Balmain, a French fashion company, collaborated with MintNFT to launch an NFT-based membership. The loyalty program will be fueled by the XRP Ledger.
On September 27, MintNFT made the announcement on Twitter, adding that the partnership is the first of its kind by a global fashion brand in the Web3 industry.
Furthermore, the program will be available on Ripple's eco-friendly XRP Ledger (XRPL), a natively sustainable blockchain with fast transaction speeds and minimal costs.
MintNFT CEO and co-founder James Sun stated in a report:
“We believe Web3 will drive a new era of engagement, allowing businesses to gain unlimited access and create richer experiences for their communities. Balmain is the ideal partner to offer this next generation of NFTs and blockchain since it is a pioneer in innovation in both fashion and technology.”
The Balmain Thread is a modified version of MintNFT's "The Club," a membership, loyalty, and rewards program that uses Web3 technology.
According to a report, the program would smoothly incorporate awards, community voting rights, access to real-world and virtual events, and much more to keep users interested. For users, cryptocurrency ownership or expertise is basically unnecessary.
Txampi Diz, Balmain's Chief Marketing Officer, added, "We're excited about the future ahead, as the physical and digital continue to blend, enabling new means to showcase this house to greater audiences, as we build on Olivier Rousteing's ambition to further democratize fashion."
COINGABBAR VIEWS: Balmain is not the first to foray into the NFT market. In July, Gucci announced the launch of Vault Art Space, an online space it developed with SuperRare as part of its ongoing foray into the NFT market.
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