Tag: Dolce & Gabbana

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

by Blockchain News

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. 

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$2M+ In Bids Already Placed For The First Dolce & Gabbana NFT Collection

by NEWSBTC

The auction for the digital items of Dolce & Gabbana ’s Collezione Genesi ends tomorrow. From a total of nine pieces, five have a physical and a digital version, which reportedly are wearables that can be used in the metaverse. This is the first high-fashion meets NFTs moment, but it certainly won’t be the last. Besides the competitors that are surely going to pop out soon, Dolce & Gabbana themselves are planning a whole lot more in the space.

Related Reading | NFT Project To Donate 100% Of Income To Help Afghan Women Access Education

But, let’s not get ahead of ourselves. The official auction site describes the collection as:

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“In a historic moment for the NFT ecosystem, Collezione Genesi is the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical.”

The legendary fashion brand, Dolce & Gabbana, is working alongside UNXD, who describe themselves as “a curated marketplace for the best of digital culture.” They inform us that “All pieces were personally designed by Domenico Dolce and Stefano Gabbana exclusively for UNXD.” Here’s a phenomenal video showing the nine available items, but, make sure to notice that since it was published the bids have doubled up. And the number will probably increase tomorrow.

Also, notice that the tweet comes from Polygon’s co-founder Mihailo Bjelic. The Dolce & Gabbana ’s NFTs live on the Polygon network.

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Dolce & Gabbana Hits First And Hits Hard

Even to the casual observer, it’s obvious that Dolce & Gabbana ’s Collezione Genesi is a well-thought-out project. Their advisors knew what they were doing.  As we said, the NFTs come with a digital wearable piece. They also include a handmade sketch of the piece, and, more importantly, access to a community.

As NewsBTC established when analyzing Gary Vee’s Christie’s auction, community and access might be as important as the art when it comes to NFTs. The Dolce & Gabbana team obviously understands that, so they’re offering two crucial items with their genesis collection. 1.- A 3-day pass to Dolce & Gabbana ‘s “Alta Moda couture,“ the brand’s own biggest event for next year. The pass includes access to all the shows and parties. Plus, a private atelier tour. 2.- Membership to the DGFamily NFT community.

For a better explanation of that last item, let’s quote UNXD:

“Dolce & Gabbana will next roll out the #DGFamily NFT community. 4 exclusive levels, including an ultra-exclusive gold level whose inaugural members will be the winners of this Genesis auction. A similar approach to digital + physical + experiential access.”

So, this auction is the first step in a journey of a thousand miles, so to speak. Dolce & Gabbana is all in on the NFT space.

High Fashion And NFTs Belong Together

When our sister site Bitcoinist announced Dolce & Gabbana ‘s NFT collection, they made a great point:

“What’s more, high fashion and acquiring expensive items is not about necessity. Rather, it caters to being part of the luxury culture and communicating status. In many ways, NFTs also fit this bill, in that, they too have become indicative of status.”

However, for the fusion to succeed, there needs to be a landmark case. A moment that makes everyone involved see the light. Is this Dolce & Gabbana collection it? Well, it mixes the crypto universe with the real world and it’s backed by a legendary brand, but, is that enough? 

According to UNXD, the collection took the creators “an insane 16,000 hours of collective time.” It consists of “9 one-of-a-kind pieces that will never be made again.” So, you know?, it’s rare. Also, “Many of the pieces used creation techniques that are only known by a handful of people alive today. This is museum-grade work.” To top it all off, they promise, “These pieces look and “feel” real and will change how people think of digital assets.” 

Related Reading | How Polygon Will Seek To Strengthen DeFi With $2 Million Bug Bounty

That sounds incredible, but, it also opens a question. In what metaverse will they be wearable, exactly? Which one of your digital avatars will you be able to crown with “The Impossible Tiara” or “The Doge Crown”?

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Dolce & Gabbana Launches First NFT Collection “Collezione Genesi”

by Blockchain News

Dolce & Gabbana has made its foray into the Non-Fungible Token (NFT) metaverse with the launch of its first collection, the “Collezione Genesi.”

According to the iconic fashion brand, the Collezione Genesi is a one-of-a-kind, 9-piece collection personally designed by Domenico Dolce and Stefano Gabbana. The piece was designed exclusively for UNXD, a Polygon Network-powered NFT Marketplace.

The collections are both available as physical items and as NFTs. While the plan is for the physical items to end up in a museum, there are numerous benefits to the collectors who will eventually win the bids for the items. The rarity of the nine items is unquestionable as the artists dedicated thousands of hours to design them.

“We believe this collection represents the future of NFTs. A way for the metaverse and the universe to coexist and be both integrated and additive. We’ve spent a great deal of time thinking about how to create an amazing experience for our collectors and community,” the official announcement reads.

“This is a celebration of human artistry and craftsmanship. Of what humans can do that machines simply cannot on their own. These creations, both digital and physical, are magical. They took thousands upon thousands of hours to craft. They will 100% end up in a museum one day.” 

Non-Fungible Tokens are becoming a way for global brands to connect with their fans and audience worldwide. Dedicated marketplaces which have sprung up have seen increased patronage this year, a trend that spikes transaction volumes on these exchanges. The partnership between UNXD and Dolce & Gabbana is aimed at contributing to driving the adoption of NFTs. The auction for the Collezione Genesi is billed to open from the 28th to the 30th of September.

