Hi NFT community member
I hope you’re doing well.
This week has been another eventful week in the world of NFTS. Frank Miller’s ‘Sin City’ NFT sold for a record $840K, the record being the highest fee so far achieved by a writer/artist. We had the Evolved Apes scam which was a good reminder to people to stay vigilant and not get too complacent in a space that is still finding its feet. Like any industry where big money is involved, traditional art, jewelry, finance, crypto, etc, bad folk are waiting to pounce. Always do your research and try not to FOMO into these pfp projects without due diligence.
One of the biggest news items and one that I want to focus on was Dolce & Gabbana setting a $6 Million Fashion NFT Record.
For those of you who pay attention to the fashion business, you may remember that in 2018 Dolce & Gabbana the Italian fashion house found themselves in hot water when they released a video of a Chinese model eating Italian delicacies with chopsticks and this led to a string of offensive statements from the designers which not only angered the people of China, it angered the world. The brand was ‘canceled’ on social media and many weren't sure how or if the brand would ever recover.
As is often the case, time is a healer and with the Covid era taking a lot of our attention among other things, it seems the time has come for D&G to put that behind them, it also seems public sentiment aligns.
Recently, the brand announced that it had sold out its nine-piece digital collection of NFTs alongside physical couture items. These nine pieces combined for a total of 1885.719 ETH in revenue (approximately $5.7 million).
The collection, titled Collezione Genesi, was auctioned through UNXD which is a digital luxury marketplace. Five pieces were physical designs developed by D&G, while UNXD created the virtual iterations. The other four pieces were exclusive digital pieces based on sketches from the brand’s designers.
Since the collection was announced, Ethereum rose 10%, making the collection worth over $6 million.
As NFTs become a more sought-after commodity, luxury fashion houses have been finding different ways to capitalize on the digital space. I am part of a team that is helping high-end brands navigate this space and I can tell you that there is a lot of exciting projects to come. It’s not just about digital fashion either, there are so many options avaialble that will excite fashion and NFT enthusiasts equally, what we’re currently seeing in the NFT space is just the tip of the iceberg.
What are your thoughts on Fashion collectibles?
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Thanks for reading, David Skilling.
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Disclaimer: None of the content I provide should be considered advice. The thoughts and ideas presented are personal opinions and for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make. The ideas presented here are my opinions at the date of writing and may change in the future. I’m also not a professional journalist or writer, so go easy on me :)