Gucci sells its first NFT for $25,000 in an online auction hosted by Christie’s

As the former sales have been presented in collaboration with artists and estates, Christie’s collaboration with the luxury brand Gucci marks a new kind of offering in the crypto-art space at auction.

“Gucci Aria” was launched in honor of the Italian brand’s 100year 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.

Multiple luxury brands have turned to non-fungible tokens (NFTs). The new, buzzy tech creates a noninterchangeable 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.

Christie’s has been a pioneer auction house to facilitate NFTs sales. The house’s sale of Beeple’s Everydays: the First 5000 Days (2008–21) for $69 million in March was an unprecedented landmark that made Beeple the third-mostexpensive living artist.

Since then, Christie’s has rolled out other NFT sales to attract an emerging class of crypto-wealthy buyers. As the former sales have been presented in collaboration with artists and estates, Christie’s collaboration with the luxury brand Gucci marks a new kind of offering in the crypto-art space at auction.

The “Proof of Sovereignty” sale, which is curated by anonymous digital artist Lady PheOnix with Christie’s contemporary art specialist Noah Davis, also includes digital offerings by formidable media artists such as Jenny Holzer, Urs Fischer, Gerald Laing, and Nam June Paik. For this sale, Davis is placing stock in the potential for NFTs to further disrupt the art world. In a statement, Davis said, “It’s going to change the way artists make art, and the way every creative industry operates, by democratizing access to information, diminishing opacity in favor of transparency, and empowering creative people everywhere.” -news@magzoid.com