- 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 Nike and Adidas in betting on the meta-verse as the future of retail.
- CEO Jay Barton said brands can leverage NFTs as a way to crowdsource success.
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Sportswear company ASRV launched its first non-fungible token collection ever this week as part of its new winter clothing line.
The apparel startup released 60 unique NFTs on OpenSea and gave them to the first 60 customers who purchased its special edition of the winter jacket, which sold for $ 348. According to the company, the goods were sold out in a few minutes.
CEO Jay Barton, who was named Forbes 30 Under 30 in 2020, founded the company in 2014. He sees NFTs as a tool to help grow a more involved customer base, as well as a way for the company to participate in Web3 -evolution.
“NFTs allow your fans or customers to fundamentally share the success of a business,” Barton told Insider. “Their product purchases and enthusiasm now have a legitimate economic benefit that can be tracked on the blockchain, and they help crowdsource a brand’s success.”
To date, ASRV has been an online retailer exclusively. In February, however, Barton said ASRV will open its first brick-and-mortar retail store in Beverly Hills, California. The company has also started scouting out virtual land in The Sandbox metaverse.
The digital tokens sold this week are three-dimensional representations of ASRV’s same physical jacket, each with different colors and properties. Some of the more exotic styles include kite weights, lightning rods and even one designed like a NASA space suit.
According to the ASRV, NFT holders can be assigned a future utility program with things like “discounts, gift cards, excursions and retail store benefits” – features designed to encourage customer engagement and a sense of community.
For Barton, NFTs allow customers to “have a vested interest in promoting one or more products they already love.”
“There’s a huge value to the customer,” Barton said. “They can feel more included, and the more the company succeeds, the more value the customer can get.”
With over 1.3 million followers on Instagram and a cult following on online forums, ASRV has experienced rapid growth since the start of the pandemic, Insider previously reported. Its donations of antibacterial masks at the beginning of the pandemic helped attract wider attention.
ASRV is one of many fashion brands entering the burgeoning Web3 space. This week, iconic US retailer The Gap similarly announced an NFT collection, and global giants Nike and Adidas have both played in the meta-version.
Decentraland recently announced that it will be hosting its first virtual fashion week in March with high-profile designer brands. According to cryptocurrency giant Grayscale, metaverse has the potential to become an annual revenue of $ 1 trillion.