A pair of diamond earrings designed by luxury lifestyle brand L’Dezen and its non-fungible token (NFT) counterpart sold for 3.27 ETH (US$8,205) at an online auction on Saturday at Ethereum-based marketplace Digital Twin.
See related article: How high fashion is waking up to blockchain’s possibilities
Fast facts
- The winning bidder will receive the physical jewelry as well as NFT earrings which can be worn by NFT avatars such as the Bored Ape Yacht Club collectibles.
- NFT avatars are algorithmically generated digital portraits that can be used to represent holders’ identity in the metaverse, or as profile pictures in Web 2.0-based social media platforms.
- Luxury fashion brands such as Gucci and Rolex are catching up to offering NFT wearables for investors to equip the status symbols for their NFT avatars in the metaverse.
- JPMorgan estimates the metaverse as a $1 trillion yearly opportunity.
See related article: Fashion, art, games and community: What does a decentralized metaverse mean for you?