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Dolce & Gabbana, an Italian Luxury Fashion House, Sells NFT Collection for $5.7 million

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

On September 30, the Italian luxury fashion house Dolce & Gabbana sold an NFT collection for $5.7 million or 1,885 ether. The Collezione Genesi collection of designers was sold through UNXD, an online marketplace powered by Polygon.

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 a whopping 1,885 ether or $5.7 million, using ethereum (ETH) exchange rates at the time of sale on Thursday. Two notable NFTs brought in the most funds, “The Doge Crown” and “The Glass Suit.”

“The Glass Suit” NFT, which was designed by Domenico Dolce & Stefano Gabbana, is both a NFT and a physically tailored suit for the winner. Two versions of the NFT “Dress from a Dream” were available in the nine-piece “oneofa-kind” collection .”

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“A historic moment in the NFT ecosystem, Collezione Gensi is the first luxury NFT-related collection to include both digital and physical works. This bridging of the metaphysical and the physical is a true breakthrough,” Dolce and Gabbana’s NFT portal states.

The UNXD Culture Fund, and Other Fashion Maisons Exploring NFTs

In addition to the NFT collection sale on Thursday, a new $10 million “Culture Fund” has been launched by UNXD. UNXD has launched the “Culture Fund”, which aims to help the fashion industry expand into the metaverse and NFTs. In the announcement, it was stated that the fund would provide different revenue streams for fashion designers and brands.

Dolce and Gabbana are not the only fashion companies getting into NFTs. NFT promotions have been announced by a number of fashion houses, including Gucci, Burberry and Louis Vuitton.

Burberry used the Mythical Games multiplayer online gaming game Blankos Block Party, to get rid of its NFTs. Louis Vuitton also made use of a game promotion. France’s Louis Vuitton launched a mobile game and players could collect a total of 30 non-fungible tokens. Gucci fashion label used Christie’s auction house for its first NFT drop.

What do you think about Dolce and Gabbana’s NFT sale? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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