Dolce & Gabbana Sets $6 Million Record for Fashion NFTs

The pieces commanded such high prices, Mr. Menon said, because “of provenance; rarity — there were only nine, sold at once; craftsmanship; and utility — people can use them in the metaverse and have physical experiences, too.” In the coming days, he added, UNXD will convert the prices to U.S. dollars at the market rate, and pay Dolce & Gabbana, less an auction commission.

Pranksy (a play on Bansky) wrote in an email Saturday: “I was really excited about D & G entering the NFT space, especially as my wife, Magpie, and her close friend, one of my company directors, Josephine Dwyer-Mann, have a real passion for haute couture.” Like many wealthy crypto natives, Pranksy keeps his real name secret and would only communicate by email or voice-distorted Zoom.

He bought the virtual-only Golden Impossible jacket for 99.99 Ether; the virtual-only Impossible Tiara, also for 99.99 Ether; and The Dress from a Dream: Silver, which is digital and physical, for 188.1 Ether, and The Dress from a Dream: Gold, which is also digital and physical, for 225.5 Ether. (A fashion follower himself, Pransky said he was wearing “a Versace shirt and some scruffy jeans” as he answered written questions from an undisclosed location in Britain.) “NFTs in fashion has huge potential, especially when linked — as D & G has — to the physical,” he wrote.

For his part, Seedphrase (whose name is Danny Maegaard, an investor in Brisbane, Australia) paid 292.82 Ether for The Lion Crown, which Dolce & Gabbana based on the Venetian flag and coat of arms. “It invoked my deep love for the city of Venice,” Seedphrase said by email on Sunday. “Being the first NFT collection by any major fashion house, it made a lot of sense from an investment perspective, as I anticipate these pieces to appreciate in value.”