NFTs
97% losses on your metaverse NFTs
Dolce & Gabbana has been sued by a dissatisfied customer, who accuses the famous Italian brand of mishandling the delivery of its clothing NFTs to the Metaverse, leading to a 97% loss in the value of the digital assets.
The accusation against Dolce & Gabbana NFTs
The complaint, filed on Thursday, alleges that the NFTs purchased did not live up to the company’s initial promises. Dolce & Gabbana actually sold the NFTs on Ethereum blockchain, guaranteeing customers a series of digital, physical and experiential benefits.
However, according to the plaintiff, Luke Brown, these benefits were delivered significantly late and incompletely.
The digital clothes were made available 20 days after the scheduled date and could only be used on a platform with very few users. But it doesn’t end here, even after delivery, the owners of the NFT had to wait another 11 days before being able to use them, due to the platform’s lack of approval.
Details about the UNXD NFT platform
The legal case also involves the NFT marketplace UNXD, making it an integral part of the dispute. UNXD is a renowned platform in the world of luxury NFTs, as it has collaborated with several high fashion brands to bring their collections to the digital world.
This stands out for its attention to detail and for offering exclusive and dedicated experiences to its users, making the current situation even more surprising.
The History of Dolce & Gabbana NFT Collections
Dolce & Gabbana is not new to the world of NFTs.
His first collection, called “Genesis Collection”, was launched in 2021 on UNXD, as mentioned, and marked a historic moment for digital fashion.
This exclusive collection included nine unique pieces, physical and digital, that combined Italian haute couture with technological innovation. The pieces included physical garments accompanied by digital versions, jewelry and other luxury items.
The data confirms that the “Genesis Collection” was sold for around 1,885 ETH, the equivalent of almost 6 million dollars at the time, consolidating Dolce & Gabbana’s position as a pioneer in the fusion of fashion and blockchain technology.
The NFT market
The NFT market saw significant growth in 2024, with a 41% increase in market value compared to 2023. However, this growth still represents a slowdown compared to previous years, years in which the market experienced a real explosion . We remember some high-profile sales, like the CryptoPunk 3100 that reached 16 million dollars, a number that reminds us how NFTs can reach astronomical values under the right market conditions.
Conclusions
The case against Dolce & Gabbana raises important questions about the responsibility and trustworthiness of “traditional” companies in the world of NFTs.
If, on the one hand, blockchain technology offers new opportunities for the fashion industry and beyond, on the other hand it is essential that big brands keep their promises and ensure that digital products are delivered in a timely manner.
This event will certainly serve as a warning for the future, especially for large high fashion houses that are thinking about launching digital products in the Metaverse, and it is hoped that it will not negatively impact the confidence of consumers who are trying to invest in this emerging sector.
Let’s wait and see how the legal situation will evolve and what impact it will have on the reputation of Dolce & Gabbana and the UNXD platform.