Burberry and Longines are among a number of brands that have released NFTs in order to cash in on the Singles’ Day shopping festival.
The brands have entered the Chinese shopping metaverse with its NFT offerings, releasing the tokens on Alibaba’s Tmall shopping platform, which launched a “Double 11 Metaverse Art Exhibition” in its mobile app last month.
The tokens, called “digital collectables” in China are often packaged alongside a physical item, with the digital item being a limited edition product.
The offerings were rumoured to run from October 20 to November 11, however most have already sold out days before the Singles’ Day event.
Burberry has sold out 1,000 special edition scarves that came with an interactive deer NFT, each being priced at 2,900 yuan ($453).
The scarves were launched on October 20 and cost 12 per cent less than the next-cheapest Burberry scarf still listed on Tmall.
READ MORE: Glenfiddich to launch NFT collection
“Nice, now I’m just waiting for the little pet that is the digital collectible,” wrote one buyer, who had already received his physical scarf.
Longines also listed 45 limited edition NFTs, alongside a watch priced at 17,300 yuan ($2,700) each.
Gaming Computer manufacturer Alienware also issued 100 NFTs of its logo with a laptop purchase, according to information on Tmall’s Weibo social media account.
Alibaba has this year decided to put sustainability ahead of its profitability ahead of COP26 and President Xi Jinping’s call for “common prosperity”.
Influencers sell billions of dollars worth of goods over livestreams for the event, one, Austin Li Jiaqi moved 10.7 billion yuan ($1.7 billion) worth of products during a 12-hour livestream.