During the 2023 edition of Metaverse Fashion Week, March 28-31, Gucci announced a new collaboration with NFT (Non-Fungible Token) giant Yuga Labs, creators of the famous NFT Bored Ape Yacht Club collections and currently owners of CryptoPunks and Meebits.

Every day, an increasing number of major companies are approaching Web3 ecosystems and the metaverse in general, and the fashion giants are no exception; in fact, it is fair to say that they are at the forefront and competing to grab a slice of a market in the making with immense potential.

Unlike cryptocurrencies, the so-called Non-Fungible Tokens (NFTs) are not interchangeable, meaning they cannot be duplicated. This means that different digital assets (e.g., drawings, videos or GIFs) can be authenticated and become unique and indivisible assets resulting in a deed of ownership for the buyer. In addition, the owner will have access to a multitude of services and opportunities in addition to the object itself depending on the NFT purchased, as well as the ability to be able to sell and buy tokens for collection or mere profit.

Gucci’s journey into the NFT sector: this time there will be Yuga Labs

This is not the first time Gucci has ventured into cryptocurrencies. Last year, the Italian fashion house announced that it will accept ApeCoin (APE), a cryptocurrency affiliated with the world-famous NFT collection Bored Ape Yacht Club, in some US stores, becoming the first major brand to accept APE payments.

In addition, Gucci has made other investments within the Web3 and metaverse ecosystems, including:

• In February 2022, it purchased an undisclosed amount of land in The Sandbox game as an experimental base to host virtual experiences. Within The Sandbox metaverse, it is possible to develop your own video game using the free Game Maker software, but also to design and conduct business. In fact, built on the Ethereum blockchain, inside The Sandbox it is possible to buy and customize virtual land using the token called $SAND.
• In March 2022, it signed an agreement with the popular NFT project called 10KTF (a digital fashion start-up also acquired by Yuga Labs), to launch its own unique and customized ‘Gucci Grail’ collection, designed by Alessandro Michele and made by digital artisan Wagmi-san.
• In June 2022, it purchased $25,000 worth of native NFT SuperRare market tokens to participate in the DAO and open a digital art vault.

A further step was taken this Monday inside Metaverse Fashion Week 2023 within the Decentraland metaverse, as reported by Robert Triefus, Senior Executive of Gucci Vault & Metaverse Ventures, the company was in fact excited to reveal the success of an agreement for a multi-year partnership with Yuga Labs, strengthening the engagement between the communities of both companies and promoting the convergence of the fashion and entertainment industries in the Otherside metaverse of Yuga Labs and its 10KTF collection, with the goal of exploring joint opportunities between fashion and Web3 entertainment.

“We are excited to unveil this multi-pronged partnership with Yuga Labs, a leader and creative pioneer in Web3, this will give us an active role in the ongoing narrative of Otherside and 10KTF, which will unfold in multiple forms.”

The potential of NFTs in the fashion industry

In 2023, the NFT market reached an estimated value of $22 billion, growing about 220 times in not even one year in 2021, with recorded sales of $25 billion.

Despite a total collapse of the market that began in September 2021, with sales dropping as much as 90%, thanks to projected investments in the Web3 world, the NFT market growth forecast is approaching $80 billion by 2025.

Although it may seem counterintuitive, the sharp decline in NFT sales that began in late 2021 has forced industry giants such as Yuga Labs to seek new partnerships to achieve ever-changing avenues of remuneration.

On the other hand, big corporate giants, starting from the so-called big-tech (such as Amazon, Apple, Spotify, Meta, Ebay, and Twitter), to fashion or entertainment giants (Dolce & Gabbana, Louis Vuitton, Burberry, etc.), are increasingly curious to approach and implement Web 3.0 solutions given the public interest, commercial advantages the potential and creative insights that this world can offer, while also having the means at their disposal to always explore new solutions.

Creators of non-fungible tokens and these large companies therefore have a common interest in converging toward new partnerships and interconnections, as both can gain tremendous potential gain.

As we noted earlier, the luxury fashion giant Gucci has always been at the forefront in this regard, given the advances and investments presented to the public in recent years there is no doubt that more exciting updates will be on the way.

Given the weight of the company and Yuga Labs’ expertise, there is no doubt that a proven partnership can produce potentially game-changing innovations for the entire luxury digital fashion market and beyond.

Consumer attention to brands such as Gucci and its prowess in creating the right hype, its know-how in marketing campaigns and new product creation, may shed a new light on the entire luxury digital fashion market, bringing excitement back to consumers and competing companies, enticing them to join the fight to conquer the metaverse.

Therefore, one needs to pay close attention to the next moves, so as not to fall behind and arrive prepared when ready to venture into the world of digital fashion and NFTs in general.

There couldn’t be a better time, given the sharp downturn in sales and the market in this recent period, it is good to use your time to expand your knowledge and stay abreast of the ever-rapid times in this industry so that you are prepared for a possible positive counter-trend and enter the market at the right time.

Doors are open for Gucci’s metaverse in The Sandbox, the digital real estate platform. Gucci’s metaverse is named Gucci Vault Land and will be open until 9 November. 

This establishes Gucci as the first brand in the fashion world to have its own space on the platform. Which, concurrently, expands its own metaverse center. 

How Gucci’s metaverse is structured

Designed to be Gucci’s metaverse and Web3 space, the world will host a selection of NFT artworks, the brand’s past NFT works, and its community. 

