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Fashion

GUCCI GOES FOR ITS FIRST NFT

And perhaps predictably, it's not cheap

03.06.2021

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Everyone from Emily Ratajkowski to Lindsay Lohan are getting in on the world of NFTs, or non-fungible tokens. The digital assets are taking the world by storm, equally confusing and enticing – depending on who you’re speaking to. Originally endorsed by the art world, NFTs now include digital apartments, soil, bags, and wallpaper. And the latest to get in on the cryptocurrency blockchain boom? Fashion, of course.

Gucci has created its first NFT film, placing their recent Aria collection at its heart. The film is being sold as a part of Christie’s curated NFT sale, a fully-digital auction including works by Jenny Holzer, Josie Bellini, and Lethabo Huma. The bid for Gucci’s NFT starts at over £14,000.

The essence of the Aria collection is hard to pinpoint, with a tangible focus on equestrian-inspired aesthetics (think leather harnesses and clean silhouettes) united with a fair amount of romantic elements (note the pastel feathers and silver costume jewellery). The NFT enlivens these looks, with an ethereal, dream-like atmosphere as its backdrop.

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Co-directed by the label’s creative director, Alessandro Michele, and Italian-Canada filmmaker and artist, Floria Sigismondi, the film is enchanting to say the least. A glimpse at the preview shows white-hared horses galloping in fields and sketches of a lace, rose-hued signature piece.

The Italian luxury house, in particular, has dabbled in the digital world more than once. In March of this year, the brand dropped a pair of their much-coveted sneakers in purely digital form, priced at just about £8.50. Buyers would never be able to wear them, but it’s still a virtual asset (?) for your closet. Then there’s the virtual bag sold on Roblox, a digital-only Gucci creation that sold for more than the original price of the physical purse.

These moves mark Gucci’s efforts to wholeheartedly embrace the digital world, simultaneously signifying fashion’s fast foray into technology.

All sales of the NFT will be donated to UNICEF (USA), funnelled into their efforts to ensure global access to the Covid-19 vaccine. The brand also partnered with Offsetra, a leader in carbon offsetting and sustainability projects. Gucci bought 10T of Carbon Offsets to alleviate the environmental impact of creating their NFT. This is hugely important: NFTs are a controversial point when it comes to the climate. The energy consumed by NFT sales, as well as the emissions caused by its production, has major detrimental consequences for the environment.

The Christie’s sale ends today, so if you’re looking for the hottest fashion NFT of the moment, it may be time to start bidding.

Header Image | Gucci

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