HUGO Partners with Web3 Firm Imaginary Ones to Launch NFTs
Fashion brand HUGO is launching over 1,000 NFTs in November.
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Luxury fashion brand HUGO announced it is teaming up with a Web3 firm Imaginary Ones to foray into the metaverse. The fashion giant plans to launch a large NFT collection in November featuring 1,001 3D animations.
HUGO to Launch 1,001 3D NFTs
HUGO, a sub-label of the fashion giant Hugo Boss Group, said it is partnering with a Web3 company Imaginary Ones to deliver “a holistic, 360-degree metaverse experience.” Under the terms of the deal, HUGO will enter the metaverse by rolling out a major non-fungible token (NFT) collection.
The collection, dubbed “Embrace Your Emotions” (EYE), will feature 1,001 3D animations and is set to launch in early November. With EYE, HUGO aims “to encourage everyone to connect with their emotions, and to share a message that all feelings – positive and negative – are valid and should be embraced, as the freedom to feel and express can significantly improve mental health and overall well-being,” the company wrote in an official announcement.
HUGO will allow users to buy NFTs through an allowlist, which lets users pre-register for the drop. Out of 1,000 allowlist spots in total, 500 will be reserved for buyers who purchase an exclusive phygital T-shirt. The buyers will be able to choose from 500 limited-edition T-shirts, each featuring a QR code that directs them to a Snapchat Lens to create a unique augmented reality (AR) effect.
The remaining 500 spots on the list will be allocated to existing holders of Imaginary Ones NFTs and through a number of other activities on the firm’s Twitter and Discord platforms. Further, the NFT owners will also gain access to Imaginary Ones’ staking ecosystem which awards them with “a separate set of special HUGO x IO merchandise, experiences, and content, including digital HUGO wearables and HUGO-themed Imaginary Ones drops”.
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More Fashion Brands Enter the Metaverse Amid Market Downturn
HUGO’s expansion into NFTs comes amid a significant market crunch in 2022, after seeing exceptional growth in 2021. According to blockchain tracker DappRadar, the number of NFT sales is down nearly 70% year-over-year as investors steer clear of risk assets amid a tough macroeconomic environment.
Still, this did not stop some major brands from launching their NFT collections and entering the metaverse in the past few months. Earlier this year, Italian fashion giant Gucci announced its collaboration with the NFT marketplace SuperRare titled “The Next 100 Years of Gucci.”
Furthermore, iconic thrash metal band Megadeth launched its own NFT collection “Rattleheads” in September. Major companies that rolled out NFTs recently include Louis Vuitton, Nike, Adidas, and others.
Do you think HUGO will cash in on its new NFT collection despite current market conditions? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
