Cryptocurrencies

A disgruntled customer has filed a class action lawsuit against Italian fashion brand Dolce &

A disgruntled customer has filed a class action lawsuit against Italian fashion brand Dolce & Gabbana and digital asset platform UNXD after alleged delays in the delivery of non-fungible token (NFT) products caused the digital assets to lose 97% of their value.

According to a report by Bloomberg, a customer identified as Luke Brown paid $6,000 for “DGFamily NFTs,” a Dolce & Gabbana product that combines digital and physical assets as perks and experiences within the brand’s larger ecosystem.

Work class

The NFTs were allegedly delivered more than a week late, dropping in value by $5,800. A batch of “outfits” accompanying the NFTs, allegedly intended for display in the metaverse, were delayed for 11 days after initial delivery.

Brown filed a class action lawsuit on behalf of all customers who purchased NFTs, claiming that Dolce & Gabbana and UNXD failed to deliver on promises made at the point of transaction.

According to the report, there was a delay in delivery after Dolce & Gabbana failed to obtain approval for the accompanying assets from the UNXD NFT platform. It is not clear at this time how many customers may have been affected by the alleged delays.

A concern in the NFT industry

This case highlights the ongoing struggle that companies, brands, and marketers face as the world of physical goods, products, and assets transitions to hybrid digitalization.

A physical product, such as a fashionable piece of clothing, operates in a dynamically different market than a digital asset, and often has little correlation with each other.

To complicate matters further, Dolce & Gabbana NFTs were created on the Ethereum blockchain for the “D&G Metaverse.”

The Ethereum blockchain powers the world’s second most popular cryptocurrency, and as Cointelegraph reported, Dolce & Gabbana NFTs have sold for millions of dollars in the past. These facts could impact the class action if it goes forward.

Related: Popular brands, including Nike and Gucci, have generated $260 million in NFT sales

Cointelegraph reached out to Dolce & Gabbana for comment but did not receive an immediate response.

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