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Gucci buys virtual Land in Ethereum to build a high-fashion world
Feb, 10 2022
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On Wednesday, designer luxury clothing fashion brand Gucci declared that it buys an undisclosed amount of virtual Landon the decentralized blockchain game The Sandbox to build a high-fashion world.
Gucci tweeted that the virtual world will be based on themed experiences on The Sandbox and its feature inspired by its"Gucci Vault" platform which is an umbrella for fashion house's metaverse-related projects. It will list items like Gucci-themed NFTs and vintage bags. In Sandbox, players can create and monetize their own gaming experience using blockchain technology. From the vision of the creative director, Alessandro Michele, luxury house has created Gucci Vault which is an experimental online space. The location of the vault is where the luxury house sells its recent NFT collection and vintage pieces.
The Sandbox which is a crypto-focused platform enable users to SAND token to purchase virtual land and items. The game itself is also built on the Ethereum network. Sandbox has a track record for setting crazy prices for virtual things, with buyers snapping up virtual land near celebrities' virtual properties for hundreds of thousands of dollars.
Additionally, Gucci will release fashion items for Sandbox players to purchase and wear in virtual reality in addition to its fashion-focused metaverse space. Sebastien Borget, COO and founder of The Sandbox, said in a statement “For a new generation of players, virtual fashion is as important as real-life fashion,”.
Previous licensed items for virtual wear done by Gucci:
To release an official clothing collection in December 2020 luxury fashion house Gucci joined with two Robloxdevelopers. Virtual space on Roblox is called the “Gucci Garden Experience” created by Gucci. Many Roblox items have been scalped and resold for thousands of dollars, often at prices comparable to that of real Gucci bags. Gucciinitially made a name in crypto as the first luxury brand to release an NFTwhich is a type of token used to demonstrate ownership of digital items. The brand further invests in decentralized platforms and assets and also tries to expand in the world of Web3.
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Indrani bose
CBW - External Analyst
INDIA
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