The fashion industry has been a world of bold statements and high market values for centuries, but never has it been more digitized and investable than today. At Dolce & Gabbana, we’ve witnessed the rise of new investment assets such as NFTs skyrocket into the public sphere, and we’re excited to see the power of the combination of high-end fashion and digital art.
NFT Basics
NFTs, or “non-fungible tokens,” simply refer to the blockchain-recorded data that proves ownership of any given physical or digital asset. For example, if a famous artist creates a digital painting, they can sell that piece on a blockchain system (such as that of Bitcoin or Ethereum). The person who buys their piece of art (which is an NFT) will have their ownership recorded on the blockchain (which is permanent) and will then own that piece of art as if they had an original physical painting in their home. In some cases, the artist may also create a physical version to be sold with the digital version.
NFTs in Fashion
So how exactly does the fashion industry find its way into NFTs and vice versa? Elite designers, from Dolce & Gabbana to Burberry, have begun offering NFTs of new, premium designs, some of which also include physical copies of the fashion pieces themselves. These fashion NFTs can sell for hundreds of thousands to millions of dollars, and this new investment and fashion trend has exploded with the success of such marketplaces as UNXD. With the high value of such pieces, it’s only fitting that NFTs are built on blockchain technology, which is one of the most secure methods of trading and investing in the world.
Dolce & Gabbana’s Collezione Genesi
A set of fashion pieces that has already demonstrated the lucrative nature of fashion NFTs is our own Collezione Genesi at Dolce & Gabbana. Collezione Genesi was a collection of nine unique NFTs personally designed by Domenico Dolce and Stefano Gabbana to be sold on UNXD, an NFT marketplace that functions on Polygon. Furthermore, the bidders who acquired the NFTs didn’t only get the digital assets but also received physical versions of the pieces.
This collection of nine fashion NFTs ultimately sold for an impressive $5.65 million. The most valuable item in the collection was The Doge Crown, valued at $1.3 million. This piece was inspired by the Piazza San Marco in Venice and is the result of countless hours of creative work by Dolce & Gabbana.
A close second in terms of overall value was The Glass Suit, which sold for just over $1 million. This sculptural piece of fashion brings a unique shimmer to the classic suit format. It is a breathtaking tapestry of green and gold, the physical version being woven by eight different seamstresses for several months.
Invest in Fashion with Dolce & Gabbana
Whether you’re looking to up your style and make a new statement or to invest in the next NFT to enter the fashion space, spend some time shopping our excellent collections at Dolce & Gabbana. Fashion isn’t just something you wear; it’s something you invest in.