Balmain's first had to be with an iconic product

Balmain, the French luxury fashion house, is set to launch its first commercial Web3 project in the form of non-fungible tokens (NFTs) modeled after its iconic Unicorn sneaker. The NFTs will be available in a new colorway and will come in a variety of features and rarity levels.

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The extremely limited-edition special design of the best-selling Unicorn Sneakers will soon be released by Balmain, with each of the 130 pairs linked to a unique Balmain x Space Runners Unicorn NFT. They will be accompanied by physical versions of the shoes and will be part of a partnership with digital wearable and experience startup Space Runners. Customers can pay in ETH or fiat currency.

It is the first Balmain digital wearable that can be worn in a virtual world. The Unicorn NFT collection is also Balmain's first full NFT collection, positioning it as the brand's first commercial Web3 project.

Balmain has previously released NFTs that have been much smaller in scale and were seen more as collectibles than wearables. Past NFTs include a one-of-one "Flame" dress for the launch of Vogue Singapore in August 2021, a collaboration with Barbie, and a partnership with celebrity gym Dog Pound, which included three physical B-Bold Sneakers.

To launch the Unicorn, artist Jeff Cole created three videos featuring the shoes, which were sold as NFTs. In October 2022, Balmain announced the launch of what it calls the Balmain Thread, an initiative to weave these projects together by offering special event access to holders of any of its NFT projects.

Balmain's CMO, Txampi Diz, says the brand has a very engaged and active Web2 community, and it is gradually educating them into Web3 while building a bridge between Web2 and Web3 communities.
The Unicorn NFT project with Space Runners is another effort to bridge those communities as its appeal stands to blend sneaker enthusiasts with NFT collectors. "It creates the link between both," he says.
Collectible sneakers and NFTs often attract the same audiences, with sneakers being the first fashion category to take off in Web3, and sneakerheads perhaps the most receptive fashion audience to these technologies.

For the most recent projects, including Balmain's Unicorn drop, this has meant focusing on long-term value and a realistic understanding of customer experience, often translating into a combination of both digital and physical and a Web 2.5 mindset.

Diz thinks that the concept of "Web3" better describes the current climate than that of "metaverse," especially in terms of it being a natural successor to the social media culture that defined Web2. He sees the future of Balmain NFTs as a powerful CRM tool that can add an extra layer to existing events and products.

"With Web3, there is no one single formula," Diz says. "Every brand has to find its way."

The Balmain Unicorn NFT project hopes to bridge the divide between the sneaker community and Web3 NFT community. It offers a look at how longer-term commercial phygital projects might play out in luxury, with enhanced benefits and a scarcity model that borrows from Web3 while keeping one foot squarely in the comfort of Web2.

Balmain's first had to be with an iconic product, and there is nothing more iconic than the Unicorn, says Diz.