Gucci made its official entry into the metaverse by buying a virtual plot of land on The Sandbox, making it the latest among major fashion brands exploring the digital space of the future.
The announcement was made by Gucci on its official Twitter handle as well as its Discord group, which currently has 73,000 members.
The purchase allows Gucci to create its virtual concept store and experience within the metaverse with an eye on the Gen Z, which is most active on the increasingly expanding metaverse.
Gucci on The Sandbox
The Sandbox is a virtual world built on the Ethereum blockchain.
As part of its plans on The Sandbox, Gucci will revamp its Gucci Vault to cater to the digital world and turn it into a more interactive experience.
In a Twitter post, Gucci said, “Crafting the future, pixel by pixel. Vault is building its own virtual world on @TheSandboxGame.” The brand also called on people to join its Discord group.
In a separate post, Gucci highlighted the significance of Gucci Vault.
“Vault is defined by an ever-evolving curation of rare vintage pieces alongside noteworthy designer collections dear to #AlessandroMichele,” read the post, which also came with a link to the Gucci Vault on the official site.
It is not immediately clear what exactly the Gucci Vault on The Sandbox will offer. But being a game, players on The Sandbox can expect to buy Gucci merchandise for their digital avatars such as unique digital clothing.
Gucci in the NFT space
Gucci was also the first luxury fashion label to launch an NFT when it auctioned a four-minute film inspired by ‘Gucci Aria’ on Christie’s in May 2021. The same month it launched the Gucci Garden Experience on Roblox.
The Italian luxury fashion brand subsequently went on expanding its footprint in the digital world. In August, the brand released a digital version of the Dionysus bag on Roblox and in January 2022 Gucci and SUPERPLASTICS collaborated to create SUPERGUCCI NFTs.
Luxury metaverse
Prada and Adidas said they will also launch their third collaboration, dubbed the “Adidas for Prada Re-Nylon collection,” in the metaverse. A press release didn’t specify which metaverse but Adidas has worked with The Sandbox in the past.
“Prada sees the emergent metaverse as a new space for the brand to re-define luxury for the next generation and cultivate shared experiences that honor the brands’ spirit of experimentation and creativity,” Lorenzo Bertelli, Prada’s marketing director and head of corporate social responsibility, told CoinDesk in a statement.
Most recently, leisure footwear company Crocs filed a trademark application on Jan. 11 that would expand its brand into the realm of NFTs. In January, The Gap announced it teamed up with InterPop to launch its first collection on the Tezos blockchain. The drop also included a gamified digital experience allowing customers to purchase a limited-edition Gap hoodie.
Luxury fashion brands are already making millions of dollars from auctioning off NFTs. In September, Italian haute couture label Dolce & Gabbana launched its NFT collection, Collezione Genesi, which fetched approximately $5.65 million in a sale.
