Media: Gucci and other fashion brands poised to release their NFTs

The Italian fashion house Gucci and a number of other luxury brands are preparing to issue their own non-fungible tokens (NFTs). Vogue Business reports this, citing industry sources.

Neuno marketplace head Natalie Johnson told the publication that the platform is working with five luxury fashion houses on launching NFT.

“We want to be a universal 3D closet that connects to everything. For example, imagine someone buying the iconic Versace dress worn by J. Lo on our site,” Johnson said.

According to information on the Neuno site, the marketplace is built on the Flow blockchain from the Dapper Labs project. Johnson says customers will be able to purchase NFTs using credit cards without the need to buy digital assets.

In March, the trading volume of non-fungible tokens on nine leading platforms exceeded $600 million. The leaders are NBA Top Shots ($196.3 million), Nifty Gateway ($140.8 million) and OpenSea ($137.1 million).

In April, the average price of NFTs fell by 67% compared with the February peak, according to Nonfungible.

Earlier, Psyops Capital’s CEO described the NFT market correction as a ‘soft crash’. He said that due to low market liquidity, sellers find it difficult to gauge buyers’ sentiment, so the price of their asset can unexpectedly be far below the purchase price.

The head of L’Atelier BNP Paribas, John Egan, noted that investing in Ethereum is safer than investing in NFTs. He also likened buying non-fungible tokens to casinos and other forms of gambling.

Beeple, who sold an NFT for $69.3 million, called the market bubble and compared it with the dot-com boom of the early 2000s.

Ethereum co-founder Vitalik Buterin saw the potential for non-fungible tokens to become a public good.

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