Gucci, the high-end fashion business, has teamed up with The Sandbox to buy an undisclosed quantity of virtual land.
Gucci first announced the metaverse’s creation on its Discord server earlier this month. The Sandbox is a digital marketplace where individuals, businesses, and organizations can purchase and construct virtual real estate.
Gucci’s concept is a “interactive fashion experience” based on Gucci Vault, the brand’s umbrella word for metaverse-related projects. As well as the business in which Gucci sells historic pieces from its collection as well as new designers.
Gucci’s creative director, Alessandro Michele, will spearhead the concept. The project was inspired by “childhood recollections in quest of beauty,” according to media. However, few additional specifics are available at this time.
The finished product, according to the article, will allow fans to purchase virtual fashion products and will have an interactive maze as well as a venue to host “conversations about fashion and the metaverse.”
Metaverse early adopter.
Gucci was an early user of digital fashion, non-fungible tokens (NFT), and the metaverse. Therefore, the company’s ideas are consistent with its actions. Gucci recently teamed up with Superplastic to create a collection of NFTs.
Gucci’s parent company, Kering, had a 55 percent increase in online sales last year, which has been a crucial contributor in the firm’s overall improved profitability trend.
Since 2019, the company’s online penetration rates have doubled. They now account for 15% of the company’s total retail revenue. In comparison to 2020, Kering’s sales climbed by 40% in 2021.
François-Henri Pinault, Chairman and CEO of Kering, said at the time, “Kering has achieved exceptional performance in 2021, further reinforcing its leading position in the luxury of the future.”
“All of our Houses experienced a great resurgence in sales, well above their 2019 levels, thanks to their ability to merge authenticity and daring originality, while strengthening the exclusivity of their distribution and further improving their brand equity.”
For MetaNews.