Iconic Italian fashion label Gucci auctioned off its first NFT in an online auction hosted by Christie’s. The auction closed Thursday, June 3, with a final sale price of $25,000.
Multiple luxury brands have turned to non-fungible tokens (NFTs). The new, buzzy tech creates a non-interchangeable receipt for any digital artwork, video, piece of music or rendering, marking each digital asset as unique and verifiable. NFTs allow other forms of creative digital work to be fused into the world of fashion, surpassing the limitations of the physical world by existing in a digital space.
See also: See "Gucci Aria" Celebrate 100 Years of the Iconic Italian Fashion House
Gucci’s first NFT draws inspiration from “Gucci Aria,” the brand’s latest fashion film directed by Alessandro Michele and Italian-Canadian director Floria Sigismondi. Meaning “a jubilee of breath,” Gucci Aria portrays universal themes of renewal, growth and hope for the future.
“Gucci Aria” was launched in honor of the Italian brand’s 100-year anniversary. The 15-and-a-half minute video that inspired the NFT features a dream-like, post-COVID clubbing experience. The show features the many aspects and layers of Gucci’s legacy, establishing it as a perfect basis for Gucci’s first NFT.
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The NFT is broken down in a three-channel video, offered as part of “Proof of Sovereignty,” a Christie’s-curated NFT sale that launched on May 25. Proceeds from the sale are to be donated to UNICEF USA to support the nonprofit’s COVAX initiative which grants global access to COVID-19 vaccines.
Gucci also partnered with Offsetra, purchasing 10T of Carbon Offsets to reduce the environmental impact associated with the NFT creation process.
Christie’s started auctioning NFTs in early 2021 in order to attract a new class of crypto-wealthy buyers. Gucci marks Christie’s first luxury brand collaboration in the NFT space, thus opening a brand new crypto-art space at auction.
“It’s going to change the way artists make art,” Christie’s contemporary art specialist Noah Davis is quoted by ArtNet, “and the way every creative industry operates, by democratizing access to information, diminishing opacity in favor of transparency, and empowering creative people everywhere.”
Learn more about the Gucci NFT and see more of Christie’s auctions via Christies.com. Watch Gucci's original Aria film below.