Dolce & Gabbana’s NFT Experiment Is A Million-Dollar Success Story

When it was announced ahead of Dolce & Gabbana’s Alta Moda show in Venice that the designers planned to auction off NFTs (non-fungible tokens, FYI), the fashion world was intrigued. Would anyone – even someone from the rarefied world of couture – spend six figures on something so intangible? Evidently the answer was yes.

An item from the Collezione Genesi NFT, called the Glass Suit and designed by Domenico Dolce and Stefano Gabbana, has fetched a little over $1 million (£740,000) at auction – which is 351.384 ETH, to be all crypto about it. To be clear, in addition to their NFT, the new owner will also get a physical suit – tailored to their specifications – for that price. It is the most valuable suit that Dolce & Gabbana has ever sold. Two versions of the Dress from a Dream – one gold, one silver – have also been bought by successful bidders, who will receive bespoke, physical versions of the gowns. Both fetched more than $500,000 (£370,000).

But the digital-led pieces are selling, too. The Mosaic Impossible Jacket – a piece of digital wearable art “inspired by one of Venice’s most spectacular sights”, has been snapped up for around $300,000 (£222,000), as has the “Impossible Tiara”. The digital-led lots were listed with some “experiential” bonuses – the new owners will have access to Dolce & Gabbana couture shows for a year, and enjoy private tours of the Milan atelier.

Collezione Genesi NFT, created in collaboration with the digital marketplace UNXD, was the first collection of its kind to ever be unveiled by any major fashion house – and has undeniably been a success. The blurring of the lines between the physical and virtual becomes ever more apparent.