PACO RABANNE AND FONDATION VASARELY ENTER THE WORLD OF NFTs

WHAT ARE NFTs?

NFT stands for ‘non-fungible token’: a one-of-a-kind digital asset that exists on the blockchain and cannot be replicated. NFTs take many forms – digital artwork, virtual apparel and music are some of the most common. There are thousands of these unique digital collectables, each with a unique digital identifier stored on the blockchain.

HOW DO NFTs WORK?

NFTs are essentially a unit of data, stored on a digital ledger that is associated with ownership of a digital asset. An NFT can be music, art, videos and lots more – when you create an NFT it is known as “minting”. You are basically writing the underlying “smart contract” code. The smart contract code decides the qualities of the NFT, and it adds them to the relevant blockchain on which the specific NFT is coded. Many standards have been established for smart contracts. Each NFT’s digital identifier means that only you can own it, and their unique nature is what makes them so highly sought-after. Some collectors show off their NFTs in digital galleries, digital frames, as icons on social media or avatars in games. Alternatively, you can subtly store them in your crypto wallet if you prefer to keep your collection on the low-down. Sometimes NFTs can be offered with physical counterparts, but this is not the NFT itself – rather a bonus, or gift with purchase.  

WHAT ARE NFTs?

NFT stands for ‘non-fungible token’: a one-of-a-kind digital asset that exists on the blockchain and cannot be replicated. NFTs take many forms – digital artwork, virtual apparel and music are some of the most common. There are thousands of these unique digital collectables, each with a unique digital identifier stored on the blockchain.

HOW DO NFTs WORK?

NFTs are essentially a unit of data, stored on a digital ledger that is associated with ownership of a digital asset. An NFT can be music, art, videos and lots more – when you create an NFT it is known as “minting”. You are basically writing the underlying “smart contract” code. The smart contract code decides the qualities of the NFT, and it adds them to the relevant blockchain on which the specific NFT is coded. Many standards have been established for smart contracts. Each NFT’s digital identifier means that only you can own it, and their unique nature is what makes them so highly sought-after. Some collectors show off their NFTs in digital galleries, digital frames, as icons on social media or avatars in games. Alternatively, you can subtly store them in your crypto wallet if you prefer to keep your collection on the low-down. Sometimes NFTs can be offered with physical counterparts, but this is not the NFT itself – rather a bonus, or gift with purchase.  

As a brand that has experimented with futuristic materials from day one, experimenting in the world of digital art feels like a natural next step. “Since its creation, Paco Rabanne has been exploring new universes to enter new territories. Paco Rabanne likes to explore worlds where disciplines cross and meet,” says the brand’s CEO, Bastien Daguzan. “These 12 NFTs are a way to show Paco Rabanne’s fashion know-how and celebrate the creativity from the archives in a modern grammar.” As for what the future of fashion and digital art might look like? “It is a world beyond the current limits that awaits us. A world already present, where fashion and digital art can create new experiences. But it is, above all, a connection with the culture of the metaverse, rather than the rise of a new future.” Watch this space…

Fondation Vasarely’s foray into NFTs goes one step further than recreating Victor Vasarely’s artwork in token form. This NFT series features 12 unique Victor Vasarely artworks, the proceeds of which will go to the Fondation Vasarely, a museum in Aix-en-Provence, France, dedicated to the artist. Six of the NFTs in this collection are digital designs of original artworks in the museum that require repair – which will be facilitated by funds from this sale. The 6 “damaged” artworks will be coded with a smart contract programmed to refresh the metadata of the design to reflect the healing of these artworks in real-time, directly onto the NFT – so it will seemingly heal in accordance with its physical counterpart.

Here’s a sneak peek of Fondation Vasarely’s NFTs, alongside the iconic pieces that inspired them