The leading Italian luxury fashion house Dolce & Gabbana sold a nine-piece collection of fashion NFTs called the Collezione Genesi or Genesis Collection for a whopping $ 6 million.
Nick Jushchyshyn, Program Director for Virtual Reality and Immersive Media at Drexel University, welcomed the move, saying:
“These prices are not surprising. You have world-renowned designers who, with an eye for detail, create something absolutely unique – it goes beyond what you would expect from a typical digital rendering – and it’s one of a kind. It makes perfect sense that there is an NFT collector in the world who would appreciate 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 off by UNXD, a curated digital luxury and culture marketplace, for a total of 1,885,719 Ethereum.
A transition to a virtual reality world
Merav Ozair, a leading blockchain and fintech expert at Rutgers Business School, admitted that a transition to a world of virtual reality is on the horizon and luxury goods are becoming part of the ecosystem.
According to 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 pearls and crystal accents; The Glass Suit, an emerald green suit for men, similarly decorated; and two gold-plated silver crowns set with precious stones, called The Lion Crown and The Doge Crown. “
In September, Dolce & Gabbana entered the NFT Metaversum with Collezione Genesi, a unique nine-part collection designed personally by Domenico Dolce and Stefano Gabbana.
The NFT sector has seen a surge in activity as the tokens on offer differ from the usual ones due to their fungibility.
NFTs are blockchain-based digital possessions and their value depends on their uniqueness as the tokens are indivisible and must be purchased in full.
Therefore, due to their limited supply, these characteristics create intrinsic value for NFTs.
In September, the Spanish LaLiga league, the top soccer league in Spain whose top scorer is Lionel Messi, teamed up with the Ethereum-based fantasy soccer game platform Sorare to set up NFTs for all of their players.
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