It’s Called Fahshion: These Luxury Brands Buck NFT Sales Being Down 68%

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Luxury NFTs: According to a DappRadar report, overall NFT trading volume since November 1 has decreased by 68.60%. Sales count has also dropped by 24.50% over the same period. However, NFT trading continues, despite market jitters. The report notes that despite tough market conditions, blue-chip collections have maintained their value somewhat, only falling by just under 10% in value.

NFT life is powering on. A recently-published chart shows just how many huge brands are moving into Web3 via Polygon. Many are dropping NFT collections to stay connected with their fans. Leading the pack are the luxury brands.

Source: Twitter

Luxury NFTs: Bentley Motors

Bentley Motors, a British luxury car maker, recently announced the launch of its foray into Web3. While many might think this is one of the oldest and stuffiest brands on the market, their move to drop an NFT collection means that the opposite is true.

The one-time NFT drop will feature 208 pieces.

The company said that the number 208 has special relevance, “being both the top speed of its fastest Grand Tourer (the Continental GT Speed) and the total production run of the iconic R-Type Continental of 1952 – the car that inspired the modern Bentley design DNA”.

The NFTs, created by Bentley Design, promise unique access and exclusive rewards to anyone who buys them.

Alain Favey of Bentley said:

“Bentley customers are living their lives online, purchasing luxury goods with digital currency, and establishing businesses in the Metaverse. We’ve always engaged our customers where they explore their passions, and today that means being present in digital marketplaces and offering NFT assets. We’ve seen how NFTs have raised the profiles of both art and artist, and we believe the same can happen in the luxury automotive space.”

Bulgari: Emeralds, Rubies and NFTs

Another luxury brand that has climbed aboard Polygon is Bulgari. Bulgari was founded in Rome in 1884 as a jewellery shop. It now has a global presence in luxury markets in fine jewels, high-end watches, perfumes, boutiques, and hotels in exclusive shopping areas.

While their latest collection includes precious gems, it also includes a sparkling new addition: NFTs.

The NFTs are to be sold bundled with real-life jewellery pieces. The first is a multimillion euro, 10-carat Ruby Metamorphosis necklace. And, there is an Emerald Glory necklace of the same calibre. Their data sits on the Polygon Blockchain.

Luxury NFTs:
Bulgari NFTs

A third NFT, named “Beyond Wonder” does not have an attached real-life product. Bulgari are calling it the first “NFT” jewel. And, interestingly, it is not for sale.

Sandeep Nailwal, co-founder of Polygon, said, “Tying property rights to proof of authenticity is a powerful way of demonstrating verifiable digital ownership and ensuring against counterfeiting.”

Luxury NFTs: Dolce & Gabbana

Dolce & Gabanna hopped into the NFT space a lot earlier than other luxury brands. First they presented their Collezione Genesi drop, which they called the world’s first “couture NFT collection”.

Source: Twitter

The piece de resistance was the Doge Crown, a digital head-topper that sported seven digital sapphires and 142 virtual diamonds. It sold for over US$1.2 million.

Prada Enters the Metaverse with Adidas

Earlier this year, Prada, a haute coutre Italian luxury fashion house, did a collab with sporting apparel company Adidas. They launched an NFT project together on the Polygon network.

The NFT auction proceeds went to charity. The collab also included plans to launch the collection in the metaverse. The project, called “Adidas for Prada Re-Nylon collection” was designed with the intention of reaching a broader audience.

So while NFT trading and sales volumes are in the doldrums, some brands are bucking the trend and forging ahead with their move into Web3.