Jimmy Choo blends NFTs and ‘blind’ boxes in China
20/10/2021
Commenting on a recent collaboration between luxury label Jimmy Choo, New York City-based artist Eric Haze and Japanese style icon Motofumi “Poggy” Kogi, Ms Law identified how the brand has harnessed two “key” trends in China – non-fungible tokens (NFTs) and “blind” boxes – to capture Chinese consumers’ attention.
Digital marketing specialist Rumble Romagnoli has explained how non-fungible things cannot be exchanged for an equal value and, citing Forbes, uses the example of a movie ticket (only usable at a specific time on a specific date, promising a unique experience that cannot be interchanged with any other movie showing).
NFTs, effectively cryptographic assets made using blockchain technology, are therefore one-of-a-kind digital collectibles that cannot be replicated, according to Mr Romagnoli.
So-called “blind” boxes have been described as something of a buying craze in China, incredibly popular due to their offering buyers an experience of one-off surprise and delight. Initially, the concept started with hand-sized toys being purchased as part of mystery – or “blind” – boxes, such as from a vending machine at a local supermarket.
Illustrating the rising popularity of this gamified shopping experience (the repurchase rate of which can be as high as 58%, according to Pop Mart, an important player in the sector), Lanvin got in on the action for Chinese Valentine’s Day, also known as Qixi Festival or Double Seventh Day.
The Parisian luxury brand, owned by the Shanghai-headquartered Lanvin Group (previously Fosun Fashion Group), launched a “blind box” lottery via its WeChat in time for the festival, offering customers the chance to enter a draw to win (physical) silk scarves, sneakers and handbags for $77 or ¥500. Participants redeemed their “prizes” via branded vending machines which offered up mystery boxes.
For Jimmy Choo, Ms Law highlighted how a digital version of the sneaker designed as part of its most recent capsule, named “Chasing Stars”, is set to be auctioned for charity via Binance’s NFT platform on October 20. Not only this, but 8,888 (the number eight is considered the luckiest number in Chinese culture) mystery “blind” boxes will be made available through Binance on the same day.In a bid to enhance the air of collectability around the capsule, Jimmy Choo has divided the boxes into four tiers of scarcity, the top being a single Love 100 Glitter pump from the collection. Those who score a mystery box from one of the two top tiers will be rewarded with the opportunity to score another exclusive NFT design, Ms Law said.
The auction’s highest bidder will receive a limited-edition pair of sneakers.
Beyond the digital realm, the collaboration has also resulted in branded physical pop-ups in three high-end retail spaces in Chengdu (at Sino-Ocean Taikoo Li), Beijing (SKP-S) and Shanghai (THE Hall), in addition to other prominent locations around the world.
Image: Jimmy Choo.
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