Dolce & Gabbana first NFT collection sells for more than $6M

The Italian fashion house sold its first NFT collection for 1885 Ethereum (ETH), about $6.4 million (~£5.7 million) at the time of writing. The collection called Collezione Genesi was launched on the new luxury marketplace UNXD built on the Polygon network.

Coindesk reports that the first collection of non-fungible tokens of Dolce & Gabbana, Collezione Genesi, was sold at an auction that began on 28th September and ended on Thursday, 30th September. It includes nine NFTs representing clothes and jewellery.

Limited and exclusive

Following the company’s positioning, the NFT collection was limited, which emphasised its exclusivity. All nine NFTs were unique and included items designed personally by Domenico Dolce and Stefano Gabbana shown in a video.

The largest amount was earned for NFT “The Doge Crown” – 423.5 ETH, or about $1.45 million (~£1.1 million) at today’s exchange rate, and for NFT “The Glass Suit” – 351.384 ETH, about $1.2 million (~£814,000). Two versions of “Dress from a Dream” were sold for more than $500,000 (~£370,000) each.

The winners received not only the NFTs but also physical versions of these items, as well as exclusive access to Dolce & Gabbana events.

NFTs and fashion

This auction was a great success. It took place just when Vogue Singapore released its September issue dedicated to NFTs and their influence on fashion, which probably contributed to the growing popularity of digital assets in the industry.

UNXD is also partnering with Polygon to launch a $10 million (~£7.4 million) “Cultural foundation” aimed at expanding the use of NFTs in the fashion industry.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.