Italian Luxury Fashion House Dolce & Gabbana Sells NFT Collection for $5.7 Million

On September 30, the Italian luxury fashion house Dolce & Gabbana sold-out  NFT assortment for $5.7 million or 1,885 ether. The designers’ Collezione Genesi assortment was sold-out via the platform UNXD, a polygonal network-powered marketplace.

Dolce and Gabbana’s Collezione Genesi Rakes in 1,885 Ether

Dolce and Gabbana’s first-ever non-fungible-token (NFT) drop, Collezione Genesi raked in an exceedingly walloping 1,885 ether or $5.7 million, using ethereum (ETH) exchange rates at the time of sale on Thursday 2 notable NFTs brought within the most funds, “The DOGE Crown” and “The Glass Suit.”

“The Glass Suit” NFT was in person designed by Domenico Dolce and Stefano Gabbana and also the suit is each an NFT and a physical version tailored specifically for the winner. There have been additionally 2 versions of an NFT referred to as “Dress from a Dream” within the 9-piece “one-of-a-kind collection.”

“In a historic moment for the NFT system, Collezione Genesi is that the 1st luxury NFT collection that involves each digital and physical works, really bridging the physical and also the metaphysical,” Dolce and Gabbana’s NFT internet portal says.

The UNXD Culture Fund, Other Fashion Maisons Delving Into NFTs

In addition to the NFT collection sale on Thursday a brand new $10 million “Culture Fund” has been launched by UNXD. The aim of the “Culture Fund” is to accelerate the fashion industry’s enlargement into the metaverse and NFTs. The announcement said that the fund can bring completely different avenues of revenue to fashion brands and designers.

Dolce and Gabbana isn’t the sole fashion act within the business stepping into NFTs. An excellent range of different fashion maisons like Gucci, Burberry, and Louis Vuitton have all disclosed NFT promotions.

Burberry leveraged the legendary Games multiplayer on-line game Blankos Block Party to drop its NFTs and Louis Vuitton additionally used a game promotion. France’s Louis Vuitton launched a mobile game and players might collect a complete of thirty non-fungible tokens. The style label Gucci used the business firm Christie’s for its 1st NFT drop.