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Dolce & Gabbana Bags $6M from Fashion NFT Collection “Collezione Genesi”

Leading Italian luxury fashion house Dolce & Gabbana sold a nine-piece collection of fashion NFTs dubbed Collezione Genesi or the Genesis Collection for a whopping $6 million.

Nick Jushchyshyn, a program director for virtual reality and immersive media at Drexel University, welcomed the move and said:

“These prices are not surprising. You have world-renowned designers creating something absolutely unique, with attention to detail — it is beyond what you expect to see in a typical digital rendering — and it’s a one of one. It makes perfect sense that there would be an NFT collector in the world who would value it.”

The fashion giant sold the non-fungible tokens (NFTs) to Red DAO, a decentralized digital fashion organization, Boston Protocol, and leading NFT collectors Pransky and Seedphrase.

Collezione Genesi and some couture were auctioned by UNXD, a curated digital luxury and culture marketplace, for a total of 1885.719 Ethereum.

A transition towards a virtual-reality world

Merav Ozair, a leading blockchain and FinTech expert at Rutgers Business School, acknowledged that a transition towards a virtual-reality world was being witnessed, and luxury goods would make part of the ecosystem.

Per the announcement:

“Five of the pieces were physical creations, designed and executed by Dolce & Gabbana, with virtual iterations by UNXD for the metaverse: two versions of The Dress from a Dream, in gold and silver, both with shimmering beads and crystal accents; The Glass Suit, an emerald-green men’s suit, similarly embellished; and two gold-plated and gem-studded silver crowns, called The Lion Crown and The Doge Crown.”

In September, Dolce & Gabbana stepped into the NFT metaverse with Collezione Genesi, a one-of-a-kind nine-piece collection personally designed by Domenico Dolce and Stefano Gabbana.

The NFT sector has experienced an uptick in activities, given that the tokens offered are different from the typical ones because of fungibility.

NFTs are blockchain-based ownership digital assets, and their value is pegged on their uniqueness, given that the tokens are non-divisible and have to be bought in their entirety.

Therefore, these traits create intrinsic value for NFTs because of their limited supply.

In September, the Spanish LaLiga league, the top football division in Spain whose top scorer is Lionel Messi, partnered with Ethereum-based fantasy soccer game platform Sorare to establish NFTs for all its players.

NFTs to be Instrumental for Fashion Industry in the Metaverse, GlobalData Analyst Says

With non-fungible tokens (NFTs) continuously taking the world by storm, these digital assets are perfect for fashion in the metaverse, according to Amrit Dhami, a thematic analyst at GlobalData.

She noted:

“While there is significant uncertainty about what the metaverse will look like, we do know that it will be populated by avatars. Gamers already pay substantial amounts of money for in-game skins, so it stands to reason that metaverse visitors will also naturally invest in clothing and accessories for their avatars.”

Given that NFTs reflects proof of ownership of an asset like an image, these creations have the potential of changing the fashion look in the metaverse because users are offered the chance to buy ‘NFT clothing’ just like the way people purchase custom-made outfits.

Dhami added:

“These clothing items will not only allow people to build up virtual premium fashion wardrobes to express themselves in the metaverse, but these digital versions may become more valuable than their real-life counterparts due to their ‘non-fungible’ nature.”

NFTs are different from a typical crypto token because of fungibility. A fungible token can be exchanged for another, whereas a non-fungible one cannot be based on its finite nature.

Therefore, the metaverse will provide designers with an opportunity to showcase their creativity through NFTs. Furthermore, they can create private communities with exclusive access to upcoming NFT collections like Dolce & Gabbana. The leading Italian luxury fashion house sold a nine-piece collection of fashion NFTs dubbed Collezione Genesi for a whopping $6 million in October 2021.

With gaming being at the heart of the metaverse, there is significant potential for game developers and fashion houses to collaborate to create new skins for gamers, Dhami concluded.

Meta Partners with Digital Brand DressX for New Avatar Store

Meta said that it is partnering with digital fashion startup DressX for Meta’s new Avatar Store.

The partnership with the Los Angeles-based startup will introduce new avatar fashion on the Avatar Store. To Meta, this is the first cooperation with a digital fashion retailer, per online media outlet Forbes. This is also a milestone for DressX as well, as the startup is the “first digital fashion company to provide for Meta’s new avatar fashion marketplace, whose arrival last month,” according to Vogue Business.

“The opportunity of the scale that we can achieve with Meta is great,” said DressX co-founder Daria Shapovalova, adding that “For us, it is a little victory because when we started, there was nothing [for digital fashion]. The goal is to make it easier to wear digital fashion. We want people to wear collections from DressX on Snapchat, Meta, Roblox and more.”

Users can start purchasing DressX outfits from July 19. They can wear them on avatars across Meta platforms, including Messenger, Facebook, Instagram and VR headset Quest.

Meta rolled out its upgraded 3D avatars at the start of this year as part of an ongoing push into the metaverse. In addition, constructing new infrastructures in the Metaverse has become a promising industry business.

Launched in 2020, DressX offers digital-only collections from brands and 3D designers.

The Block reported, citing Crunchbase profile, that the digital fashion startup has raised $3.3 million in funding. It was also the first digital fashion brand to launch a collection on Roblox.

Previously, DressX collaborated with H&M to launch virtual fashion for the fashion brand. It also became a finalist for LVMH’s 2022 Innovation Award.

This partnership comes after Meta, formerly Facebook Inc, announced that it would shut down its Novi cryptocurrency digital wallet on September 1 this year.

The social media giant has already advised users to make withdrawals of their funds as soon as possible and notified them that users wouldn’t be able to add funds to their accounts starting on July 21.

Furthermore, Meta’s Facebook has also reportedly commenced trials for the integration of non-fungible tokens (NFTs) on its platform, Blockchain.News reported.

As reported by TechCrunch, the users that have been granted exclusive access will be able to add their NFTs on their profiles under a new tab. The report detailed that a ‘digital collectables’ tag will be added on the NFTs just as it is on Instagram.

Image source: DressX