Italian luxury fashion house Dolce & Gabbana, fresh off their inaugural non-fungible token (NFT) collection success, will partner with luxury fashion and goods NFT marketplace UNXD for a special drop: DGFamily on the Polygon blockchain.
The DGFamily NFTs are unusual for a larger company for two reasons:
- The NFTs themselves correspond to membership tiers
- The NFTs are also associated with digital, physical, and experiential rewards
The collection’s utility means that someone who purchases a DGFamily box can receive a handful of rewards that vary in type depending on their associated membership level. Dolce & Gabbana has not revealed the rewards themselves yet, though they could be substantial if they are like other NFT collections.
Smaller companies have experimented with similar formats before. Hennessey, for instance, launched a digital collectible tied to actual Hennessy liquor. Other brands have linked their NFTs to physical items like cases and experiential rewards like visits to the company headquarters.
There will be three tiers of membership associated with the DGFamily boxes: Black, Gold, and Platinum. The drop will occur on Polygon, a Layer 2 solution for Ethereum with lightning-quick speeds and minimal transaction fees.
D&G’s First NFT Collection Sale a Historic Success
Dolce & Gabbana is no stranger to Web 3.0, the metaverse, or NFTs. The company’s first NFT collection — the Collezione Genesi (meaning Genesis Collection in Italian) — sold out for around $6 million. The prized NFT from that collection was a Doge Crown that featured seven blue sapphires and 142 diamonds and sold for $1.3 million.
They aren’t the only luxury fashion brand to experiment in the metaverse either. Gucci, another Italian luxury fashion company, recently bought land in the metaverse. Many fashion companies will participate in Decentraland’s inaugural metaverse fashion week, which takes place in March.
The metaverse, Web 3.0, and NFTs present possibilities to luxury brands, which create goods that have high selling prices but production costs as well. With NFTs, companies can simply design a product and replicate it for however many people they want. This practice lowers the overhead costs and can theoretically create a revenue stream.
As of now, there is no date set for the Dolce & Gabbana DGFamily NFT drop. If its first NFT drop was any indication, expect a sold-out collection for this one too.