Ethereum

Gucci

Iconic

A disgruntled customer has filed a class-action lawsuit against Italian fashion brand Dolce &amp; Gabbana and digital assets platform UNXD after alleged delays in delivering nonfungible token (NFT) products caused the digital assets to lose 97% of their value.&nbsp;
According to a report from Bloomberg, a customer identified as Luke Brown <a href="https://www.bloomberg.com/news/articles/2024-05-17/dolce-gabbana-metaverse-fashion-offering-leaves-shopper-fuming" target="_blank" rel="noopener nofollow">paid</a> $6,000 for “DGFamily NFTs,” a Dolce &amp; Gabbana product combining digital and physical assets as privileges and experiences within the brand’s greater ecosystem. 
<h2 id="class-action">Class action</h2>
The NFTs were allegedly delivered over a week late, during which their value plummeted by $5,800. A set of accompanying “outfits” for the NFTs, purportedly meant for display in the metaverse, was further delayed by 11 days after the initial delivery.&nbsp;
Brown has filed a class-action suit on behalf of all customers who purchased the NFTs, alleging that Dolce &amp; Gabbana and UNXD failed to deliver on promises made at the point of transaction. 
According to the report, the delivery delays occurred after Dolce &amp; Gabbana failed to obtain approval for the accompanying assets from the UNXD NFT platform. It’s unclear at this time how many customers may have been affected by the alleged delays.&nbsp;
<h2 id="an-nft-industry-concern">An NFT industry concern</h2>
This case highlights the ongoing struggle for companies, brands and marketers as the realm of physical goods, products, and assets transitions to hybridized digitization.&nbsp;
A physical product, such as a fashionable clothing item, functions in a dynamically different market than that of a digital asset, often with little correlation to one another. 
Further complicating the matter, the Dolce &amp; Gabbana NFTs were created on the Ethereum blockchain for the “D&amp;G Metaverse.” 
The Ethereum blockchain powers the world’s second most popular cryptocurrency, and as Cointelegraph reported, <a href="https://cointelegraph.com/explained/how-are-nfts-used-in-fashion-and-wearables">Dolce &amp; Gabbana NFTs have sold for millions of dollars</a> in the past. These facts could impact the class-action lawsuit if it moves forward.
Related: <a href="https://cointelegraph.com/news/iconic-brands-including-nike-gucci-have-made-260m-off-nft-sales">Iconic brands including Nike, Gucci have made $260M off NFT sales</a> 
Cointelegraph reached out to Dolce &amp; Gabbana for comment but did not receive an immediate response.

Dolce & Gabbana faces class-action lawsuit after alleged NFT delivery delay

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Cointelegraph

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