NFTs Are in Fashion, and Gucci Is Joining the Fray
Non-fungible tokens (NFTs) have disrupted the art industry, and the ongoing debates about this innovation has only increased its popularity. There's no doubting it: NFTs are in fashion, and Gucci is keeping up with the trend.
Gucci is launching its first ever NFT at the Christie's online auction "Proof of Soveriegnty" curated by digital art trailblazer Lady PheOnix.
Gucci's NFT will be a unique artwork conceived using the digital animation from its latest fashion collection presentation, Gucci Aria, a fashion film co-directed by Gucci's creative director Alessandro Michele and director Floria Sigismondi. The artwork embodies the introduction to the collection it's based on, that "the myth of foundation is reinhabited in the light of the present."
This might be Gucci's first ever NFT, but not its first foray into the digital collectibles sphere. Just a few days ago, the luxury brand made headlines after it sold a virtual Gucci Dionysus bag for $4,115, which is more than the price of the real thing, which is only $3,400.
At the moment, Gucci is the luxury brand leading this experimentation with NFTs, but more are expected to follow its example. In the high fashion industry, NFTs are not just another trend to keep up with. The exclusivity and price tag of NFTs could pave a path for luxury brands to connect with young high net worth individuals--with plenty of money to burn.
The live online auction will last until June 3.
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