Dolce & Gabbana launches its first NFT collection, “Collezione Genesi”
Dolce & Gabbana is collaborating with the UNXD marketplace to launch a nine-piece collection of tokenized fashion items with the nonfungible token (NFT).
What is NFT? NFTs are non-fungible tokens, a unique string of characters that were first conceived within cryptocurrency circles but have since made their way into the wider community. They authenticate the originality of designs and artworks by being bought and sold in Ethereum and Bitcoin.
Unlike digital currencies, NFTs are not interchangeable or fungible. It is impossible to replace them. The uniqueness of each piece is what makes them worth so much, especially to collectors. The act of putting a timed collection on the market for sale is called a drop. The gold rush of the NFT has already reaped spectacular results.
Dolce & Gabbana was founded in 1985, which has since developed into a multinational giant that produces upscale clothing items for outrageous prices.
In a collection called “Collezione Genesi,” nine one-of-one NFTs are up for auction to begin Sept. 20. In the NFTs, Dolce and Gabbana’s garments are portrayed in illustrations and digital art, which may be worn in a hypothetical metaverse.
In this auction, the company is only letting “approved bidders” participate. Typical NFT fans will not be able to bid on this one. On Tuesday, the firm tweeted.
The auction will take place on Polygon, while the NFT will be minted on layer 1 Ethereum.
As this NFT adaptation by Dolce & Gabbana, in my view, luxury fashion will undergo a dramatic transformation thanks to NFTs in the coming years. Luxury products, as well as NFTs, rely on scarcity. An NFT is a type of collectible, just like a fashion or art show.
With NFTs, digital designs can now be turned into highly valuable, luxurious, and highly unique collector’s items that are highly scarce, valuable, and rare. Previously, customers could only express themselves physically, but now they can also do so virtually at an increased rate. One of the easiest examples of a product NFT would be when the asset is a digital twin of a real product and has its worth.
It is well known that customers do not buy a pair of shoes or a handbag because they need them urgently.
A certain brand has built a unique story and culture that attracts people who want to be a part of it. Like social assets, NFTs can offer customers a status, and they offer traders and investors a new market.
NFT updates and other similar trends should be followed by emerging brands in the fashion and arts industries.
You might consider collaborating with famous fashion designers and artists to enter this market. Several unique NFTs may also be helpful to gauge adaptation. Are you ready to adapt to the NFT trend? Our upcoming article will discuss Defi as the driving force of NFT.
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