Gucci, other luxury fashion brands are poised to launch NFTs: Report

Gucci and a number of other luxury fashion brands are reportedly close to launching non-fungible tokens (NFTs).

Vogue Business reported the news on Monday, saying Gucci recently confirmed to the news outlet that it's "only a matter of time" before it will release an NFT. Several other luxury fashion brands are close to releasing NFTs, Vogue Business reported, citing "multiple industry sources."

Fashion collectibles platform Neuno, for instance, is currently working with five luxury fashion houses on launching NFTs, CEO Natalie Johnson told the news outlet. "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."

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Neuno is built on Dapper Labs' Flow blockchain, according to its website. Johnson said customers would be able to buy NFTs with their credit cards, removing the need to own cryptocurrency.

NFTs are digital certificates or tokens tied to unique collectibles. They have grown significantly in popularity in recent months, especially after one of Beeple's NFTs sold for nearly $70 million last month.

More than $300 million worth of NFTs have been traded in the past 30 days, according to tracker Dappradar.com. NBA Top Shot remains the top marketplace, followed by CryptoPunks and Rarible.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and