Gucci Acquires a Land on The Sandbox Metaverse
Gucci, the luxury Italian fashion brand, recently announced the purchase of a parcel of land in the popular Ethereum-based metaverse Sandbox.
The Sandbox, a game and metaverse world where users may buy, develop, and trade virtual assets and real estate, is the latest addition to the Italian house's digital ambitions. The collaboration's specifics are still being kept under wraps, while a press release teases what to expect.
Gucci Vault, the brand's online concept store, will be expanded to the metaverse in order to provide more engaging experiences, as per the announcement made earlier this week on Twitter, and that was accompanied by a Discord server with over 70,000 members.
The Sandbox is a decentralized game ecosystem run by the community that has grown to become one of the most popular metaverses in the world. It allows users to purchase, sell, and exchange digital voxel assets, collectibles, as well as participate in gaming in the metaverse.
The Sandbox also offers free software that allows developers to create games that can be monetized and other digital experiences in the metaverse.
This isn't the high-fashion brand’s first experiment with non-fungible tokens (NFTs). Gucci auctioned an NFT collection inspired by its Fall/Winter collection at Christie's auction house in March 2021. They also released Gucci Garden on Roblox in May of the same year to commemorate their 100th anniversary.
Most recently, Gucci launched a new NFT collection with digital artists Janky and Guggimon, titled “SUPERGUCCI” that comes with handcrafted porcelain sculptures to go along with the digital assets. The first collection was released on February 1st.
The metaverse allows businesses and individuals to build virtual and augmented reality experiences such as shopping, attending concerts and art galleries, gaming, and more. Thus, companies, and established brands like Gucci that are ready to invest in a plot of virtual land can offer its customers the ability to buy and sell digital assets using crypto currencies within the metaverse with Web 3.0, providing them an opportunity to innovate within a growing and blooming market.