfect gateway to bridge that gap.

The beauty and fashion sectors have often been maligned undeservedly for perpetuating stereotypes. They have come a long way to help quash age-old practices that have tarnished their reputations (animal cruelty, excessive damage to the environment, unhealthy body image, etc.).

Both sectors have almost shed those long-standing grievances that activists and oftentimes consumers have shared and have emerged as better partners to organizations that help tackle such issues for the better.

By working in tandem with charitable organizations through the sale of dedicated NFTs that help any particular cause, the brands are not only able to shed light on a problem, but also, be part of the solution. They are not only helping the charity do great work but also, helping position the brand as a champion of said cause.