Alexander Wang for H&M: Calm Your Frenzy

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The launch event for the Alexander Wang X H&M collection, held in New York in October.Credit Charles Sykes/Invision, via Charles Sykes/Invision/Ap

The world went a bit nuts on Thursday over the debut of the Alexander Wang x H&M collection. The website crashed. On Twitter, the hashtag #alexanderwangxhm was trending. Consumers waiting to buy Mr. Wang’s funky sports bras and leggings were handed color-coded tags with time slots. Desperate buyers were advised to go on eBay, where merchandise was already for sale, albeit at reportedly crazy prices. It was a case study in creating anticipation.

And today? Is it all over for those of us who didn’t get in line at 8 a.m. on Thursday?

Well, I went on the H&M website on Friday morning, and though two backpacks, one duffel and some socks were sold out, everything else — the scuba tops, the knit dresses, the quilted leather jackets and the ankle boots — was available. I also checked eBay, and while there are some inflated numbers, the prices don’t seem that out of control.

So what exactly happened? Was it a case of viral madness that obscured reality (kind of like the whole “Alex From Target” thing)? Does it mean that in the context of limited-edition collaborations, the early bird does not necessarily get the worm (or the reflective leggings, as it may be)?

Increasingly, I have come to think that, like the film world with its dependence on opening weekends, such one-off collaborations are all about the debuts: who gets to see it first, who gets the bragging rights of wearing it first, the ceremony of the first day. We have all become complicit in the myth-making of the moment.

Maybe it’s time to take a breath.