Dolce & Gabbana reports record sales for first NFT collection
Dolce & Gabbana’s first foray in the NFT world has proved fruitful. The Italian luxury label has sold its first virtual collection of non-fungible tokens (NFTs) for a record 1,885.73 ethers, equivalent to approximately $5.6 million at the current exchange rate, Dolce & Gabbana has stated.
NFTs are unique digital assets that cannot be reproduced thanks to their use of blockchain technology. They have become very popular in the art world, where they are traded on a number of platforms for astronomical sums, and are now winning over fashion labels, many of which are rushing to tap this high-potential sector.
In the case of Dolce & Gabbana, the Genesi collection consists of nine NFTs, nine digital couture looks inspired by the history and tradition of Venice: three men's jackets, one men’s suit, two dresses, two crowns and a tiara. They have been auctioned from September 1 exclusively on UNXD, a platform operated by the Polygon organisation that was launched this summer with the ambition to become a benchmark in digital luxury.
Some of the items have also been physically manufactured as part of Dolce & Gabbana’s couture and high jewellery collections, for the label’s Alta Moda, Alta Sartoria and Alta Gioielleria lines, which were unveiled in Venice in late August. The Milanese luxury house offered buyers, as part of their virtual purchasing package, the possibility to own tailor-made digital clothes, and to be invited to the next highly exclusive Alta Moda shows by Dolce & Gabbana.
“The buyers were among some of the world's top NFT collectors,” said Dolce & Gabbana, without specifying whether the transactions for this record sale will be carried out using cryptocurrencies or old-fashioned hard cash.
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