Lacoste Expands Its NFT Ecosystem With New Rewards

French fashion brand Lacoste expanded its non-fungible token (NFT) ecosystem on Thursday, introducing a rewards and co-creation feature for its UNDW3 community.

Lacoste released its UNDW3 collection of 11,212 profile picture (PFP) NFTs in June 2022, offering "Genesis Passes" to its community as the retailer teased plans for a Web3 expansion. By owning the NFTs, the community was able to access limited-edition merchandise and IRL community events.

Each NFT in the collection minted for 0.08 ETH, or about $95 at the time. In September, crocodile-themed PFPs were airdropped to holders. Lacoste teased at the time that the NFTs would be part of "an experiential, interactive and co-creative universe."

According to a press release, the latest expansion of the Lacoste Web3 universe allows Genesis Pass holders to convert their NFTs into an UNDW3 card and connect their wallets to a dedicated site to gain access to "creative sessions, contests, video games and interactive conversations." The platform will also reward holders for activity on the site with points that can earn them a spot on the leaderboard, which "adds rarity" to their NFT.

Catherine Spindler, deputy CEO of Lacoste, said in a statement that the latest release is part of Lacoste's long-term Web3 vision.

“Pioneering the concept of a dynamic NFT within our industry is a testament to our bold vision," said Spindler. “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 co-creators and fostering horizontal relationships with our customers, we invite them into our creative process."

Lacoste has taken steps to digitize its apparel, previously working with world-building platform Roblox to offer digital clothing items. Other fashion brands, such as Nike, Adidas, Dolce & Gabbana and Gucci have also recently expanded their NFT offerings.