In addition, the Gucci metaverse will present its garden concept: the “Jardín de curiosities,” through which users will access the space. There will also be vintage pieces from the brand, displayed but not for sale. 

Finally, the Gucci metaverse will also be an educational game space about the legacy and products of the infamous brand. 

In addition to a fashion-focused metaverse space, Gucci will also offer fashion items for players of The Sandbox to buy and wear in the game’s virtual reality. In search of precious wonders, Gucci Vault Land will feature a selection of digital collectibles. 

From hats to skate ramps and even a car, each piece is designed as a valuable collectible that players can display in their land. 

In addition, as a bonus for the Gucci Vault community, those who have a Gucci Vault NFT in their wallets, such as “SuperGucci” or “Gucci Grail NFT,” will have the opportunity to claim a Gucci Vault Aura collectible, which their avatars can use in The Sandbox.

The goal of the Gucci metaverse

The brand’s intent states: 

“Gucci’s virtual reality was created to realize the vision of an experience that offers enthusiasts the opportunity to meet real and imaginary worlds, past, present and future that coincide and a parallel multiverse of light and shadow.”

Gucci Vault Land was conceived by Creative Director Alessandro Michele. The Vault represents a meeting point of different perspectives that intertwine and unleash creativity. 

It also takes on the contours of a temporary experimental platform where the multifaceted essence of what the Vault is today can manifest itself in a totally explorable space full of surprises between art, fashion and, of course, video games. 

The brand aims to educate the Web3 community about Gucci’s legacy by exposing users to different elements of the Vault’s pillars. 

Moreover, Gucci hopes to attract non-native users and recognizes the potential need for those who are new to the metaverse experiences to be able to access it in a way that is simple, intuitive and fun at the same time. 

Indeed, Gucci has designed NPCs, “non-playable characters,” who roam Gucci Vault Land, ready to help players during activities.

Gucci and its history with NFTs

This is not the first time Gucci has licensed items to be made virtual. In fact, it previously partnered with two Roblox developers to launch an official clothing collection in December 2020. 

Gucci has also created a virtual space on Roblox called ” Gucci Garden Experience.” Notably, some of the Roblox items have been resold for thousands of dollars, with prices comparable to real Gucci handbags.

The brand also rose to prominence in the crypto sector as the first luxury brand to launch an NFT. In fact, already last year the famous Gucci Aria NFT artwork was auctioned at Christie’s. 

More recently, a collaboration with Superplastic has resulted in Supergucci, a series of NFTs and ceramic artworks that combine the iconic motifs of the Florentine fashion house with the world of digital animation. 

They are called CryptoJanky NFTs, and they are very limited, high-value digital works that draw inspiration from Gucci’s distinctive motifs, iconic images and symbols, reinterpreted by Janky & Guggimon, Superplastic’s famous virtual characters.

In addition, Gucci continues to invest in decentralized platforms and assets, also showing no signs of slowing down in its expansion into the Web3 world. 

Gucci is continuing its journey into the NFT world, and with this in mind, it has announced its online space called Vault Art Space, created in collaboration with SuperRare.

#VaultArtSpace, the NFT gallery created through a collaboration between Gucci and @SuperRare progresses Vault’s commitment to empowering the forward-thinking creators, including @antonitudisco. Discover more https://t.co/UxjW1qtVgf #GucciVault #AlessandroMichele pic.twitter.com/Z69q5wPLCj

— gucci (@gucci) June 23, 2022

Gucci embarks on another NFT journey, this time collaborating with SuperRare

Debuting, the first exhibition, titled “The Next 100 Years of Gucci”, will feature a selection of 29 artists. Drops will be made until 29 July, with the price set in Ethereum.

Specifically, the crypto art artists with whom Gucci has decided to collaborate are Alanna Vanacore, Alex Trochut, Alexis Christodoulou, Alien Queen, Aliendope, Aliina Kauranne, An Chen Illustration, Antoni Tudisco, D. ARTA, Drew Young, Diberkato, eBoy, Ellen Sheidlin, Ignasi Monreal, Ignorance1, Jordan Schiffer, Kris Andrew Small, Loudsqueak, Merijn Hos, Paulina Almira, Pet Liger, Pindar Van Armand, Sasha Katz, Slam J, Tim Maxwell, Tyler Spangler, Trs.mnz, VEXX, and YEAH YEAH CHLOE.

As the designer Alessandro Michele explained, Gucci‘s vision is to extend the company’s storytelling by including different points of view and narratives. In addition, Gucci purchased SuperRare’s native tokens, marking its entry into its first DAO.

To inaugurate the launch, SuperRare and Gucci will hold three Twitter Spaces conversations, with artist and curator Rowynn Dumont speaking with the different artists involved in the project.

Notably, this Gucci Vault Art Space is part of SuperRare’s larger Spaces project, which are independent galleries created within the marketplace and with their own curators. The idea had been announced last April with the opening of the first ten Spaces. 

Gucci in the NFT world

As mentioned, Gucci is not new to the NFT world: the brand was one of the first to work in the metaverse sector as early as 2021 with the collection called “Aria” and sold at auction in collaboration with Christie’s.

In addition, Gucci had recently announced that it would accept Bitcoin and other cryptocurrencies in its stores, although for now this is an initiative aimed only at the US market.