Dolce and Gabbana sets new $6 million fashion NFTs record

Fashion behemoth Dolce Gabbanas has set a 6 million record by the sale of a fashion NFT.
Fashion behemoth Dolce Gabbanas has set a 6 million record by the sale of a fashion NFT.

Fashion behemoth, Dolce & Gabbana’s has set a $6 million record by the sale of a fashion NFT. This is following a successful online auction of a nine-piece digital and physical collection.

The Dolce & Gabbana NFTs had previously been canceled after the brand’s connection with an offensive statement was revealed. The statement was characterized as racist, sexually discriminatory, and body shaming.

This was the aftermath of  a video by an Asian model eating noodles ‘as it should not be’ went viral in association with the luxury firm. This resulted in a drop in sales and reduction of their assets value.

Dolce & Gabbana bags $6.3 million in NFT sale

The fashion company has surprised the digital world by releasing a nine-piece collection of NFTs, as well as some couture. The line has earned the luxury brand 1885.71 Ethers, which is roughly $6.388 million USD.

The collection, titled Collezione Genesi by Dolce & Gabbana and sold by UNXD, is made up of museum-grade artifacts handcrafted in the fields of Alta Moda, Alta Sartoria, and Alta Gioielleria. UNXD is a digital culture-focused marketplace.

Collezione Genesi is the first luxury NFTs that is connecting both the physical and digital works hence creating a historic moment in the NFTs market.

Fashion NFTs

The collection was received enthusiastically as soon after it hit the market. It earned a lot of praise and strong approval. The news caused the cryptocurrency value to skyrocket by up to 10%.The worth of the collection has increased to approximately 6 million US dollars, which will be transferred to Dolce and Gabbana without the auction token.

This project was a concept by Shashi Menon who is also the founder and Chief Executive of UNXD. Shashi shared the idea with Dolce and Gabbana and according to his account they were intrigued. This is how the nine-piece Genesis collection came to be. Five of the pieces are physical while the four other pieces are exclusively digital.

Other fashion firms are also joining the digital revolution and utilizing NFTs. Gucci produced NFTs from its fall 2019 collection for a total of 20,000 dollars and sold it in June.