Dolce & Gabbana confronted with class-action lawsuit over alleged delay in NFT delivery

Dolce & Gabbana and UNXD, a digital assets platform, are facing a class-action lawsuit from an unhappy customer who claims that delayed delivery of nonfungible token (NFT) products resulted in a 97% loss in value. The customer, identified as Luke Brown, purchased “DGFamily NFTs” from Dolce & Gabbana for $6,000. These NFTs combine digital and physical assets within the brand’s ecosystem. However, the NFTs were delivered over a week late, causing their value to drop by $5,800. Additionally, the accompanying “outfits” for the NFTs, intended for display in the metaverse, were delayed by 11 days after the initial delivery. Brown has filed the lawsuit on behalf of all customers who bought the NFTs, alleging that Dolce & Gabbana and UNXD did not fulfill their promises. The delivery delays occurred because Dolce & Gabbana did not obtain approval for the accompanying assets from the UNXD NFT platform. The exact number of affected customers is unknown. This case exemplifies the challenges faced by companies, brands, and marketers as physical goods and assets transition into the digital realm. The market for physical products differs significantly from that of digital assets, making it difficult to correlate their values. Complicating matters further, Dolce & Gabbana’s NFTs were created on the Ethereum blockchain for the “D&G Metaverse.” Ethereum is the second most popular cryptocurrency globally and has previously seen Dolce & Gabbana NFTs sell for millions of dollars. The outcome of the class-action lawsuit may be influenced by these factors. Cointelegraph contacted Dolce & Gabbana for comment but received no immediate response.