Gucci Buys Land in Ethereum Game
It’s clear that Gucci is going all-in on the metaverse. On Wednesday, the fashion house announced that it had purchased an undisclosed amount of virtual land on The Sandbox, a blockchain-based virtual reality game. Gucci’s “Gucci Vault” platform, which lists items like Gucci-themed NFTs and vintage bags, will be the inspiration for themed experiences on The Sandbox.
Sandbox players will also be able to purchase and wear fashion items from Gucci in the game’s virtual reality metaverse.
The Sandbox to Create Metaverse Experiences
“Virtual fashion is as important as real fashion for a new generation of players,” said Sebastien Borget, COO and co-founder of The Sandbox, in a statement.
Since Gucci has already licenced items for virtual wear, this isn’t the first time it has done so. Two Roblox developers had previously partnered with it to release an official clothing line in December 2020. The “Gucci Garden Experience” on Roblox is another Gucci-themed virtual space. Notably, some Roblox items have been scalped and resold for thousands of dollars, with prices comparable to real Gucci bags. You’ll receive daily, weekly, and monthly roundups of the most important stories, as well as in-depth analyses, in your email.
Now Is The Time To Get Involved
The Sandbox, on the other hand, is a platform that focuses on cryptocurrencies, unlike Roblox. The SAND token is required for in-game purchases, and the game is built on the Ethereum network. According to a report in The Sandbox, virtual real estate near celebrities’ land has been sold for as much as $300,000 in the past few months.
When it comes to the Web3, Gucci isn’t slowing down its investments in decentralised platforms and assets, having made a name for itself as the first luxury brand to release an NFT — a token type used to demonstrate ownership of digital items.