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Dolce & Gabbana Converts Suit Into Fractional NFTs
Italian luxury fashion house Dolce & Gabbana has made a bold move by converting their iconic “Glass Suit” into fractional non-fungible tokens (NFTs). The stunning digital garment, worth $1 million in 2021, will now be broken down into smaller units, allowing multiple buyers to own a piece of this luxurious asset.
Fermion Protocol, a platform specializing in tokenizing assets on the blockchain, has been entrusted with the task of fractionalizing the Glass Suit. Users and members of “web3 fashion communities” can look forward to receiving a portion of these NFTs as part of an airdrop campaign. This move is intended to promote Fermion’s Base-powered mainnet launch, which will take place this week.
The decision by Dolce & Gabbana marks another significant step into the world of web3 and blockchain technology for luxury brands. As mentioned in a tweet by Fermion Protocol, “Fermion mainnet goes live this week, first on Base, then expanding cross-chain… Genesis asset: Dolce & Gabbana’s million-dollar Glass Suit… Fractionalized and airdropped to the community…”
Justin Banon, founder of Fermion and creator of Boson Protocol, explained that there is a growing sense of exclusivity among luxury goods consumers. He believes that fractionalization can help to boost consumption without compromising on product verification. The plan is to collaborate with other leading luxury brands in the future.
This bold move by Dolce & Gabbana follows closely behind Louis Vuitton’s phygital NFT collection, which granted NFT collectors access to physical items. It remains to be seen if this innovative approach will inspire more high-end fashion houses to follow suit.
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