Fashion storms the digital world, Pranksy buys first D&G NFTs
Dolce & Gabbana is one of the biggest fashion houses globally, they recently left their mark in the digital world as well by dropping the Collezione Genesi NFT collection. The 9-piece collection features both physical and digital items, and it has already recorded major sales. Currently, there are only 5 items left, and bidding for the last NFTs in the collection is closing in less than 48 hours.
Fashion duo Domenico Dolce and Stefano Gabbana personally designed each of the NFT items in collaboration with UNXD. According to the official website, the collection is inspired by two themes. The first theme connects to Venice and its glass, a legacy that has made the city known worldwide. The second relates to the tradition of the toast, which represents a moment of celebration of health, family, and love.
Dolce & Gabbana is among the top 5 fashion houses globally, with millions in revenue every year. Their move into digital fashion is a natural progression of the industry’s push to evolve with the times. Additionally, D&G was in need of a little good publicity, after a major racism scandal involving the brand late last year. Following the scandal, Dolce & Gabbana has lost the majority of its position in China. That’s a serious blow to revenue.
Still, the fashion giant is working hard to stay relevant, which explains the recent push into digital fashion. For the moment, it looks like this was a move in the right direction as Collezione Genesi is attracting a lot of attention. The four items that have already found new owners generated a cumulative of $1.17 million in sales volume. With 5 more items still receiving bids, this collection will likely sell for more than $2 million combined.
This is an undeniable success for the fashion giant. However, some might even say, D&G is a little late to the party, considering the wave of fashion brands that have already made the jump into digital wearables and NFTs.
Dolce & Gabbana join in the fashion NFT movement
Collezione Genesi by Dolce & Gabbana is just the last one in a series of major fashion statements in the NFT space. As NFTs enter the mainstream, big brands are turning towards this new vehicle for creating scarcity and value for collectors. Not to mention, NFTs allow for much more global access. Fashion now reaches new markets that were previously unavailable to the industry.
As the fashion and NFT worlds merge, new projects are released by the minute. Below you’ll find examples of some of the brands and companies that have taken a leap of faith and joined the NFT community to bring digital fashion and digital ownership to the masses
With Digitalax, RTFKT Studios, and The Fabricant, the NFT space has brought forward digital fashion designers that are already selling their work to the public. These items can be used in augmented reality apps, virtual worlds, or inside games. These are companies front-running an industry still in its infancy.
On the other hand, we have fashion companies like Burberry and Gucci that already dipped their toes in NFTs. Both fashion houses have started designing digital fashion or adding their style to game wearables. As players gain more control over their online representation and avatars, the hunger for digital fashion will only increase.
Pranksy apes into Dolce & Gabbana NFTs
While Pranksy doesn’t necessarily strike us as an obsessive fashion fan, his NFT collector’s instincts kicked in. He purchased The Golden Impossible Jacket and The Impossible Tiara for 99 ETH each.
Considering the vast array of examples of how fashion is steadily entering the digital universe, Pranksy must have had a good hunch. Purchasing two digital fashion items for upwards of $500,000 might seem like a far-fetched investment decision. Yet, it turns out Pranksy might not be that far out.
Digital fashion is only in its infancy. However, as the Metaverse grows and more digital worlds take the spotlight, the need for high-end digital wearables will increase. These brands are pioneering a new era in fashion, which caters to the ever-evolving needs of an increasingly digital global population.