Lacoste launches NFTs and DAO
Accessible luxury brand Lacoste has launched an NFT project named “Undw3” that includes a new decentralized autonomous organization (DAO) that will offer token holders voting power on certain products and business partnerships.
There are 11,212 NFTs in total — in a nod to the firm’s popular polo shirt L1212 — that were sold for a mint price of 0.08 Ether (ETH) or roughly $96 a pop yesterday.
The NFTs depict an animated alligator that pokes the top of its head out from underwater, and the collectibles appear to have had reasonable demand as the floor price on OpenSea has since more than doubled to 0.193 ETH ($233).
The company is yet to release the full details of its roadmap and the utility offered to NFTs hodlers, but has confirmed the DAO will enable users to participate in the “creative process” on a range of products and partnerships under the Lacoste Underwater line.
Holders will also have access to unique customization features on Lacoste’s clothing line, however it is unclear if they will have to fork out the money for the products or if they will receive a certain amount of freebies.
Lacoste also hinted via Twitter that it could be looking at Metaverse integrations as well, but noted “we can’t say more about it except: be ready ser.”
At 12h12 CET time, you will have the opportunity to mint a #underwater NFT.
Do you know what you will get by owning the #NFT below?
Let’s dig together. #UNDW3 1/7 pic.twitter.com/HyOqwRzVQ0
— Lacoste (@LACOSTE) June 14, 2022
Not everyone liked the idea of performing Creational Labor.
“So in return for the purchase of your NFT you will receive my creative customization ideas for free? And I still have to purchase the customized clothing I create? Plus I have to attend meetings? Not sure how I benefit from anything here…” questioned OffKeyMagazine on Twitter.
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