The apparel industry has been testing the waters with digital and cryptocurrencies for the past several years, experimenting with it as a tool for everything from education, to authentication—and now, to consumer engagement.
Babyghost, a Chinese fashion label, for example, launched a branded digital currency by teaming up with VeChain and BitSE to tell customers the stories behind the garments in their upcoming collection.
This year, luxury fashion group LVMH (owner of iconic brands like Louis Vuitton and Dior) also announced a foray into blockchain-based cryptocurrency aimed at tracking and proving the authenticity of its goods.
Now, digital currency is being leveraged as a way to drive engagement with younger audiences and digital natives.
We see this illustrated by outdoor apparel and equipment brand Fjällräven, which launched a virtual scavenger hunt at large universities across the US this August wherein participants could use their phones to hunt for digital currency dubbed “Fox Coins” (named after the brand’s logo.)
Fox Coins, a digital currency built on proprietary and programmable blockchain tokens known as Vatoms, served as entries for the brand’s “Kånken-a-Day Giveaway” campaign. Participants could enter to win a free Kånken backpack every day during the month.
The utility of their digital currency didn’t stop there, however.
Participants who entered an email address online were also sent an invite link where they’d find a branded wallet including a Fox Coin as well as access to the geo-locations of other nearby entries (in the form of Fox Coins) on a map via the user’s phone-based GPS.
An added bonus: This technology got people outside–which is one of the brand’s core values.
“This project reinforces our longstanding values of going on an adventure in nature, navigating new territory, and welcoming everyone to the outdoors,” said Nathan…