Battle of the brands in web3

5 minutes
Yuxiao Zhang

Fashion brands are diving into web3, but who is winning in this space? We looked at 4 of the world’s top fashion houses and came up with our winner. Dolce & Gabbana is leading the pack followed by Tiffany’s, Gucci, and Prada.

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Scoring the fashion brands was done using the following major categories:

  1. Purchasing Power of Wallets - As measured by the amount of liquid ERC20 tokens within the wallet. Purchasing power is our proxy for wealth and every brand wants the richest consumers. We will also sharpen this analysis by looking at wallets across a few wealth thresholds. Third consideration for this analysis will be to determine which brand is most concentrated in terms of high value customer cohorts through a clustering analysis
  2. Impact of Frauds and Scams - As measured by the number of scam / fake / phishing tokens that were purchased by the brand’s customers. This tells us which brand’s consumers are likely to have negative web3 experiences.
  3. Engagement of Wallets - As measured by Daily Active Wallets (DAWs). More engagement, more potential.

Diving into each of the categories, we rank each fashion brand to come up with an overall winner. Here’s how it broke down:

Purchasing Power of Wallets

Tiffany’s dominated this category with a staggering ~$20k average USD balance in collection owner wallets. The next leading brand, D&G, wasn’t even close, coming in at $1.3k. Gucci follows with $1.2k and Prada comes home dead last with a whimpering $400. If you want to know where the rich wallets play, it’s Tiffany’s!

But what if Tiffany’s appears to have more wealth because of some outlier billionaire wallet? Well we thought of that too. We looked at the percentage of each collection's wallets that fall above a certain threshold in wealth and it became evident that Tiffany’s crushes the competition here as well.

% of wallets > Threshold

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But what use is having money if you don’t use it? You can be a baller, but if you’re only spending once a year, that’s not impressive. This is where our clustering analysis comes in. We want to find high net worth individuals who spend. So, we ran our clustering algorithm on 2 variables, wallet value and transaction frequency to see which brand has the highest concentration of most valuable customers.

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Some slight surprises here, but with our focus on the engaged whales, D&G comes out on top. It’s worth calling out that Prada has the most frequent traders, because (spoiler alert) that’s one of the few things they take the lead in so far.

Impact of Frauds and Scams

We all know getting scammed can feel like your soul has been attacked, and that can create negative associations with brands. So we took a look at which brand’s collection owners have fallen victim to the most scams. Out of the top collections that each brand’s owners participate in, we found that if you’re a Tiffany’s owner… chances are you have been duped into buying a “bad” NFT. That might be because you’re RICH and people are targeting you. Heavy lies the crypto wallet eh?

% of total NFTs (that are bad) owned across the top 10 collections customers participated in

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This one is kind of hard to explain without too many words, but what we mean is, if you look at all the collections that Tiffany’s collection owners participate in, rank them by participation overlap, of the top 10, this is the percentage of tokens that were bad. For example, take a look at this collection on Etherscan as it’s one of the most popular collections for Tiffany’s owners. I’m not mad, I’m just disappointed.

So who wins this category? D&G. Their customers are the least susceptible to scams! Hopefully we didn’t just alert scammers to an opportunity…


Why is engagement important? Greater engagement means greater potential for marketing and greater potential for purchases, etc. Engagement drives retention and that’s what keeps you alive. So what portion of a brand’s user base actually transacts in the web3 ecosystem over the last 2 weeks? Here’s the answer:

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Winner, D&G!


And with that, D&G wins overall and is crowned the best web3 fashion brand. Tiffany’s was so close and we almost gave them the edge because of just how much purchasing power they have in comparison to the other brands. Prada comes in last, but, interestingly, their consumers participate in fashion collections much more than the other brands’ users. Those wallets are interested in fashion related projects whereas other brands’ users are interested in web3 more broadly.


Ludis Analytics’s proprietary data analytics for blockchain tools. Data as of October 26, 2022. For more information please visit our webpage and contact at www.ludisanalytics.com