What the Colette x Dour Darcels collaboration means for NFTs in China

What happened: For three days, the world’s leading concept store, Colette, teamed up with Craig Redman’s NFT project, Dour Darcels, to release a limited-edition NFT collection. The Colette x Dour Darcels collaboration includes 25 unique NFTs, one for each year since Colette opened, and has been available in a number of innovative ways: some were given away to existing Dour Darcels token holders, others were raffled off fate. at discounted price. Finally, some were auctioned on the OpenSea marketplace between March 20 and 22.

Buyers who successfully secure the exclusive token will also receive a personalized Casetify phone case – with their name, token number and NFT artwork on it – and the Colette x Dour Darcels hoodie. In 2012, Redman held his 150/15 exhibition at Colette and since then the two have frequently collaborated.

The Jing plug: From luxury houses to retailers, luxury is racing to take a bite out of the booming NFT and digital fashion market. “Of course, this Meta world or Web3 is omnipresent and becomes an essential channel”, Colette founder Sarah Andelman said Daily Jing. But the main challenge for retailers is how to approach the nascent sector. Here, Andelman leads the way, moving from a physical model of innovation to a digital one.

As far as China is concerned, it is a different matter, but no less lucrative. Although only controlled versions of blockchain technology are allowed on the continent, the country’s fever for NFTs is no weaker than in the West. In fact, Colette’s success may encourage high-end local retailers to jump on the NFT bandwagon; so far, domestic companies have not yet ventured into this market. Still, Andelman herself thinks China will be “very strong in the game”.

Big tech companies such as Tencent, JD.com and Alibaba have all developed their own NFT marketplaces and more recently Weibo launched Topholder, allowing users to create and sell their posts as NFTs. The NFT hashtag, better known as “digital collectible” on the continent, has racked up 440 million views with 290,000 people taking part in the discussion.

The coverage and influence of Weibo (which launched its own marketplace last week) and the convenience of minting and showcasing NFTs on the platform will help the industry grow rapidly. Yet, as the local NFT market develops a parallel but distinct ecosystem from its Western counterparts, it will also take on a different, more Chinese form. In light of this, global entities, whether retailers or luxury houses, need to understand how to navigate the NFT landscape in China – as well as stay ahead of their local rivals who already understand the market.

The Jing Plug reports on major news and presents our editorial team’s analysis of the main implications for the luxury industry. In the recurring column, we analyze everything from product declines and mergers to heated debates popping up on Chinese social media.

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