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Italian fashion brand Gucci is the first luxury brand to have its own virtual world experience in The Sandbox.
The experience will feature a space called “Gucci Vault Land” where customers can witness the brand’s history through games and NFTs.
This is at a time when fashion brands are entering the metaverse. Nike is the latest entrant to the metaverse, with luxury brands like Prada and Balenciaga also entering the online-only apparel game.
Metaverse has become a buzzword and millions of people have jumped on the trend. Metaverse is a 3D virtual immersive space that enables users to build interactive experiences that combine the virtual and real worlds. Metaverse provides people with a 3D immersive experience that includes not only human interactions, but also products and services.
Digital fashion could add $50 billion to the industry’s sales by 2030, according to projections from investment bank Morgan Stanley.
Gucci became the first luxury brand to launch an NFT. The brand also launched the Gucci Garden Experience on Roblox last May. Gucci’s move is part of a trend of major brands looking to the opportunity to boost sales of physical goods and sell virtual versions of their products in the metaverse.