Luxury marketplace UNXD is building its platform on Polygon, the layer 2 network meant to offer cheaper transactions than Ethereum's mainnet, to allow Dolce & Gabbana to unveil its non-fungible token (NFT) collection later this month.
By reducing the costs and the environmental impact of printing NFTs, Polygon lowers Ethereum's scaling costs and impacts
Among the items featured in "Collezione Genesi" will be items that co-founders Domenico Dolce and Stefano Gabbana have personally designed.
It's no surprise high-end fashion brands are jumping on the bandwagon as NFTs become more mainstream, as luxury culture is all about displaying expensive items.
The NFT-making market's accessibility and the growing demand for digital fashion items, particularly among Gen-Z consumers, have given new opportunities to those seeking to capitalize on the well-established reputations of famous fashion names
As the brand's first entry into the market, this will mark a major milestone for the company. Dolce & Gabbana's Alta Moda show in Venice launches the collection on Aug. 28. The official auction takes place on September 6.
Shashi Menon, CEO of UNXD, said during a Twitter Spaces Livestream Friday:
We have a very long-standing relationship with Dolce & Gabbana and have worked with them for a long time. We were enthused to see how the team reacted to our idea when we presented it to them. Fashion is fundamentally a medium for artistic expression.
NFTs in the Venetian theme will be showcased at the Alta Moda, Alta Sartoria, and Alta Gioielleria fashion shows in the near future. "Dress from a Dream" will be the first concept highlighted.
The new Dolce & Gabbana collection [creates] NFTs that bridge their physical and metaphysical creative work," UNXD Chief Operating Officer Nick Gonzalez said. “This will pave the path for more brands to join the space as they see the power of digital ownership to create opportunities that align with their underlying ethos and core brand and business.”
This month, British luxury fashion label Burberry launched its NFT collection in partnership with Mythical Games. Items were featured on the blockchain through a game called Blankos Block Party, which features digital toys that are known as Blankos.