Gucci to open retail store in The Sandbox
Future. With the purchase of virtual land in The Sandbox, Gucci plans on creating an interactive world for the metaverse… which of course will lead to the sale of NFT-backed products. Gucci probably hopes that its products will become the same high-class fashion staple in the virtual world as it is in the real world… but with a fresh clientele.
Gucci wants to bring a little style to the metaverse.
- The fashion brand bought a virtual plot of land in The Sandbox for an undisclosed amount.
- The announcement was made on Twitter and in its 73,000-member strong Discord group (which recently had a job opening for a Community Coordinator).
- The land is meant to expand the brand’s online concept store, Gucci Vault, by adding virtual, interactive experiences.
This has been a long time coming for Gucci, which over the past year has been toying with NFT products, experiences in Roblox, and virtual goods.
And that’s because Gucci knows that luxury fashion needs to keep bringing in young customers to survive generational shifts in spending habits. According to Morgan Stanley, the luxury-branded NFT market could reach $56 billion by 2030 — mostly powered by the metaverse.
If Gen Z is in the metaverse, into the metaverse Gucci goes.