Gucci, an Italian manufacturer of luxury clothing and leather goods, is now running a metaverse event at The Sandbox. The fashion house created the first notable luxury brand’s virtual environment on the metaverse platform.
The “Gucci Vault Land” portion of the Gucci experience will let guests play games and use NFTs to learn more about the fashion house’s heritage.
Millions of people from all over the world have already signed up for the metaverse, a connected, compelling, and long-lasting digital environment. Gucci’s most recent endeavor fits into a larger trend of major corporations looking to profit from the opportunity to provide virtual versions of their products to users of the metaverse and boost sales of physical goods.
Investment firm Morgan Stanley predicted that by 2030, digital fashion could increase industry revenues by $50 billion.
With a long history of innovation, Gucci has been a leader in Web3 and metaverse technology. Gucci was the first high-end brand to create an NFT in May 2021. That same month, they also unveiled the Gucci Garden experience on Roblox. The digital Gucci Garden, an immersive multimedia experience located in Florence, Italy, attracted over 20 million visitors and showcased the fashion house’s creative vision.
The new Gucci Vault Land was created on The Sandbox, a virtual platform where players can own, build, and sell their gaming assets and experiences within of a sizable virtual world, and it was accessible from October 27 to November 9. An example of the activities users can engage in on Gucci Vault land is provided below:
-Through NFTs in old clothing, discover Gucci’s history and tenets.
-Take part in competitions with other players to win digital collectibles.
-Play minigames, complete activities, and earn blockchain-based rewards to review what you’ve already learned.
Keep the Gucci Vault Aura NFT gear in your possession for avatars in The Sandbox metaverse.
Engage in conversation with the NPCs that act as your guides inside the virtual world.
Gucci’s New Metaverse Experience: What It Means for the Future of Luxury Fashion
In the brand-new metaverse, avatars are everything, thus some users will shell out a lot of cash to outfit their avatars in opulent apparel, accessories, and house furnishings. In the persistent metaverse, users will be able to move their avatar’s possessions between platforms.
To capitalize on this trend, well-known brands like Gucci are introducing avatar clothing and accessory collections and developing immersive fan experiences.
Brands can benefit greatly from creating worlds in the metaverse, including:
Massive profit margins can be made by producing digital goods that can be infinitely copied for nothing and sold for a lot less than their physical counterparts.
Access to a more recent generation of affluent customers.
Future customers who buy luxury items in the metaverse might be persuaded to buy goods in the real world.
The ability to test designs in the metaverse before putting them into practice in real-world manufacturing reducing the issue of excess and overproduction of tangible luxury goods.
The creation of new revenue sources for brands, like the resurgence of vintage designs.
Future transactions for smart certificates and NFTs for virtual goods shall be subject to periodic royalty fees and revenue splits.
“Gucci is not afraid to be a first mover in many fields, and will continue to embrace this approach and question the established quo,” Gucci CEO Marco Bizzarri told Vogue Business. Instead of acting right away, some major players prefer to follow up later and take a more cautious approach. This is a respectable strategy, but it is not and never will be ours.