Holders of Lacoste’s 11,212 UNDW3* genesis pass nonfungible tokens have been checking their wallets. 12 months after its first foray into Web3, the French brand has evolved its Web3 loyalty program with the launch of the UNDW3 card and a new token gated community platform for holders.
It’s described by Lacoste as “a groundbreaking personalized experience program that embraces blockchain technology to reward brand builders and creators.”
The card is a dynamic NFT or digital asset. It will offer holders personalized access to Lacoste’s Web3 experience platform while representing holders’ participation in its experiential programing — accruing exclusive rewards that increase the asset’s intrinsic value.
“Pioneering the concept of a dynamic NFT within our industry is a testament to our bold vision”, said Lacoste deputy CEO Catherine Spindler, in a statement. “Beyond the fleeting trends surrounding NFTs and the metaverse, we see blockchain as an accelerator, ushering in a more inclusive and experiential digital realm. By rewarding creators and fostering horizontal relationships with our customers, we invite them into our creative process.”
Here’s how it works
Lacoste’s UNDW3 holders can now access dedicated web platform UNDW3.lacoste.com by connecting their digital wallets.
There they can participate in creative contests and interactive games with weekly mixed reality quests linked to the brand’s history and storytelling alongside fashion design challenges. The latter will run in close collaboration with Lacoste’s physical creative studio team, leveraging 3D and artificial intelligence based tools.
The more active, creative and efficient the community members, the more points they earn. The points are displayed on a leaderboard on the site.
Prizes will be awarded to those who achieve the highest scores. The all out winner will receive a week of Lacoste immersion in Paris comprising visits to the Lacoste factory and a shopping session at the brand’s Paris flagship boutique while number two will have the possibility to represent the Lacoste community via a social media campaign.
This ranking also adds rarity to the tokens — automatically recorded on the blockchain — which in turn leads to an increase in the assets’ monetary value.
Additional Lacoste UNDW3 holder benefits include the opportunity to purchase limited edition merchandise — both from Lacoste and future partner projects alongside access to physical events including Roland Garros.
The Verdict
Community, co-creation and access to exclusive product and events are common features of successful Web3 loyalty programs such as adidas’ ALTS, Hennessy’s H3NSY, and KIKI World Web3 beauty brand.
However, the extent and scope of Lacoste’s participatory rewards system coupled with its decision to pull focus on elements of co-creation and co-ownership offer additional value. The idea builds on the PFPs co-developed with its voting community during UNDW3’s primary phase.
That Lacoste’s Web3 activity is promoted and flagged on the brand’s main website and social channels rather than being conducted in silos (the modus operandi of other luxury brands operating in the space) is telling.
It expresses confidence in and commitment towards its Web3 program. Likewise Louis Vuitton which commenced its Web3 VIA program with the launch of its Treasure Trunk tokens, earlier this month.
While Lacoste already operates a robust Web2 loyalty program, the move on chain allows it to engage more deeply with its community. For instance its Instagram posts may generate upwards of 10k likes and a few hundred comments, however, interactions on its year old Discord channel number some four million to date.
That the Lacoste physical design studio is closely involved in digital co-creation initiatives also represents a cohesive 360 degree approach. Similarly, when The Fabricant recently collaborated with High Snobiety on digital varsity jackets it also worked closely with the latter’s physical studio.
Interestingly, where Lacoste is concerned, the collective ethos extends beyond its Web3 UNDW3 initiative and is also being applied to the brand as a whole.
In January it announced that creative director Louise Trotter was leaving her position and that the brand would adopting “a collaborative studio model focused on a collective vision.”
*For the uninitiated, UNDW3 is pronounced ‘underwater’ and the genesis Emerge tokens featured a crocodile emerging from under water. The crocodile is the Lacoste emblem and the number 11,212 is a nod to the L1212 polo shirt created by founder René Lacoste.
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