Lacoste Evolves NFTs into Community-Focused Loyalty Program

French fashion brand Lacoste is expanding the utility of its UNDW3 NFT collection, first released in June 2022, to include a Web3-based loyalty program that will allow members to earn rewards and co-create, multiple sources report.

Owners of one of the company’s 11,212 “Genesis Pass” UNDW3 (pronounced “underwater”) NFTs can now convert those digital tokens into an UNDW3 Card, and connect their wallets to a new dedicated site where they will gain access to “creative sessions, contests, video games and interactive conversations,” according to CoinDesk. Members also will earn rewards for activity on the site, with points that will make their cards “more advanced, with new capabilities and powers,” according to the UNDW3 website.

“Experience a new interactive UNDW3 adventure and evolve your Lacoste UNDW3 Card,” reads the UNDW3 website. “Each UNDW3 chapter is directly linked to your commitment. Get ready to solve quests, engage with Lacoste and unlock exclusive UNDW3 benefits.”

Lacoste released the UNDW3 collection of profile picture (PFP) NFTs 12 months ago alongside “Genesis Passes” that gave holders access to limited-edition merchandise and exclusive events. At the time, the company teased the future expansion of the program that has now been rolled out, saying that the NFTs would be part of “an experiential, interactive and co-creative universe.”

“Pioneering the concept of a dynamic NFT within our industry is a testament to our bold vision,” said Catherine Spindler, Deputy CEO of Lacoste in a statement quoted by multiple sources. “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.”

Interactive Web3-based loyalty programs like the one Lacoste is building are becoming an increasingly popular use case for NFTs, because the underlying digital technologies offer the potential to engage and interact with communities in new, more intricate ways.

“The first chapter [of NFTs] was about digital scarcity and art and collectibles, but now brands [are realizing that] it’s not just about selling the thing,” explained Tareq Nazlawy, President of the digital assets venture studio ScienceMagic.Studios in an interview with Retail TouchPoints. “It’s an item that people can hold, and they become stakeholders. It’s a new connective tissue, something that can transfer between a brand and a member of a community or even between members within communities, and it has to do with a lot of other things rather than just having financial value.”