The Italian luxury brand, Gucci is expanding its Web3 presence by investing $25,000 in DAO of SuperRare, an NFT marketplace.
Through a new relationship with NFT marketplace, SuperRare, the Florence-based company is investing in its first decentralized autonomous organization (DAO).
To join the SuperRareDAO, Gucci has invested $25,000 in RARE tokens. Gucci is starting the “Vault Art Space” with its buy-in, an exhibition that will feature a number of NFT works by 29 artists.
“We approached SuperRare for this knowing we could rely on our mutual effort to amplify the vision of this multifaceted group of artists. We were fascinated by SuperRare’s ability to provide [artists] with a platform to showcase their work in an innovative way” said Gucci Vault CEO Nicolas Oudinot.
The idea comes as other luxury companies roll out NFTs and search for further blockchain applications. Gucci and cult toy manufacturer Superplastic collaborated to release 10 NFTs in February.
“The Next 100 Years of Gucci” show features a number of collectible works of art that reflect on Gucci’s past and present. Jonathan Perkins, co-founder of SuperRare and its chief product officer, described the vault as Gucci’s online domain.
And through their venue, which will be run on SuperRare technology, they plan to collaborate with artists and sell art.
The exhibition will include “a broad spectrum of artistic references,” Oudinot stated.
According to Perkins, the relationship was announced in January and will be implemented in stages, the last of which will be the launch of a gallery on SuperRare’s website later this year.
The alliance represents the fashion house’s first participation in a DAO and grants them administrative authority within the SuperRare community. According to Perkins, the two are considering the implications of investing in a DAO as a premium brand and how the endeavor might establish a precedent for other major companies.
Through the collaboration, according to Oudinot, Gucci hopes to take part in a more “interconnected and decentralized economy.”
Three drops of the show will be available for viewing and bidding on Vault’s website, which is run by Gucci. The first drop will take place between June 23 and July 1, 2022, and the second drop will happen between July 7 and July 15. The third is probably going to happen between July 21 and July 29.Recently, the firm was in the news when Gucci unveiled virtual ‘Gucci Town’ in Roblox.
