The NFTs are the new black in the game of crypto nowadays. NFT is the abbreviation for Non Fungible Tokens. All the NFTs are called NFT, but that doesn’t mean that they have the same value. And this is the point that differentiates them from other currencies. They are like currencies, and people also utilize them simultaneously, yet they are not currencies. NFT is a different term. It has non-fungible in its name and is literally what makes it so different and likable.
All the other currencies and fungible but not the NFT. From non-fungible, it means that they are not transferrable. Its owner determines its value. The example of the dollar would make this term even easier. If one can buy two pens in one dollar, we could say that one dollar is equal to two pens of that specific brand. If a person has many dollars in his wallet, we can say that each of these dollars equals two pens. Similarly, one dollar also equals one dollar. But such is not the case with NFT.
NFT being non-fungible, cannot determine its one specific value. Every NFT has a different value. Even one NFT is not equal to another NFT. These NFTs bring digital art to the platform of crypto. They are the currency for the dealing of digital art.
For example, if Picasso wanted to sell his new masterpiece virtually, he would have made a document consisting of the picture of the painting. Then he would have selected the value of the NFT. Then by using the NFT, he would have sold that painting and given the 50% copyrights to the customer. Now that customers can also sell that painting to someone else at their price. But whatever the price is, Picasso would receive his share for the copyrights when the painting is sold because he kept 50% of the copyrights with himself. This is how digital marketing for art works.
Now, after seeing the success of NFTs, the designers have started to launch their NFT collection. This has become a new way to earn for the artists. They can take a picture or gif or a small clip of their article and then sell it to the customer on that platform. Through this method, these brands are earning millions of dollars.
Dolce $ Gabbana is the world’s most famous and expensive fashion brand. It is formed by Domenico Dolce and Stefano Gabbana. Now that everything is digitalized, these two marvelous designers thought to digitalize their new collection Collezione Genesi on this platform. They set the inauguration of their new NFT collection on September 28. The group of NFT was launched on the lavishing marketplace of UNXD. The group consisted of 9 NFTs in total. Domenico Dolce and Steffano Gabbana personally designed each item, considering that it was their first NFT launch ever.
The UNXD was built on Etherum layer 2 Polygon. Their article The Dodge Crown succeeded in taking the first place as it was the highly fetched crown. It fetched 432.5 ETH, which makes it about 1.5 million dollars. Well, that’s huge. Their other article, The Glass Suit NFT, fetched 351 ETH, making it above 1 million dollars. In the third place, their two articles with the name of Dress Of The Dreams fetches 500000 dollars. Collectively the whole show earned 5.7 million dollars, making it a huge success.
Well, the success of the NFT launch of Dolce And Gabbana has caught the attention of all the designers. And nowadays, most designers are trying to bring and sell their work on the digital platform.