Gucci Joins the Metaverse by Acquiring Virtual Land on The Sandbox

In an attempt to attract Gen Z Market, Gucci has entered the metaverse by purchasing a plot of virtual land in The Sandbox.

Gucci Joins the Metaverse by Acquiring Virtual land in The Sandbox

by Shutterstock

Gucci has disclosed that it has purchased an unspecified quantity of virtual land in the decentralized Ethereum blockchain game "The Sandbox". The designer apparel label will use The Sandbox to develop themed experiences based on its "Gucci Vault" network, which sells antique bags and Gucci-themed NFTs.

The announcement stated that Gucci Vault will provide an interactive experience, as visualized by Alessandro Michelle, the brand's creative director.

The Italian fashion label revealed the partnership with The Sandbox via Twitter and a 73,000-strong Discord group.

In August 2021, the fashion powerhouse launched a digital version of the Dionysus bag. The digital edition went for 350,000 Robux, or $4,115.

The digital transaction performed by Gucci's Dionysus bag was shocking for some. While some argued about the nature of virtual assets, experts saw the decision as a game-changer.

The move will enable Gucci to develop virtual fashion customer experiences, although information about those experiences and how much the fashion label invested to acquire the digital land rights are not specified.

The Sandbox informed Vogue Business that the space is designed to promote ideas on the development of fashion and the metaverse.

The company is expanding its presence in the metaverse by appointing a manager for its Discord server, who will be in charge of supervising supporters of its NFT initiatives and must have "experience with community building and managing crypto communities."


Related Posts