Harvey Nichols Goes NFT with Launch of In-store HN NFT Vault

Key Insights:

  • High-end Hong Kong department store Harvey Nichols takes virtual NFTs in-store with ‘HN NFT vault.’
  • NFT projects on offer include CryptoPunks and Bored Ape Yacht Club.
  • Buyers can buy NFTs with crypto or by credit card.

Competition within the NFT space continues to heat up. This month, Coinbase launched its CoinbaseNFT beta, with users able to purchase NFTs with a credit card.

Built on the Ethereum (ETH) blockchain, the platform offers NFT projects, including Cool Cats and Doodles.

With competition on the rise, OpenSea filed for trademark applications this month. The filing may be to support more active participation in Web3.

Retail outlets are also exploring NFTs with the launch of their very own NFT marketplaces.

Harvey Nichols Hong Kong Launches HN NFT Vault

This month, high-end Hong Kong (HK) department store Harvey Nichols (HN) announced the launch of its NFT marketplace HN NFT Vault.

Unlike more traditional NFT marketplaces, HN NFT Vault is an in-store concept, with Harvey Nichols showcasing NFTs in a “retail concept space.”

NFT projects on sale include CryptoPunks, Bored Ape Yacht Club, CloneX x Takashi Murakami, Azuki, and Doodles.

Harvey Nichols retailers can purchase the curated NFTs with crypto and credit card.

According to the announcement,

“Through the new space, we aim to make NFTs more accessible to a broader audience by featuring a range of NFTs from some of the most successful projects globally available for in-store exploration and purchase. The collection is curated to cater to both first-time buyers and NFT experts, with prices ranging from HK$5,000 to over HK$1,000,000.”

Harvey Nichols added,

“As part of the new concept, we will also be launching a service allowing NFT owners to showcase and sell their NFTs through the HN NFT vault.”

HN HK Follows a Rising Number of Retailers into the NFT Space

In December, US retailer Fred Segal entered the NFT space with the launch of Artcade. In partnership with Subnation, Artcade is a video streaming, physical, and digital product, including NFTs, experience.

Other retailers targeting NFTs include Dolce & Gabbana.

In collaboration with UNXD, the Dolce & Gabbana launched Collezione Genesi, a “9-piece, one-of-a-kind collection, personally designed by Domenico Dolce and Stefano Gabbana exclusively for UNXD.” The collection includes both physical and digital works.

The collection reportedly sold at auction for 1,885.719 ETH, equivalent to around $6m, at the time of sale.

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