Timely, comprehensive, professional and accurate information and data to understand the latest information about blockchain, cryptocurrency and Bitcoin

Prominent Luxury Design House Gucci Buys Land in Ethereum Game The Sandbox to Create Metaverse Experiences

2022-02-10 19:00:30

The luxury brand Gucci is doubling down on its commitment to the metaverse with services including selling virtual items for players to wear in the game.

The designer clothing brand announced on Wednesday that it’s bought an undisclosed amount of virtual land on the decentralized blockchain game The Sandbox. Gucci will create themed experiences on The Sandbox inspired by its “Gucci Vault” platform, which lists items like Gucci-themed NFTs and vintage bags.

In addition to a fashion-focused metaverse space, Gucci also will be releasing fashion items for Sandbox players to purchase and wear in the game’s virtual reality.

“For a new generation of players, virtual fashion is as important as real-life fashion,” Sebastien Borget, COO and co-founder of The Sandbox, said in a statement.

This isn’t the first time Gucci has licensed items for virtual wear. It previously partnered with two Roblox developers to release an official clothing collection in December 2020. Gucci also created a virtual space on Roblox called the “Gucci Garden Experience.” Notably, some of the Roblox items ended up being scalped and resold for thousands of dollars, with prices comparable to that of actual Gucci bags.

But unlike Roblox, The Sandbox is a distinctly crypto-focused platform. Users must purchase virtual land and items using the SAND token, and the game itself is built on the Ethereum network. That being said, The Sandbox is no stranger to wild prices for virtual things, either, with buyers scooping up virtual real estate near celebrities’ virtual land for hundreds of thousands of dollars.

Gucci, which made a name for itself in crypto as the first luxury brand to release an NFT—a type of token used to demonstrate ownership of digital items—continues to invest in decentralized platforms and assets, and it shows no signs of slowing down when it comes to expanding into the world of Web3.

(Article Courtesy of Decrypt)

Copyright © 2022-2023 FAMEEX.COM All Rights Reserved
FameEX APPMobile trading, anytime, anywhere