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Gucci and Other Luxury Fashion Brands are Preparing to Introduce NFT to the Market

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Gucci and many other luxury fashion brands are in the process of launching non-fungible tokens (NFTs), according to reports.

Gucci Confirmed their Preparation

Covering the news on Monday, Vogue Business said Gucci recently confirmed to the news media that it was only “a matter of time” to release the NFT. Vogue Business cited “multiple industry sources” reporting that several other luxury fashion brands will also be releasing NFTs.

CEO Natalie Johnson told the news media that, for example, fashion collection platform Neuno is currently working with five luxury fashion companies to bring NFTs to market. Johnson said, “We want to be the universal 3D wardrobe that plugs into everything,” said Johnson. “For example, imagine if somebody bought the iconic J Lo Versace dress on our site.”

According to its website, Nunno is established on the Dapper Labs Flow blockchain. Johnson said customers can use a credit card to purchase NFTs without having to own cryptocurrency.

NFT is a digital certificate or token that is tied to unique collectibles. Their popularity has grown significantly in recent months, especially after one of Beeple’s NFTs sold for nearly $70 million last month.

According to the tracking company Dappradar.com, more than $300 million in NFTs have been traded in the past 30 days. NBA Top Shot is still the top market, followed by CryptoPunks and Rarible.

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