Nfts
Customers Ask Dolce & Gabbana and UNXD to Delay NFT Delivery, Leading to Significant Losses
JAKARTA – A dissatisfied customer has filed a class action lawsuit against Italian fashion brand Dolce & Gabbana and digital asset platform UNXD following allegations of delays in the delivery of non-fungible token (NFT) products that caused lose 97% of the value of the digital asset.
According to a Bloomberg report, a customer identified as Luke Brown paid US$6,000 (Rp.95.7 million) for “DGFamily NFTs”, a Dolce & Gabbana product that combines digital and physical assets as a privilege and a experience in the brand ecosystem.
The NFT was reportedly delivered more than a week late, during this period its value dropped by US$5,800 (Rp.92.5 million). A companion “wear” set for NFT, supposedly intended for display in the metaverse, had to be delayed 11 days after initial delivery.
Brown filed a class action lawsuit on behalf of all customers who purchased NFTs, claiming that Dolce & Gabbana and UNXD failed to keep promises made at the time of the transaction.
Reportedly, the delay in shipments came after Dolce & Gabbana failed to gain approval for a complementary asset from the UNXD NFT platform. It is not yet known how many customers could be affected by this delay.
NFT Industry Concerns
This case highlights the ongoing struggle businesses, brands and marketers face as goods, products and physical assets transition to hybrid digitalization.
A physical product, such as a fashionable piece of clothing, operates in a dynamically different market than digital assets, often having little correlation between them.
To further complicate matters, NFT Dolce & Gabbana was created on the Ethereum blockchain for “D&G Metaverse”.
The Ethereum blockchain powers the world’s second most popular cryptocurrency, Dolce & Gabbana NFTs, which have sold for millions of dollars in the past. These facts could affect the class action if it proceeds.
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