Gucci buys a virtual plot of land in The Sandbox to officially enter the metaverse

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(Photo: CHARLY TRIBALLEAU/AFP via Getty Images)

In its first foray into the metaverse, Gucci acquired land on The Sandbox, allowing the iconic fashion line to create an interactive virtual experience and expand its concept store online.

Gucci joins the metaverse

As the metaverse keeps gaining popular figures and companies, luxury brands are rushing to join the list. This time, an iconic Italian fashion brand has signed up.

Attempting to capture the Gen Z market, Gucci entered the metaverse by purchasing virtual land in The Sandbox, a virtual world built on the Ethereum blockchain.

Gucci announced the collaboration with The Sandbox on Twitter and a 73,000-member Discord group.

Earlier in February, Gucci teased the collaboration on messaging platform, Discord, and since then many have been anticipating Gucci’s next move. On Wednesday, February 9, Vogue Business confirmed that the fashion brand is indeed joining the metaverse.

According to luxury brand Gucci Vault, its online concept store will be redesigned to create an interactive experience, as visually imagined by the brand’s creative director, Alessandro Michelle.

On the other hand, Insider asked for a statement from Gucci regarding the price of digital earth, but at the moment the Italian fashion brand has yet to respond.

Read also : Meta plans to create a robotic eyeball that can track human eye movements for the Metaverse

Gucci and digital assets

Sure, it’s Gucci’s first gadget in the metaverse, but it’s not the first time it’s experimented with digital assets. Auction house Christie’s hosted an event to auction off a non-fungible token (NFT) inspired by the brand’s Fall/Winter 2021 collection in March 2021.

Then, to celebrate its 100th anniversary, the brand launched Gucci Garden on Roblox in May 2021, allowing the platform’s 42 million users to purchase collectibles.

Gucci also released a digital version of the Dionysus bag in August 2021. The digital version sold for 350,000 Robux, or approximately $4,115.

Definitely, the digital transaction made by Gucci’s Dionysus bag came as a surprise to some. While others were busy exchanging pleasantries about the nature of digital assets, Gucci’s move was seen by pundits as a game changer.

In November, Morgan Stanley explained that luxury brand NFTs could reach a market value of $56 billion by 2030 and risk seeing a “significantly” higher level of demand due to the metaverse.

“Luxury brands are exploring a number of collaborations with gaming and metaverse platforms,” ​​Stanley said.

Really, Gucci’s exploration into the world of digital assets was just another buildup to build anticipation and excitement among its loyal customers and attract more Gen Z.

Now, it looks like the Metaverse isn’t the last stop for Gucci.

As part of its push for an immersive experience in virtual worlds, the iconic fashion line posted a job offer in January for a Discord community coordinator with the goal of expanding his presence on Discord.

Related article: Investors are spending millions to grab virtual land in the metaverse

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Written by Thea Felicity

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