Customers Demand Dolce & Gabbana And UNXD For Delaying NFT Delivery That Causes Large Loss

JAKARTA - An dissatisfied customer has filed a class lawsuit against Italian fashion brand Dolce & Gabbana and digital asset platform UNXD following allegations of delays in the delivery of nonfungible token (NFT) products that caused the digital asset to lose 97% of its value.

According to a report from Bloomberg, a customer identified as Luke Brown paid 6,000 US dollars (Rp95.7 million) for "DGFamily NFTs," a Dolce & Gabbana product that combines digital and physical assets as a privilege and experience in the brand's ecosystem.

The NFT was allegedly delivered more than a week late, during that period its value fell by 5,800 US dollars (Rp92.5 million). A companion "wear" set for NFT, allegedly intended to be displayed in the metaverse, had to be delayed for 11 days after the initial delivery.

Brown has applied for a class action on behalf of all customers who bought NFT, claiming that Dolce & Gabbana and UNXD failed to fulfill promises made at the time of the transaction.

According to reports, the delay in shipments came after Dolce & Gabbana failed to get approval for a companion asset of the UNXD NFT platform. It is not clear at this time how many customers may be affected by the delay.

NFT Industry Concerns

This case highlights the ongoing struggle for companies, brands, and marketers as goods, products, and physical assets shift to hybridized digitization.

A physical product, such as fashionable clothing, works in a market that is dynamically different from digital assets, often having little correlation with each other.

More complicate the matter, NFT Dolce & Gabbana was created on the Ethereum blockchain for "D&G Metaverse."

The Ethereum Blockchain powers the world's second most popular cryptocurrency, NFT Dolce & Gabbana has sold for millions of dollars in the past. These facts could affect the class-action lawsuit if continued.