Dolce & Gabbana Bags $6M from Fashion NFT Collection “Collezione Genesi”

Leading Italian luxury fashion house Dolce & Gabbana sold a nine-piece collection of fashion NFTs dubbed Collezione Genesi or the Genesis Collection for a whopping $6 million.

Nick Jushchyshyn, a program director for virtual reality and immersive media at Drexel University, welcomed the move and said:

“These prices are not surprising. You have world-renowned designers creating something absolutely unique, with attention to detail — it is beyond what you expect to see in a typical digital rendering — and it’s a one of one. It makes perfect sense that there would be an NFT collector in the world who would value it.”

The fashion giant sold the non-fungible tokens (NFTs) to Red DAO, a decentralized digital fashion organization, Boston Protocol, and leading NFT collectors Pransky and Seedphrase.

Collezione Genesi and some couture were auctioned by UNXD, a curated digital luxury and culture marketplace, for a total of 1885.719 Ethereum.

A transition towards a virtual-reality world

Merav Ozair, a leading blockchain and FinTech expert at Rutgers Business School, acknowledged that a transition towards a virtual-reality world was being witnessed, and luxury goods would make part of the ecosystem.

Per the announcement:

“Five of the pieces were physical creations, designed and executed by Dolce & Gabbana, with virtual iterations by UNXD for the metaverse: two versions of The Dress from a Dream, in gold and silver, both with shimmering beads and crystal accents; The Glass Suit, an emerald-green men’s suit, similarly embellished; and two gold-plated and gem-studded silver crowns, called The Lion Crown and The Doge Crown.”

In September, Dolce & Gabbana stepped into the NFT metaverse with Collezione Genesi, a one-of-a-kind nine-piece collection personally designed by Domenico Dolce and Stefano Gabbana.

The NFT sector has experienced an uptick in activities, given that the tokens offered are different from the typical ones because of fungibility. 

NFTs are blockchain-based ownership digital assets, and their value is pegged on their uniqueness, given that the tokens are non-divisible and have to be bought in their entirety. 

Therefore, these traits create intrinsic value for NFTs because of their limited supply.

In September, the Spanish LaLiga league, the top football division in Spain whose top scorer is Lionel Messi, partnered with Ethereum-based fantasy soccer game platform Sorare to establish NFTs for all its players.