After NFTs, Gucci Steps Into the Metaverse Buying Digital Real Estate on Sandbox
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Luxury fashion brand Gucci is making some swift moves when it comes to adopting new technologies like the Metaverse. After its move into the world of NFTs last year, Gucci decides to enter into the world of metaverse by buying digital real estate on The Sandbox platform.
This move by the luxury brand specifically seeks to boost its Gen-Z-focused platform Gucci Vault. As reported by Vogue, Gucci has purchased real estate on The Sandbox for an undisclosed amount. Based on Gucci Vault, the luxury brand will work with Sandbox in creating interactive fashion experiences.
However, Gucci hasn’t disclosed many details regarding the project yet. Citing The Sandbox, Vogue Business reported that Gucci designers will be creating some select Metaverse items that will allow users to buy, own, and use these assets in their own Sandbox experiences.
The Sandbox also noted that the space “will be inspired by childhood memories of the search for beauty, which brings you to Gucci Maze” and will foster conversations about the future of fashion in the metaverse.
The Gucci Vault and Metaverse Ambitions
The Gucci Vault serves as an umbrella for all of the company’s metaverse-related projects including NFTs and its discord server. It is that area of business wherein Gucci is selling some of its vintage pieces as well as pieces from some of the emerging designers like Rave Review and Ahluwalia, and Collina Strada.
As said Gucci has been catching up fast with the latest trend of digital fashion. Recently, the luxury fashion brand also partnered with “animated celebrities” company Superplastic. Together they will be creating a collection of 500 NFTs called “Supergucci”.
Under this new project, Gucci shall be conducting a three-part drop of NFTs that will feature ceramic sculptures, each priced at 1.5 Ethereum. The brand added that Superplastic and Gucci shall be keeping 20 NFTs from this entire collection for internal use.
Brands across industries have been participating in the Metaverse. Recently, we have seen entertainment giant Disney announcing its Metaverse plans. Furthermore, luxury carmakers like Ferrari and Lamborghini have also announced their Metaverse and NFT plans.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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