French fashion brand Lacoste wades into web3 with NFT launch

French fashion brand Lacoste has launched a collection of non-fungible tokens (NFTs), in a move it says aims to build an online community and engage with customers in a new way.

The drop comes just a week after the brand launched a Discord server, which saw 30,000 subscribers in the first two days, the company said in a statement.

The number of NFTs in the release, 11,212, refers to a signature polo shirt by the brand called L1212. These will be sold for 0.08 ETH (roughly $97).

The project, called UNDW3 (pronounced "underwater"), will give collectors of the NFTs access to a "long-term collaborative community," Lacoste said in a press release.

"Collectors will be able to access a pioneering ecosystem and digital, physical, and experiential benefits in the world of the crocodile, such as co-created products exclusively for them," the release states.

Fashion brands have continued to experiment in crypto and web3 projects despite the recent fall of floor prices of the most popular NFT collections and the volatility in the crypto market in general. 

Last week, fashion company Farfetch announced that it has started to accept crypto payments, following moves by other companies like Gucci, Tag Heuer, and Off White. Balenciaga will begin to accept crypto at both brick-and-mortar stores as well as through its US website. 

Alongside this, Kering chief client and digital officer Grégory Boutté said last week at a press conference that he thinks "web3 and NFTs are a real breakthrough." Boutté also revealed at the conference that Kering has invested in web3 venture capital firm Haun Ventures, founded by former Andreessen Horowitz partner Katie Haun.  

It's unclear if the drop in crypto prices and general instability in the markets will have any impact on the fashion industry's enthusiasm for this space. 

UNDW3 is not Lacoste's first move into the interactive virtual world. Previously, the company collaborated with popular game Minecraft.