Nfts
97% losses on their metaverse NFTs
Dolce & Gabbana has been sued by a disgruntled customer, who accuses the famous Italian fashion house of mismanaging the delivery of its clothing NFTs into the Metaverse, resulting in a 97% loss in digital asset value.
The accusation against Dolce & Gabbana NFTs
The complaint, filed Thursday, alleges that the NFTs purchased failed to live up to the company’s initial promises. Dolce & Gabbana had in fact sold the NFTs on the Ethereum blockchain, guaranteeing customers a series of digital, physical and experiential benefits.
However, according to plaintiff Luke Brown, these benefits were paid significantly late and incompletely.
The digital clothing items were made available 20 days later than expected and could only be used on a platform with very few users. But it doesn’t stop there: even after delivery, owners of NFT had to wait another 11 days before being able to use them, due to the lack of approval from the platform.
Details about the UNXD NFT platform
The legal case also involves 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 various high fashion brands to bring their collections to the digital world.
This stands out for its attention to detail and for offering exclusive experiences dedicated to its users, making the current situation even more surprising.
The history of Dolce & Gabbana’s NFT collections
Dolce & Gabbana is not new to the world of NFTs.
Their first collection, called “Genesis Collection,” launched in 2021 on UNXD, as mentioned, and marked a historic moment for digital fashion.
This exclusive collection included nine unique pieces, both physical and digital, combining Italian haute couture and technological innovation. The pieces included physical clothing alongside digital versions, jewelry and other luxury items.
Data confirms that the “Genesis Collection” was sold for approximately 1,885 ETH, the equivalent of nearly $6 million at the time, cementing Dolce & Gabbana’s position as a pioneer in the merger 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 when the market experienced a real explosion . We remember some high-profile sales, such as that of the CryptoPunk 3100 which reached $16 million, a figure which reminds us how NFTs can reach astronomical figures in good market conditions.
Conclusions
The lawsuit against Dolce & Gabbana raises important questions about the accountability 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 deliver on their promises and ensure that digital products are delivered on time.
This event will surely serve as a warning for the future, especially for major fashion houses considering launching digital products in the Metaverse, and it is hoped that it will not have a negative impact on consumer confidence. consumers who are trying to invest in this area. emerging sector.
We will wait to see how the legal situation develops and what impact it will have on the reputation of Dolce & Gabbana and the UNXD platform.