Dolce and Gabbana is one of the most recent designers to ride the NFT wave by announcing a 9 piece collection. The Collezione Genesi boasts a range of items including suits, dresses and crowns. What sets the collection apart however is the interesting rights attached to these tokens for purchasers which go beyond just the right to enjoy a digitally scare image.
The collection is described as:
the first luxury NFT collection that involves both digital and physical works, truly bridging the physical and the metaphysical.
The NFT grants the purchaser digital, physical and experiential opportunities, which is a fascinating extension of NFTs beyond just being a collectible image. The unique collection of rights were sold for a value of USD$5.7 million at the auction date. The rights attached to the NFTs ranged across the pieces however, as an example, the Glass Suit provided the purchaser with:
Digital: 4k digital animation and stills and a custom digital recreation of the suit in a metaverse of choice which could be redeemed within 2 years.
Physical: The suit itself, custom fitted, provided the purchaser travel to Milan for fitting and redeem the suit within one year. An original sketch of the suit was part of the physical package also.
Experiential: 2 year access to a range of Dolce & Gabbana events in Italy, private tours and 2 week exhibitions of the Glass Suit.
These NFTs are a great example of the flexibility of rights that can be attached to a NFT under contract law. The value of the NFT will also be closely followed once the experiential redemptions have occurred. Will the digital aspects of the NFT retain their value or increase after 2 years when no further physical aspects can be redeemed?
NFTs continue to bridge the digital and physical world. A similar (albeit not quite as glamorous) project VeeFriends also embeds redemption utility in VeeFreinds NFTs including conference attendance and other Gary Vee related experiences which community members and fans of Gary Vee are trading.
The blending of the digital and physical is only set to increase as NFTs provide such an excellent "out of the box" solution to products such as ticketing and digital twinning, so further projects like D&G, or the Kings of Leon Golden Ticket, VeeFriends and other NFT combinations arise. There's sure to be an explosion in experiments to come, all looking for a product market fit with consumers.