Iconic Italian fashion label Gucci auctioned its first NFT in an online auction hosted by Christie’s. The auction ended on Thursday, June 3, with a retail price of $ 25,000.
Several luxury brands have turned to non-fungible tokens (NFTs). The new, busy technology creates a non-interchangeable receipt for any digital artwork, video, piece of music, or rendering, and marks each digital asset as unique and verifiable. NFTs make it possible to merge other forms of creative digital work with the world of fashion and to overcome the limits of the physical world by existing in a digital space.
See also: Watch “Gucci Aria” celebrate 100 years of the iconic Italian fashion house
Gucci’s first NFT is inspired by Gucci Aria, the brand’s latest fashion film directed by Alessandro Michele and Italian-Canadian director Floria Sigismondi. Gucci Aria means “an anniversary of the breath” and portrays universal themes of renewal, growth and hope for the future.
“Gucci Aria” was launched on the occasion of the 100th anniversary of the Italian brand. The 15-and-a-half-minute video that inspired the NFT offers a dreamlike clubbing experience after COVID. The show shows the many aspects and layers of Gucci’s legacy and forms the perfect foundation for Gucci’s first NFT.
The NFT will be broken down into a three-channel video offered as part of “Proof of Sovereignty,” an NFT sale curated by Christie’s that launched on May 25th. The proceeds from the sale are to be donated to UNICEF USA to the charitable organization COVAX. Support an initiative that grants worldwide access to COVID-19 vaccines.
Gucci also partnered with Offsetra and bought 10 tons of carbon offsets to reduce the environmental impact of the NFT creation process.
Christie’s began auctioning NFTs in early 2021 to attract a new class of crypto-rich buyers. Gucci marks Christie’s first luxury brand collaboration in the NFT space, opening a brand new crypto art space at auction.
“It will change the way artists make art,” ArtNet quoted Noah Davis, contemporary art specialist at Christie, “and the way any creative industry works by democratizing access to information Opacity is reduced in favor of transparency and creative people everywhere are empowered. “
Learn more about the Gucci NFT and see more about Christie’s auctions on Christies.com. Check out Gucci’s original Aria film below.