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Singles’ Day: luxury brands partner with Tmall platform to offer NFTs

Singles’ Day: luxury brands partner with Tmall platform to offer NFTs

On November 11, in China, we celebrate singles. Original, isn’t it? But it’s also an opportunity to go shopping thanks to exclusive offers unveiled by brands.

 

The double 11, that is to say November 11, is the singles’ day in China. You have two choices: to joyfully celebrate your bachelorhood or to go out and declare your love. Whatever your decision, it will always be a good time to do business during this great shopping holiday.

 

Luxury brands have taken the opportunity to offer NFT deals before this Singles’ Day shopping party. Tmall, the shopping platform of commerce giant, Alibaba, launched a “Double 11 Metaverse Art Exhibition” on its mobile app as early as last month. Luxury brands such as Burberry, Coach, or the watchmaker Longines have lent themselves to the game by creating NFTs for the event.

 

These are usually packaged with a physical item, with the digital offering being a limited edition item. The NFT offerings were available from October 20 through November 11, but many were sold out before the event.

 

Burberry, for example, has already sold out of 1,000 special edition scarves, complete with an NFT interactive stag, for 2,900 Chinese yuan, or about $453 each. The Longines brand, meanwhile, has offered 45 limited edition NFTs with a watch for 17,300 Chinese yuan, or $2,700.

 

Last year and despite the pandemic, Chinese digital commerce giants Alibaba and JD.com recorded record sales of $115 billion on Singles’ Day. These figures far exceed Amazon’s $4.8 billion in sales between Black Friday and Cyber Monday in 2020.

See Also

 

Read also > NFT SALES REACH $10.7 BILLION IN THE THIRD QUARTER

 

Featured photo : © Tmall

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