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Gucci announced that it bought a piece of land in the Sandbox metaverse, which is a decentralized site built on the blockchain.
The company reported on this new acquirer but also revealed that the move is an effort to attract Gen Z to its products.
The news was revealed by the luxury firm through a post on Twitter, where they did not mention the amount they paid for space in the metaverse.
The incursion of brands in the world to new technologies is a fact that has already been recorded. There are already many companies like Gucci that have chosen to be part of the metaverse as an option to better connect with new generations such as millennials and generation Z.
According to data from Bloomberg Intelligence, in 2021 the value of the metaverse amounts to approximately 500,000 million US dollars and could increase fivefold in 2030. In this virtual world, brands such as Apple, Facebook, Microsoft or NVIDIA have already begun to develop proposals for people based in this digital environment.
Fashion brand Gucci buys space in the metaverse to reach generation Z
Italian fashion brand Gucci recently announced that it has bought a piece of land in the Sandbox metaverse, which is a decentralized site built on the blockchain.
The company reported on this new acquirer but also revealed that the move is an effort to attract Gen Z to its products.
He also explained that in this virtual space they will seek to recreate the virtual space “Gucci Vaul”, which is focused on people born between 1997 and 2015.
The news was revealed by the luxury firm through a post on Twitter, where they did not mention the amount they paid for space in the metaverse.
The publication on the social network invites users to their Discord channel, where they detail that they are developing immersive experiences in the metaverse.
Elsewhere, The Sandbox also used their networks to welcome Gucci, writing, “believe in the power of imagination.”
This agreement between Gucci and The Sandbox will allow its users to acquire Gucci brand products to exhibit them in Sandbok.
This action of the Italian brand is added to the one announced in January, after launching its first complete collection of non-fungible tokens (NFT) with Superplastic, which make up a collection of bags, sunglasses and hats.
According to data from Statistical, Gucci was founded in Florence, Italy, in 1921 as a manufacturer of leather goods and has since become one of the most glamorous and prestigious luxury brands in the world. The global market for personal luxury goods, of which Gucci is a major player, has grown substantially in value in recent years, rising from €147 billion in 2009 to €281 billion in 2019.
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