According to Vogue Business, Gucci purchased virtual land in The Sandbox as part of its metaverse experience. The Sandbox is also known for its metaverse coin project SAND.
Gucci buys land on Ethereum-based The Sandbox
On Wednesday, the designer clothing brand announced that it has purchased an undisclosed amount of virtual land in the decentralized blockchain game The Sandbox. Gucci will create a variety of experiences in The Sandbox, inspired by the “Gucci Vault” platform, which lists items such as Gucci-themed NFTs and vintage bags.
This move will allow the fashion brand to create virtual fashion experiences. However, details on exactly what this experience entails are not yet available to the public, and it is not known how much the fashion brand has invested in acquiring the digital land rights. Alongside a fashion-focused metaverse space, Gucci will also release fashion items for The Sandbox players to purchase and wear items in the metaverse.
Gucci was one of the first major fashion brands to offer NFT
“For the next generation of gamers, virtual fashion is just as important as real-life fashion,” said Sebastien Borget, COO and co-founder of The Sandbox. Gucci has been at the forefront of fashion brands turning to crypto. It became the first luxury brand to offer an NFT at auction through Christie's in May 2021. Gucci's experience with Roblox also gained attention after a user spent more than $4,000 on a Gucci bag. This amount was about $1,000 more than the real-life value of the bag.
The latest situation in the price of Metaverse coin SAND
Meanwhile, The Sandbox's SAND token seems to be trading in green for most of the timeframes. The cryptocurrency, which changed hands at $ 4.64 at the time of writing, has risen by 0.6 percent in the last 24 hours, but has increased by 25 percent over the past week and close to 50 percent for two weeks. The coin, which registered a market capitalization of $ 4.7 billion, has risen up to 3,000 percent year-on-year.
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