Givenchy to use NFTs to celebrate Pride – Ledger Insights

Luxury brand Givenchy Parfums, will launch a non-fungible token (NFT) in celebration of Pride. The project is in collaboration with London gallery owner Amar Singh and the Rewind artist collective, and all proceeds will go to an LGBTQ+ group, Le MAG Jeunes association. 

The digital artwork will be a series of animated portraits based on photos and reinterpreted with the colors of the rainbow. In total there will be 1952 copies available for sale on the VeVe NFT marketplace.

NFTs can serve many purposes to companies. They can help create brand awareness in the digital space, potentially unlock new sources of revenue, or be used as a “souvenir” reward in promotional campaigns. Another use brands are exploring more is using NFTs to make a stand on social causes. 

In December of last year, L’Oreal Paris launched an NFT campaign looking to give more visibility to women in the digital art space. The company’s makeup subsidiary, NYX, is also managing an NFT project in celebration of Pride with The Sandbox metaverse. 

Digital collectibles can be a versatile tool for brands to associate with social causes. In addition, these campaigns are often not too costly for companies. Therefore it can become an efficient and straightforward way to raise and donate funds. 

The scope of NFTs is also expanding. Therefore brands can become more creative in their campaigns so that the digital collectibles are more integrated instead of just being a vehicle for selling a socially aware image. For example, with NYX’s project, the makeup brand is dropping a series of avatars with different features and makeup looks. L’Oreal’s other campaign, in addition to celebrating women, promoted a new red lipstick. For that, L’Oreal launched three different NFTs designed by three women in the digital art space, reflecting the concept of “red”.

In the case of Givenchy Parfums, the project appears to be more associated with general brand positioning.

Prior to this project, Givenchy had worked with digital artist Chito to auction 15 NFTs to promote its Spring 2022 collection.