Leading Italian luxury fashion house Dolce & Gabbana sold a nine-piece fashion NFT collection called the Collezione Genesi or Genesis Collection for a whopping $ 6 million.
Nick Jushchyshyn, director of virtual reality and immersive media programs at Drexel University, welcomed the move and said:
“These prices are not surprising. It has 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 is one of one. It makes perfect sense that there is an NFT collector in the world who values it. “
The fashion giant sold the non-fungible tokens (NFTs) to Red DAO, a decentralized digital fashion organization, Boston Protocol, and to top NFT collectors Pransky and Seedphrase.
Collezione Genesi and some haute couture were auctioned by UNXD, a culture-curated luxury digital marketplace, for a total of 1885,719 Ethereum.
A transition to a virtual reality world
Merav Ozair, a leading blockchain and FinTech expert at Rutgers Business School, acknowledged that a transition to a virtual reality world was being witnessed, and luxury goods would be part of the ecosystem.
According to the announcement:
“Five of the pieces were physical creations, designed and executed by Dolce & Gabbana, with virtual UNXD iterations for the metaverse: two versions of The Dress of a Dream, in gold and silver, both with sparkling beads and crystal accents; The crystal suit, an emerald green men’s suit, similarly adorned; and two gold-plated silver crowns with gem studs, called The Lion Crown and The Doge Crown. “
In September, Dolce & Gabbana entered the NFT metaverse with Collezione Genesi, a unique nine-piece collection personally designed by Domenico Dolce and Stefano Gabbana.
The NFT sector has seen a rebound in activities, given that the tokens offered are different from the typical ones due to fungibility.
NFTs are blockchain-based proprietary digital assets, and their value is tied to their uniqueness, given that tokens are not divisible and must be purchased in their entirety.
Therefore, these traits create intrinsic value for NFTs due to their limited supply.
In September, Spanish league LaLiga, Spain’s top soccer division whose top scorer is Lionel Messi, partnered with Ethereum-based fantasy soccer gaming platform Sorare to establish NFT for all of its players.
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