Non-fungible tokens are already a thing in the art world, but now they’re getting the nod from fashion designers such as Angelo Galasso
You’ve probably heard of non-fungible tokens. More commonly known as NFTs, they are one-of-a-kind assets that can take the form of practically anything digital, be it art, music or even your own voice notes, and can be traded for something else, whether that’s cryptocurrency or another piece of digital paraphernalia. It’s like a glorified Pokémon trading game, in which you swap your ultra-rare, limited-edition Charizard for a one-off Snorlax.
And everyone is getting in on the action. Singer-songwriter Grimes just made $6 million selling digital art pieces, while back in March the cofounder and CEO of Twitter Jack Dorsey sold his very first tweet from 15 years ago as an NFT for $2,915,835.47.
Now NFTs have been picked up by Angelo Galasso, the Italian designer favoured by the likes of Penn Badgley and Clint Eastwood. Galasso has collaborated with New Zealand-based digital abstract artist Lee Robinson and technology ecosystem EdenBase to launch an NFT series that comprises unique pieces of digital art, alongside a limited series of luxury canvas backpacks, wallets and keychains, handcrafted by Galasso’s team in Italy. Essentially when you buy a piece of Robinson’s art, you’ll also get one of Galasso’s monogrammed accessories delivered to your door.
This is also one of the first (we can guarantee it won’t be the last) instances in which buying an NFT leads to the obtaining of something physical. Luce Pepere, CEO of Angelo Galasso says, “We have always been regarded as pioneers in the fashion industry and with this launch we are leveraging new technologies, such as blockchain and NFTs, to help the fashion industry reduce counterfeiting and give customers an even better brand experience.”
Giussepe Galasso, chief commercial officer at Angelo Galasso, explained: “It will be a limited-edition product made especially for the owner of the NFT and numbered. We are the first people in the luxury market to twin the digital and the physical. I am sure that in six to nine months from now every brand will be doing it, but we did it first.”
Galasso’s not wrong. In an interview with Vogue Business, Robert Triefus, EVP of brand and customer engagement at Gucci, the Italian brand that earlier this year started selling digital trainers you can’t and won’t ever be able to physically wear, said it’s “only a matter of time” before it releases an NFT.
Watch this space and in the meantime you can bid on Galasso’s products and the coinciding art here.