The Italian fashion and leather goods business Gucci is currently hosting its own metaverse experience at The Sandbox. The fashion house is the first significant luxury brand to construct a digital world on the metaverse platform.
The Gucci experience will contain “Gucci Vault Land,” an experimental place where visitors will explore the fashion brand’s history via games and NFTs.
Already, millions of individuals from all over the world have joined the metaverse, a linked, immersive, and enduring digital environment. Gucci’s latest venture is part of a bigger trend of major companies seeking to capitalize on the chance to offer virtual representations of their products to metaverse users and increase the sales of tangible goods.
Morgan Stanley, an investment firm, has forecast that digital fashion may raise industry sales by $50 billion by 2030.
Gucci has a long history of being an innovative brand at the forefront of metaverse and Web3 technologies. In May 2021, Gucci was the first luxury company to develop an NFT, and in the same month, they debuted the Gucci Garden experience on Roblox. Over 20 million individuals visited the digital Gucci Garden, an immersive multimedia experience set in Florence, Italy that highlighted the fashion house’s creative vision.
The new Gucci Vault Land, which was accessible from October 27 to November 9, was constructed on The Sandbox, a virtual environment where gamers may own, construct, and sell their gaming assets and experiences within a vast virtual globe. Listed below are a sample of the activities available to users within Gucci Vault land:
Learn about Gucci’s history and guiding principles through vintage fashion NFTs
Compete against other players for the opportunity to acquire digital collectibles.
Play mini-games and perform tasks to receive blockchain-based prizes and reinforce all previously learnt material.
Hold Gucci Vault Aura NFT wearables, which may be used to equip avatars in The Sandbox metaverse.
Communicate with non-player characters (NPCs) that serve as guides in the virtual environment.
The Implications of Gucci’s New Metaverse Experience for the Future of Luxury Fashion
Avatars are everything in the new frontier of the metaverse, hence some users will spend a lot of money to dress their avatars with luxury items such as clothing, accessories, and home decor. Users will be able to transport their avatar’s belongings between platforms in the persistent metaverse.
Major brands like Gucci are launching avatar apparel and accessories lines and creating immersive fan experiences to capitalize on this trend.
Creating worlds in the metaverse has significant advantages for brands, including:
Creating digital items that can be infinitely replicated for free and supplied for substantially less than their physical counterparts generates enormous profit margins.
Access to a newer generation of luxury consumers.
The purchase of luxury goods in the metaverse may in the future encourage new customers to purchase real-world products.
The capacity to test designs in the metaverse prior to implementing them in actual production.
Reducing the problem of physical luxury item overflow and surplus.
The development of new revenue streams for brands, such as the revival of archival designs.
recurring royalty fees and revenue splits on future transactions for smart certificates and NFTs for virtual items as the items change hands.
Gucci CEO Marco Bizzarri told Vogue Business, “Gucci is not afraid to be a first mover in many areas and will continue to adopt this mindset and challenge the status quo. Other big players prefer instead to wait, following up at a later stage, adopting a more conservative approach — a respectable strategy, but it is not ours and it never will be.”
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