What is it about luxury fashion brands like Dolce & Gabbana that can produce a loyal following? First, there’s the commitment to quality. D&G’s mission is to produce high-quality, luxury fashion goods, which they do well. They’re creative, modern, and unique. So it’s no surprise that when Dolce & Gabbana decided to dive into NFTs, they were one of the few brick-and-mortar companies to make it work.
Does Dolce & Gabbana Use NFTs?
Dolce & Gabbana debuted an NFT collection on UNXD. at the end of August 2021, which earned $5.65 million when the auction for the line ended at the end of September of the same year. The Collezione Genesi featured nine pieces representing each line in their fashion empire, from Alta Moda to Alta Gioielleria. What made this NFT collection particularly unique was that it featured both physical and digital works.
What is an NFT?
If you’re new to the world of cryptocurrency and digital products, you might be confused by the term NFT. NFT stands for non-fungible token, meaning that this token cannot be used as money (unlike cryptocurrency) and has a unique value.
NFTs are collectible, like baseball cards or original art, but instead of a physical object, you’re typically buying something exclusively digital. You usually need cryptocurrency to purchase an NFT, but some sites are moving to accept crypto and traditional credit cards as payment for NFTs.
How Are NFTs Used in Fashion?
Both NFTs and physical luxury brands like Dolce & Gabbana are collectible. You can certainly purchase a lower-priced NFT in the same way that you can purchase a knock-off designer dress, but the reality is that your knock-off isn’t collectible without the branding.
Luxury fashion is appealing because it’s unique, beautiful, and of the highest quality. However, few collectible fashion pieces are worn regularly out of respect for the immense amount of time and talent that went into making the garment.
NFTs make it possible to preserve the beauty of the original product. Take The Mosaic Impossible Jacket from the Collezione Genesi. This digital product is a work of art embroidered with sequins and inspired by the mosaics at St. Mark’s Basilica in Venice. As an NFT, this gorgeous jacket exists in perfect condition in perpetuity. And, while you enjoy your virtual product, your purchase can also earn you experiences IRL.
Dolce & Gabbana NFTs
It can be challenging for established physical brands to break into NFTs meaningfully. Dolce & Gabbana did it by creating a desirable digital product that also resulted in a real-life outcome. For some of the collection’s pieces, the purchaser would receive a custom-fitted physical copy of the NFT.
While this is undoubtedly a one-of-a-kind piece, the real value is in the NFT, which frees the owner to enjoy wearing the physical copy. For exclusively digital works, the purchaser also earned tickets to future in-person couture events with Dolce & Gabbana, such as an invitation to their Alta Moda show. Dolce & Gabbana is continuing to expand their NFT collection with UNXD.
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