To become a Vogue Business Member and receive the Technology Edit newsletter, click here.
Lacoste is taking its Web3 efforts a step further with the launch of a new NFT that rewards holders for brand engagement, further entwining Web3 technology within its loyalty strategy.
Via the new Undw3 (Underwater) card, holders can connect their digital wallets to a dedicated, token-gated website where they can access various experiences and earn rewards. They’ll be able to enter locked Discord channels and attend events where they can participate in discussions with the brand, creative studio and sports ambassadors to provide insights and feedback, as well as co-create Lacoste products. They’ll also participate in games which, if they win, will up the rarity of their NFT. The more a holder participates, the more the rarity of their NFT increases, which in turn increases its value. The higher the value, the higher the player’s position on the Undw3 leaderboard (displayed on the site) — and the more extensive the rewards.
“The Undw3 card allows us to reward other kinds of relationships with our audiences than transactional interactions,” says Benjamin Blamoutier, Lacoste’s VP of global brand and customer experience. “Blockchain allows us to link activity, creativity and conversation with utility and reward. Something nearly impossible to do with Web2 infrastructure and tech.”
It’s an extension of Lacoste’s past Web3 efforts, which began with the release of the brand’s 11,212 Undw3 Genesis Pass NFTs in June 2022. Through this, holders gained access to Lacoste’s Undw3 Web3 programme and the associated Discord where they were invited to engage in co-creation activities, such as providing insight into product designs. Holders also received exclusive products and Lacoste PFPs. Now, holders’ existing Genesis NFTs will be automatically converted to Undw3 cards.
“When we launched [Undw3] a year ago, we tested a whole range of models with our community,” Blamoutier says. “We took the time to analyse the lessons learned from these models and build a sustainable product that makes sense for the future. The mission is the basis for what will be built ‘on top’ over the coming months. We now have the right engagement platform to scale our community animation.”
Blamoutier identifies three key learnings from Lacoste’s past efforts: transparency and communication with the community are essential to build trust; creativity is fundamental; and Web3 needs to be focused on generating organic growth, rather than hype and marketing pushes. “This is why we developed the Undw3 card,” he says. “[It’s] a new way to develop our project with our community.”
This time around, the rewards are extensive. The holder in the top position on the leaderboard will receive a four-night trip to Paris for two, including flights, accommodation, meals and a visit to the Lacoste factory and shopping experience. The second top participant will design their own Lacoste piece — and a two-night Paris trip. The third can participate in a Lacoste Undw3 campaign, including a Paris hotel for one night (and a flight for two). Those ranked fourth to 10th will receive a personal shopping experience, and below that they will get vouchers to use online (up to the 200th participant).
Fashion hasn’t given up on Web3. Within the past couple of weeks, major players Louis Vuitton and Nike have both announced developments in their Web3 strategies. Timed to Pharrell Williams’s first show, Louis Vuitton debuted its €39,000 phygital Treasure Trunk NFTs. Nike, meanwhile, is partnering with Epic Games’s Fortnite on a metaverse space — and, perhaps most notably, is connecting this to its Web3 platform and ecosystem Dot Swoosh by enabling players to link their Epic Games and Nike accounts to add their Airphoria achievement to their Dot Swoosh collection. Earlier this month, Dot Swoosh sold the majority of its 106,453 $19.82 NFT sneakers.
Undw3 will form the base of Lacoste’s future Web3 and digital efforts. “The mission is the base that we are building to start exploring the gamified mechanics — but mostly to set this rewarding model that will help us engage the community in the future on any new project,” Blamoutier says. “The mission will reward Undw3 builders and markets, and we are now exploring new fields of storytelling and playgrounds of experience for our fans. Gaming and digital fashion are something that we are looking at and will help to boost it.”
Comments, questions or feedback? Email us at feedback@voguebusiness.com.
More from this author:
Why Instagram vintage sellers made the jump to physical stores
