Gucci acquired virtual land for an undisclosed amount in The Sandbox platform to develop its own metaverse platform that will feature Gen Z-focused platform Gucci Vault.
Gucci will build a fashion-focused metaverse on the Sandbox. Also, it will add wearable fashion items for Avatars and players present in the metaverse. Gucci Vault is an online concept store that sells Gucci NFTs and Vintage bags.
In Brief:
- Gucci purchased virtual land on the Sandbox for an undisclosed amount to build a metaverse experience.
- The metaverse will be focused on the Gucci Vault platform that lists Gucci-NFTs.
“For a new generation of players, virtual fashion is as important as real-life fashion,” said Sebastien Borget, COO and co-founder of The Sandbox.
Gucci is already into the virtual reality world since 2020 after joining hands with two Roblox developers to promote its official clothing collection. Furthermore, Gucci also built the virtual platform “Gucci Garden Experience”.
Gucci has not revealed many details about the project, but it has invited people on its discord channel.
This has got an impressive response from users as some Roblox items were being scalped and resold for thousands of dollars.
However, the metaverse built on the Sandbox is different from Roblox. To transact into the Sandbox, users must have its governance tokens “SAND” token.
The Sandbox is also popular because of its engagement with celebrities. Snoop Dogg played a crucial role for the Sandbox to get fame and grab the attention of millions of users. Snoop Dogg has also developed his own ‘Snoop Verse’ into the Sandbox. In December, Snoopverse’s land sale fetched $14 million.
