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Italian fashion brand Dolce & Gabbana creates an NFT

Pavan A Follow

INDIA

Oct, 05 2021

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Dolce & Gabbana, an Italian luxury fashion house, sold an NFT line for $5.7 million (1,885 ether) on September 30. UNXD, a Polygon network-powered marketplace, was used to sell the designers’ Collezione Genesi collection.

Dolce & Gabbana revealed it’s first-ever NFT collection at their Alta Moda show on August 28th. This is the first time the legendary brand enters the NFT sector. It’s no wonder that high-end fashion labels have joined on board as NFTs make a comeback.

Dolce & Gabbana is creating limited-edition experiences that allow the company to engage with its fans on a deeper, more meaningful level. The UNXD COO Nick Gonzalez says that this collection “bridges the creative work from the physical to the metaphysical.”

He further adds that as more brands enter the space, a lot more opportunities for success for them will be possible. They will see how digital ownership can help align with their true brand essence and core business strategies.

The initial NFT collection from Dolce & Gabbana wasn’t digital: certain products included a physical piece of apparel or jewellery, besides the digital version.

According to the NFT online portal of Dolce & Gabbana, “In a historic moment for the NFT ecosystem, Collezione Genesi is the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical.”

UNXD has announced that they will create a $10 million culture fund on Thursday. The “Culture Fund’s” goal is to hasten the fashion industry’s expansion into the token space. The fund will provide fashion firms and designers with a variety of cash streams, according to the release.

In addition to Dolce & Gabbana, there are also a lot of other fashion houses getting in on the NFT trend. NFT promotions have been announced by a slew of other designer houses, including Gucci, Burberry, and Louis Vuitton.

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Pavan A

CBW - External Analyst

INDIA

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