A $3.5 million investment is planned by Sknups to bring Dolce & Gabbana into the metaverse, a brand already familiar with NFTs and blockchain. The collaboration between the Italian fashion house and the Digital Fashion Platform will include the launch of digital collectibles, as well as a game.
This adds another name to the list of luxury apparel companies that have joined the crypto-fashion community and now includes almost all the big names in the industry. In a world that depends on markets that are currently in crisis, we see that trust is decreasing once again. This does not seem to concern the fashion giants too much, because they keep on investing in this sector.
SKNUPS is a platform specializing in NFTs related to high fashion brands. It collaborates with leading names in the industry and offers digital collectibles that can be worn on social and gaming occasions, according to its official website. The platform works on the metaverse and offers social and gaming opportunities on the blockchain. When they talk about wearables, their British developers are talking about Non-Fungible Tokens signed by top-level brands.
The most recent collection is Dolce & Gabbana, for which SKNUPS has reserved a $3.5 million investment.
“Our mission is to enhance online self-expression by bringing unique skins and collectibles to people’s favourite digital games and worlds”
That’s what Fred Speirs—Co-founder and CEO of SKNUPS—said.
“We are passionate about design and craftsmanship at the highest level combined with imagination and innovation – we want to give the best fashion creatives a scalable platform in the Metaverse.”
He then continued:
“Brands and creators who want to establish a scalable presence in digital worlds have to balance high end with access. Fashion in the Metaverse should be accessible beyond a small core of celebs and high net worth VIPs to communicate the transformative power of style and craftsmanship to the next generation of fans.”
Currently, it is unknown at what level Dolce&Gabbana will find relevance in the broader cryptocurrency gaming universe, but the company continues to show signs of keen interest in it.
Looking at the recent history of D&G and UNXD, where the Italian fashion house presented its trademark Non-Fungible Token for the first time, it’s likely that this could be the start of a continuing trend.
Once again, we see how luxury fashion brands are coming to crypto – even including brands like Tag Heuer — who recently started accepting payments in crypto and followed that by launching their first smartwatch that can display NFTs and interact with cryptocurrencies.
From Gucci to Tommy Hilfiger, the list of big names seems to keep growing by the day. Not to mention Lacoste’s NFT collection dedicated to its crocodile, or KERING’s $1.5 billion investment in the metaverse.
D&G adds another top name, hoping that NFT fashion buying will boost those cryptocurrencies historically associated with digital collectibles. Like Ethereum, which appears to be feeling the effects of the current bear market more than others. In conclusion, as we wrote recently, the blockchain technology industry can be very helpful to any business even at this early stage. While there’s still much work to be done and a lot of room for improvement, the possibilities are almost endless.