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Dolce & Gabbana’s NFT Collection Said to Attract Bidding Interest From DAOs
A decentralized autonomous organization is likely to acquire the rare collection of NFTs, sources told CoinDesk.
Updated May 11, 2023, 4:13 p.m. Published Sep 7, 2021, 7:57 p.m.
Dolce & Gabbana’s flagship non-fungible token (NFT) drop has seen a number of decentralized autonomous organizations (DAOs) show interest in bidding for the collection on Sept. 20, two sources told CoinDesk.
Launched with the luxury marketplace UNXD on Ethereum layer 2 Polygon, the “Collezione Genesi” is the most high-profile high-fashion foray into the world of digital collectibles.
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CoinDesk was given an exclusive preview of the NFT collection in Venice. It includes two Venetian-themed bespoke dresses, three jackets, two crowns and “The Impossible Tiara.” Five of the nine NFTs entitle owners to redeem corresponding physical creations from the Milan-based fashion house.
With sales of NFTs soaring to record highs, this launch is yet another sign of just how frenzied the market has become. Italian fashion designers Domenico Dolce and Stefano Gabbana are both involved in the exclusive NFT set.
Read more: Dolce & Gabbana Sets Date for Haute Couture NFT Drop
According to one source, it is highly likely that an NFT-focused DAO could be bidding on and acquiring the rare collection. DAOs can be thought of as friends on the internet with a shared checking account (denominated in crypto, of course).
There are many NFT DAOs already on the scene, having made flashy purchases in January in the run-up to NFT mania. So far, hundreds have already signed up on the UNXD site to take part in the upcoming NFT auction.
Through purchasing the NFTs, the buyers will enjoy a number of perks, including access to the VIP world of Dolce and Gabbana.
Read more: NFT Markets Post Record-Breaking Week
Jamie Burke, the CEO of European blockchain investment firm Outlier Ventures, said, “The price might be prohibitive to individuals. I suspect [the potential buyer] might either be a DAO or a community with a social token,” adding:
“Something like access to the D&G network will be very valuable to a community, especially if it can be shared amongst them.”
UNXD CEO Shashi Menon said one of the things that inspired the Dolce & Gabbana NFTs was the idea that what the brand could create virtually was not confined by the rules of reality or by the constraints of the physical world.
For example, the gems featured in “The Impossible Tiara” NFT are unavailable due to the mine no longer being operational.
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