“The Collezione Genesi auction will start on September 20th on UNXD, with different closing dates for each item category from September 28-30th. Whitelist now open on UNXD.com, with full account sign-up and Metamask wallet connect opening next week,” D & G noted.

The auction will be conducted in Ethereum, while the “NFTs will be minted on layer 1 Ethereum, while the auction will take place on Polygon.”

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Nifty News: Dolce & Gabbana’s historic NFTs, ’26 minute’ CryptoPunk flip, FTX spammed

by Cointelegraph

Dolce & Gabbana knocking on the Dior of NFTs

Luxury Italian fashion house Dolce & Gabbana is entering the NFT sector with a nine-piece collection of tokenized fashion pieces in collaboration with the Polygon-based UNXD marketplace.

The firm was founded by designers Domenico Dolce and Stefano Gabbana in 1985 and has since evolved into a multinational giant that offers high-end fashion items for eye-watering prices.

Dubbed “Collezione Genesi” the collection consists of nine one-of-one NFTs that are up for auction starting Sept. 20. The NFTs depict illustrations and digital art of garments designed by Dolce and Gabbana, which can be utilized as wearables in an unspecified metaverse.

Ordinary NFT fans won’t be able to ape into this one as the firm is only allowing “approved bidders” to participate in the exclusive auction. The firm tweeted on Sept. 7:

“This is a celebration of human artistry and craftsmanship. Of what humans can do that machines simply cannot on their own. These creations, both digital and physical, are magical. They took thousands upon thousands of hours to craft. They will 100% end up in a museum one day.”

While details are sparse at the time of publication, the firm has hinted at long-term ambitions in the NFT space after stating that it will unveil an “exciting roadmap” next week.

“As with all successful NFT projects, this debut collection is not where the story ends, but where it truly begins. Winning collectors/hodlers can also be assured there will be more exclusive surprises for them in the future,” the firm said.

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Temporary CryptoPunk mystery

There were reports this week that well known NFT whale Pranksy held a CryptoPunk NFT for just 26 minutes before selling for a $1.23 million profit.

Web Smith, a writer for online publication 2PMinc highlighted the half hour NFT trade via Twitter on Sept. 6 and noted that:

“If you went to school to specialize in wealth management or finance, you are likely paralyzed by this moment in time.”

The NFT in question is CryptoPunk 6275 which depicts a green zombie with a mohawk. Its transaction history shows that Pranksy bought the NFT for 1,000 Ethereum (ETH) worth $3.89 million on Sept.4.

Smith’s claim that the CryptoPunk was held for 26 minutes appears to be mistaken, as the transaction data shows that Pranksy held the NFT for six hours before selling it for $5.12 million later that day.

In response to Smith’s post, various users accused it of being a wash trade to pump the price of the asset. CoinGeek founder Calvin Ayre — who thinks everything is a scam and is rich enough to make defamatory accusations without any evidence — questioned whether it was “to manipulate the market or launder money, or both… that is the only real question.”

Pranksy himself posted about the trade via Twitter on Sept. 5, and emphasized that liquidity is key when dealing with NFTs:

Rakuten to launch NFT marketplace

Japanese e-commerce giant Rakuten is set to launch an NFT marketplace in the spring of 2022.

The Rakuten NFT marketplace will follow a similar route to Jack Ma’s Alibaba-based NFT platform, as it is aimed at enabling IP holders to sell their tokenized content from categories such as sports, entertainment, music and anime.

Along with ecommerce, Rakuten also provides services in sectors such as fintech, telecommunications and entertainment. The firm has stated that the new NFT marketplace will be linked to its other services, with users being able to acquire NFTs as prizes or rewards related to other products and services. There are also plans to enable users to redeem Rakuten points when trading on its NFT marketplace.

Rakuten is no stranger to crypto and blockchain tech, and Cointelegraph reported in March that the firm integrated its digital wallet with its e-commerce platform to enable customers to use Bitcoin for online shopping payments.

Related: 1inch Network sponsors crypto-themed animated NFT series

FTX spammed with fish

Following the launch of FTX’s new NFT marketplace, the platform was spammed with so many pictures of fish that it temporarily changed its NFT submission fee to $500.

Founder and multi-billionaire Sam Bankman-Fried tweeted on Sept. 6 that ”due to the massive number of submissions, too many of which were just a picture of a fish, we are now charging a one-time $500 fee to submit NFTs.”

In response to the move, a significant number of users pointed out that the expensive fee structure will deter people from using the platform while highlighting that there are cheaper alternatives on the market.

It appears that Bankman-Fried was responsive to the concerns of the community, and revealed on Twitter that the platform removed the $500 fee, and instead will charge a flat $10 per minted NFT.

Roundup

In rare NFT FUD, the NFL has reportedly barred all teams and members from crypto-related sponsorships and advertisements, as well as nonfungible token (NFT) sales until the league establishes a strategy “for sports digital trading cards and art.”

Cointelegraph reported on Sept.6 that Lobby Lobster NFTs depicting cartoon lobsters in suits raised more than $4 million to support lobbying efforts supporting the decentralized finance (DeFi) sector.