- ASRV released 60 NFTs of a luxury jacket as part of its winter clothing release. They sold out in less than 30 minutes.
- The company joins the likes of Nike and Adidas in betting on the metaverse as the future of retail.
- CEO Jay Barton said brands can leverage NFTs as a way to crowdsource success.
Sportswear company ASRV launched its first-ever non-fungible token collection this week as part of its new winter clothing line.
The apparel firm published 60 one-of-a-kind NFTs on OpenSea and gave them to the first 60 clients who purchased its $348 special edition winter jacket. According to the company, the products sold out in minutes.
The company was formed in 2014 by CEO Jay Barton, who was selected to Forbes’ 30 under 30 list in 2020. He sees NFTs as a method for the company to participate in the Web3 growth while also cultivating a more engaged consumer base.
“NFTs allow your followers or customers to partake in a company’s success,” Barton told Insider. “Their product purchases and enthusiasm now have a true financial upside that can be recorded on the blockchain, and they contribute to a brand’s success via crowdsourcing.”
ASRV has been exclusively an online retailer
Until now, ASRV has only sold its products online. Moreover ASRV will launch its first brick-and-mortar retail store in Beverly Hills, California, in February, according to Barton. The corporation has already started looking for virtual land parcels in The Sandbox metaverse.
They are digital representations of the same physical jacket that ASRV wears, each with its own colour scheme and features. The most unusual designs include dragon scales, lightning rods, and even NASA spacesuits.
According to ASRV, holders of these NFTs may benefit from features such as “discounts, gift cards, trips, and retail store perks,” all designed to boost customer participation and foster a sense of community. In addition customers can “have a vested interest in promoting a brand or products they already adore,” according to Barton.
“The customer gets a lot of value,” Barton added. “They will feel more included, and the more successful the company grows, the more value the client will receive.”
ASRV has seen significant development since the start of the pandemic, with over 1.3 million Instagram followers and a cult following on internet forums, as Insider previously reported. Its early supplies of anti-bacterial masks helped to raise awareness of the pandemic.
ASRV is one of many fashion brands to enter the nascent Web3 space
Many fashion firms have entered the emerging Web3 space, including ASRV. The Gap, a famous American shop, also announced an NFT line last week, and global giants Nike and Adidas have both made metaverse forays.
Decentraland recently announced that high-profile designer companies will participate in its first virtual fashion week in March. Moreover according to cryptocurrency behemoth Grayscale, the metaverse has the potential to generate $1 trillion in annual revenue.