Summary:
- The luxury brand has bought $25,000 worth of RARE tokens.
- Gucci’s purchase allows means the brand is a member of the SuperRare DAO and has access to a large NFT community.
- The Italian fashion powerhouse also has plans for an exhibition in collaboration with artists and creators.
- Other luxury and fashion brands are also exploring Web3 utility and blockchain integration.
Gucci has stepped further into the world of non fungible tokens (NFTs) via a strategic partnership with major NFT marketplace SuperRare. CoinDesk reported that the Italian luxury brand purchase $25,000 of RARE tokens, the governance coin for the SuperRare DAO.
A DAO is a decentralized autonomous organization that oversees an initiative. The idea is to hand over decision-making to a community where each member has a say in the future of the project.
In addition to joining the DAO, Gucci will also launch an exhibition in a digital art vault space in collaboration with 29 NFT artists powered by SuperRare. The so-called “The Next 100 Years of Gucci” exhibition features collectible NFTs showcasing the brands’ rich heritage and exciting future, Coin Desk reported.
The vault is Gucci’s digital space. And they’re going to be working with artists and selling art through their space, which will be powered by SuperRare technology.
– SuperRare co-founder and chief product officer Jonathan Perkin.
Gucci and Other Luxury Brands Jump Into NFTs and Crypto Payments
Indeed, this partnership isn’t Gucci’s first run with the NFT space. Back in February 2022, the Italian avant-garde luxury giant released a 10 NFT collection with SuperPlastic, a popular toy brand.
Brands like Balenciaga, Lancôme, and Prada have also launched NFT collections in a bid to win over the Web3 community and expand their respective brands.
Names like Tag Heuer are also exploring blockchain technology as luxury brands compete to emerge as the preferred mainstream name with connections to the digital economy. Both Tag Heuer and Balenciaga accept crypto payments across select stores.