It is no new news that cryptocurrency is changing the world and most organizations and countries are seeking ways to stake their claim in the thriving blockchain industry. Recently, there has been a massive crypto adoption that cuts across various industries such as sports, health, tourism, banking, real estate, and gaming.
While all these are lucrative, the biggest deal within the blockchain space is NFTs which stands for “non-fungible token,” which has proven to be a massive hit, especially for artists and other creators. Recently, various brands have announced the creation of their NFTs, and one of the most recent brands to announce its NFTs is the luxury fashion brand Dolce & Gabbana.
D&G’s Profitable NFT Adventure
Although this would be its first dive into the world of NFTs, its collection, the Collezione Genesi, raked in a whopping $5.65 million in a sale that was closed on Thursday. When the fashion brand first announced its plans to assemble its collection, the world was stunned, and few had doubts whether these NFTs would make as many waves as anticipated.
Dolce & Gabbana put out nine NFTs which were launched on the popular marketplace UNXD, which is built on Ethereum layer 2 Polygon. These NFTs were intentionally put out to create an impression about the luxury fashion brand and were designed by the gurus Domenico Dolce and Stefano Gabbana for UNXD.
One of the items, called Glass Suits, which was designed by the fashion maestros, raked in more than a million dollars after it was put out, which in crypto terms was worth around hwich351.384 ETH. These NFTs come with a bonus physical suit that is tailored made to fit the owner’s specifications. The Glass Suit is prized as one of the most valuable suits sold by Dolce & Gabbana.
Another successful piece put out by the brand, “Dress from a Dream,” which had two versions, gold, and silver, fetched more than $500,000, and also, successful bidders would receive physical versions of the suit alongside a free pass to events hosted by Dolce & Gabbana.
Potential in the Fashion Space
Dolce & Gabbana’s adventure into the NFT fashion space shows the huge potential NFTs have in the industry. The Mosaic Impossible Jacket, a piece of wearable digital art which was inspired by one of Venice’s most beautiful views, as well as the “Impossible Tiara,” have both sold for around $300,000 (£222,000), showing how successful this NFT sale proved to be.
UNXD has also teamed up with Polygon to develop a $10 million “Culture Fund” to help the fashion sector embrace NFTs. More fashion organizations are expected to dive into the crypto world and try and get a slice out of the NFT cake in the days to come. Click here to understand more about NFTs.