A specialty fashion brand is introducing its redesigned logo as a non-fungible token (NFT), and auctioning it for charity.
DKNY is joining the growing number of retail entities that are utilizing NFTs for promotional purposes. NFTs are unique digital assets stored on a blockchain ledger that certifies the owner. There is no way for an NFT to have more than one owner, and only the certified owner can sell it.
The company’s new logo is inspired by the its mural which was on display for over a decade on Houston Street in New York City. The NFT was created in partnership with Paris-based art collective Obvious, which works with the latest models of deep learning to create artificial intelligence (AI)-based artwork. In addition to visuals, the NFT includes a soundscape of news reports, nostalgic radio voiceovers, and testimonials on what makes New York City.
In recent months, NFTs have experienced a dramatic surge in popularity. Pizza chain Domino’s resurrected its own former “Noid” advertising campaign in a recent series of NFTs, and eBay and Shopify both now permit their purchase and sale. And CKE Restaurants banners Carl's Jr. and Hardee's are partnering with actress and supermodel Charlotte Mckinney for an NFT promotion featuring one of Mckinney's “All-Natural Burger” bite shots from a 2015 advertising campaign.
To highlight the launch, DKNY will auction the NFT featuring the new logo to benefit the American Nurses Foundation. The auction will be hosted exclusively on Rad, an NFT marketplace from the entertainment and blockchain technology company Little Star. Built on the Ethereum blockchain, Rad's "DKNY Logo" auction page will allow the opportunity to preview the logo NFT before the virtual auction opens on September 1, 2021 at dkny.rad.live. The DKNY logo will appear on DKNY brand creative, ready-to-wear, and accessories beginning on September 8, 2021.
"We are excited for DKNY to launch our new logo through this art form. The digital art highlights the brand's strong bond with New York City in a way that is uniquely our own and pushes the brand into this digital space with our first NFT,"
said Jeffrey Goldfarb, executive VP of G-III Apparel Group, parent company of DKNY.
"To us, A.I. offers a new way to create. This is true not only in art, but in every creative process,” said Pierre Fautrel, Hugo Caselles-Dupré, and Gauthier Vernir of Obvious. “These algorithms are offering a new source of inspiration for creatives, and we believe they can lead to entirely new aesthetics within the realm of design. We always wanted to bring our work through the medium of digital art to a fashion brand, and we could not think of a better partner than DKNY—an iconic brand that encompasses our connection to New York City, its diversity and its constant energy of moving forward."
"NFT's have shifted the way we think about digital content and its use cases from art to film and so much more”, Vanessa Kincaid, chief brand officer, Rad. “We are honored that DKNY, a storied brand in American fashion, chose Rad as its auction partner. Their boldness to push the boundaries of what a NFT can be with their new logo is in complete alignment with our desire to be a groundbreaking marketplace for digital goods."
DKNY parent G-III designs, sources and markets apparel and accessories under owned, licensed and private label brands. G-III's portfolio of more than 30 licensed and proprietary brands is anchored by five global power brands: DKNY, Donna Karan, Calvin Klein, Tommy Hilfiger and Karl Lagerfeld Paris.