Chalhoub Group launched a footwear brand in the metaverse on Tuesday.
Called Sol3mates, the brand will manufacture trainers in limited numbers.
To buy products, consumers must purchase a non-fungible token.
The NFT will grant access to advantages such as early involvement, preferential pricing, digital accessories, free goods, social gatherings, and monthly sneaker prizes.
All of these activities will take place virtually.
Sol3mates “seeks to deliver an immersive and interactive experience by engaging its supporters in every aspect of trainer manufacturing, from recruiting new designers to co-creating impending trainer releases”, Chalhoub Group said.
Michael Chalhoub, president of plans, expansion, creativity, investment, and collaborations at Chalhoub Group, said: “We listen to our customers, notably in the shoe space where we like to think of ourselves as catalysts for innovation, and find answers to their demands.”
Trainers will be offered on pre-order basis in limited numbers, and individuals who possess an NFT will have early access to the sneakers at a discounted price.
Other individuals will be permitted to pre-order the item if any trainers still exist.
A month before the general public, the shoes will be shipped for free to everyone who is part of the Sol3mates virtual community .
In 2022, Chalhoub Group published “GCC State of the metaverse and its potential for luxury retail,” a report that disclosed Gulf consumers’ perspectives on Web3 that encompasses the metaverse, cryptocurrencies, and NFTs.
77 percent of shoppers have knowledge of digital currencies, and 49 per cent are aware of non-fungible tokens.
46 per cent know about the metaverse.
The respondents of this survey were primarily younger, wealthy males residing in the UAE, Saudi Arabia and Oman.
89 per cent of premium product consumers state they want the opportunity to review items in the metaverse, and 87 per cent state they expect their preferred brands to have a presence in the metaverse.
Nick Vinckier, chief of corporate innovation and founder of Sol3mates, said: “The company will be a tiny snowball that sets off an avalanche of positive upheaval in the trainer market, with the help of its supporters and the designers with whom we’ll be working with.”
