Balmain is the first luxury brand to pursue multiple NFT projects, previously releasing luxury NFTs focused on digital pieces of art or in-game items. Similarly, Gucci auctioned a video NFT at Christie’s for $20,000 in May; Burberry produced an in-game NFT for Blankos Block Party in August; and Givenchy launched its second collection of 15 NFTs with artist Chito in late November, traded on OpenSea.

Balmain’s latest NFTs include two pairs of trainers, a black and a white digital version of a BBold Dogpound collab and a digital membership card, launched in conjunction with the physical drop of the trainers, which retail at $1,069 and are signed by Balmain creative director Olivier Rousteing.

“The most important element about these projects is to really tie the NFT — tie everything that is digital — to a physical experience,” says Balmain CMO Txampi Diz. “This is a perfect example of how I see the future of NFTs.”

The two NFTs come with special perks, depending on the final sale price. They will be auctioned on NFT marketplace Opensear, starting at 2.5 ETH each (the equivalent of about $11,200, at the time of writing), in tandem with the launch of the trainers. (Dogpound members were granted early access to the physical trainers, starting 17 November.) If the auction price reaches 6 ETH ($27,000), the buyers receive a personal training session with Dogpound founder and CEO Kirk Myers; for 10 ETH ($45,000), the buyers can tack on two tickets to an upcoming Balmain fashion show; 14 ETH, or $63,000, adds two entries backstage.

Owners of the NFTs can choose independently to resell at a price of their choice. The brand can also layer on additional perks over time, though this isn’t currently planned. In other words, the potential buyer of an NFT must evaluate the potential future value of having Balmain’s NFT access — and can weigh up the potential of transferring that access to a future buyer.