Popular Italian fashion house- Dolce and Gabbana (D&G) has set an amazing new record by selling NFTs (Non-Fungible Tokens) worth above $6 million. This came after a previous NFT cancellation on the digital arena in 2018, which was steered up after a viral video of a model from China eating noodles ‘as it should not be’, and was associated with the luxury fashion company. The firm was associated with an offensive statement on racism, sexual discrimination, and size shame. It led to a reduction of sales and loss of value of their assets.
However, Dolce & Gabbana broke the news waves in the digital world after launching a nine-piece collection of Non-fungible Tokens and some couture. Based on a report by the NYT, the Collezione Genesi collection is being called the most complex fashion NFT to be created and offered so far in the metaverse. Out of the nine D&G couture pieces five were auctioned off in their physical form as well as in the form of digital NFTs.
These included golden and silver versions of The Dress from a Dream, along with embellished emerald green coloured men’s suit called The Glass Suit and two gold-plated and gem-studded silver crowns — The Lion Crown and The Doge Crown.
The remaining four pieces from the collection were solely digital NFTs, which included three intricately embroidered men’s jackets and The Impossible Tiara. The UNXD created these NFTs using the Polygon blockchain, replicating the sketches of the D&G designers – Domenico Dolce and Stefano Gabbana.
Nick Yuschushin, program director of virtual reality and immersive media at Drexel University, said:
“These prices aren’t surprising,” “A world-renowned designer creates something very unique, paying attention to the details. This is beyond what you would expect from a normal digital rendering. This is one of them. It makes perfect sense to have an NFT collector in the world to appreciate it. ”
Calling this auction, “the most successful digital fashion drop ever,” the fashion brand has promised that more such NFT collections will be released in the future as well”.
Shashi Menon, a Dubai-based Vogue Arabian publisher and founder and CEO of UNXD, said the project was born in April and subsequently when he came up with ideas for Dolce & Gabbana. “They quickly accepted it,”.
Menon further added that:
“the brand is known for its finest luxury events rather than its pioneering technical spirit (recently held in August in Venice). See the semi-annual haute couture Alta Moda weekend, during which Jennifer Hudson belts Puccini’s “Nessun Dorma” at a women’s fashion show and Helen Mirren takes “one or two steps” at a closing party. I played and danced to Ciara.”
Dolce & Gabbana’s NFTs
The fashion industry surprisingly is making tremendous efforts to create awesome NFT collections that as well creates a uniqueness that comes with this industry. Dolce and Gabbana however aren’t taking a soft slide on how soon they achieve their NFT goals. They are set to showcase more future NFTs that would put them for a longer time in the limelight.
Dolce & Gabbana explained on Twitter, the other four works were digital-only. Built by UNXD using a polygon blockchain, based on sketches by brand designers Domenico Dolce and Stefano Gabbana.
Promises of a D & G experience, including invitations to future Alta Moda events, were included in each sale.
Physical items were exhibited at the glamorous salon of a 17th-century casino in Venice during the Alta Moda event. UNXD started the auction on September 21st and gradually ended from September 28th to 30th.
The Doge Crown emerged as the highest bid. The opulent headdress NFT with seven blue sapphires and 142 diamonds was bought by Red DAO for 423.50 Ether – which was $1.25 million (roughly Rs. nine crores) at the time of the auction. Following a significant rise in Ether value in recent days however, 423.50 Ether on Thursday, September 7 is equivalent to $1.52 million.
Merav Ozair, a blockchain guru and FinTech professor at Rutgers Business School, said
““We are heading into the world of virtual reality. When we reach that state, luxury goods will become part of that world sooner than we think.”
Apart from Dolce and Gabbana, other brands have embraced NFTs and the digital world in general. Gucci created an NFT called ‘Aria,’ a video from its fall 2021 collection. It was auctioned at 20,000 USD in June. Burberry brought to the market an NFT collection, and they sold it at 375,000 USD.
As more industries join the digital world, Dolce and Gabbana and UNXD create a crypto community. Various projects are underway which will result in more adoption of digital and physical arenas.