Gucci store on January 27, 2021 in Beijing, China.
- Gucci has entered the metaverse, buying a plot of digital land on The Sandbox.
- Gucci made the announcement on Twitter, accompanied by a Discord group with 73,000 members.
- The luxury brand said it is expanding its online concept store to create an interactive experience.
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Iconic fashion house Gucci has entered the metaverse by buying a plot of digital land in The Sandbox, a virtual world on the ethereum blockchain, as the Italian brand looks to tap the Gen Z market.
Gucci made the announcement on Twitter and on a Discord group with 73,000 members. The fashion house teased a collaboration with The Sandbox on the messaging platform earlier in February but confirmed the news to Vogue Business on Wednesday.
The luxury brand said it is expanding Gucci Vault, its online concept store, to create an interactive experience as envisioned by the brand's creative director, Alessandro Michelle.
—gucci (@gucci)
Gucci did not disclose the price it paid for the virtual land and declined to comment further.
Though it marks the first foray into the metaverse, it isn't Gucci's first time dabbling in digital assets. In March 2021, Gucci auctioned a non-fungible token inspired by its Fall/Winter 2021 collection hosted by auction house Christie's.
In May 2021, the brand unveiled Gucci Garden on Roblox to mark its 100th anniversary, allowing the platform's then-42 million users to purchase collectibles. In August, Gucci released a digital version of the Dionysus bag on Roblox, which sold for 350,000 Robux, or roughly $4,115.
Morgan Stanley in November said luxury-branded NFTs could become a $56 billion market by 2030 and could see "dramatically" increased demand thanks to the metaverse.
"Image is everything in virtual experiences," the bank's analysts said. "Luxury brands are exploring a number of collaborations with gaming and metaverse platforms."
To further its push into virtual world's, the brand in January posted a job opening for a Discord Community Coordinator to expand its crypto presence.
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