Gucci: A Veteran Player in the Metaverse
“We believe that Web3 and NFTs are true breakthroughs and we aspire to be pioneers in this field,” said Grégory Boutte, the customer and digital head of Kering Group, the parent company of Italian fashion brand Gucci.
It’s not surprising that Gucci entered the metaverse during the bull market. However, even after the bear market, Gucci has not given up on its Web3 strategy and continues to expand its presence in the space.
In 2021, Gucci began exploring the Web3 space, releasing NFTs, purchasing metaverse land, and participating in digital art auctions. Whether in a bull or bear market, Gucci consistently releases news related to Web3, clearly demonstrating Kering Group’s ambition to be a pioneer in the field.
Step 1: A Video NFT to Reveal Gucci’s Ambition
In June 2021, Gucci collaborated with the century-old auction house Christie’s to enter the NFT market for the first time, combining the brand’s DNA with art.
Gucci’s first NFT was not just an ordinary profile picture NFT, but a film called “Aria,” directed by Gucci’s creative director Alessandro Michele and renowned cinematographer Floria Sigismondi.
The film showcased characters wearing Gucci’s Aria collection, which was launched to celebrate Gucci’s 100th anniversary. This marked Gucci’s first step into the Web3 world. The NFT was eventually sold for $25,000.
Step 2: Collaborating with Toy Brand to Gain Recognition
In January 2022, Gucci partnered with the toy brand Superplastic to launch the SuperGucci NFT series, integrating the DNA of the Aria collection with Superplastic’s character IP, entering the real Web3 community.
This series of NFTs followed the gameplay and community expectations of native NFT projects. For example, SuperGucci was released in two phases: the first phase was a normal sale, and the second phase included a bonus airdrop, meaning SuperGucci NFT holders could receive additional NFTs for free.
Before the official release of SuperGucci NFTs, both Superplastic and Gucci followed the “community-first” principle, giving Cryptojankyz (Superplastic’s own NFT collection) holders and Gucci’s Discord community the exclusive right to purchase SuperGucci NFTs.
By prioritizing the community and offering exclusive rights, holders also received handcrafted physical figurines, fostering a deeper connection between the project and the community. These strategies gained recognition from industry insiders.
The SuperGucci series raised a total of 750 Ethereum during the minting phase, equivalent to approximately $2.5 million at the time. The secondary market transactions reached $11 million. Considering a 5% royalty fee, Gucci and Superplastic each earned around $550,000.
Gucci also collaborated with the fashion art project 10KTF to release an NFT series, offering exclusive rewards and purchasing rights to their own community and specific NFT holders.
Step 3: Entering the Roblox Metaverse Platform
In May 2021, to celebrate its 100th anniversary, Gucci created the “Gucci Garden” space in the game platform Roblox, allowing players to explore the brand’s story. The space accumulated nearly 20 million visits during its open period. Gucci also released exclusive virtual accessories on Roblox, including the iconic Dionysus bag, which was resold for over $4,100 worth of the Roblox token “Robux” in the trading market.
Grégory Boutte, the customer and digital head of Kering Group, once said, “We believe that the metaverse has arrived, and the best evidence is video games. Approximately 2.5 billion people are gamers, and these virtual worlds will appear in our lives in a more immersive way.”
According to a report by Morgan Stanley, by 2030, the luxury NFT market could be valued at $56 billion, and with the development of the metaverse, the demand may increase significantly.
In Roblox’s “Digital Expression, Fashion, and Beauty Trend Report” released in 2023, more than 1,500 Gen Z users were surveyed to analyze their views on fashion and ways of participation. As many as 56% of respondents stated that creating their virtual characters was more important than dressing up their real selves.
Gucci has already recognized the potential of the metaverse market and has been deeply involved in the field since its entry into Roblox.
In February 2022, Gucci purchased land in the Ethereum-based metaverse platform The Sandbox, entering the Gen Z market. The brand then moved its experimental concept store, “Gucci Vault Land,” into The Sandbox. The space, curated by creative director Alessandro Michele, showcases Gucci’s vintage collections, collaborations with contemporary creators, and NFT art.
Gucci not only allows players to win exclusive rewards or the platform’s token SAND through gaming but also aims to guide the Web3 community in understanding Gucci’s brand history.
Gucci has not given up its presence in the metaverse, even after the appointment of creative director Sabato de Sarno. Their first fashion show under his leadership, “Gucci Ancora,” was not only held in Roblox but also established dedicated virtual spaces in the Korean social app Zepeto and the Chinese platform QQ.
The Gucci Cosmos exhibition, which toured the world last year, was also held in The Sandbox. These metaverse platforms have become a focal point of Gucci’s operations.
Why is Kering Group so fond of gaming and virtual experiences?
After Apple launched the Vision Pro mixed reality device, Gucci seized the opportunity and released a Vision Pro version of the brand documentary “Who Is Sabato De Sarno? A Gucci Story” in March 2024. This allowed device users to delve into the behind-the-scenes story of creative director De Sarno in a more immersive and realistic way.
In fact, Kering Group’s cultivation of the metaverse and gaming goes beyond simply creating virtual spaces. In 2022, Gucci partnered with the esports platform FACEIT to establish the “Gucci Gaming Academy” to train gamers and provide comprehensive support in their journey to sign contracts with professional teams. Gucci is also committed to addressing the mental and physical issues faced by players due to performance pressure, receiving support from the World Health Organization.
As Micael Barilaro, Gucci’s VP of Metaverse Business, once shared, “Storytelling is the key to integrating everything, and it’s important to ‘listen’ before taking action to enter new communities.” In other words, when entering a new market, it is essential to listen to the community’s needs, values, and culture, understand their story backgrounds, and then engage and interact with them in a relevant way to establish a genuine and meaningful connection with the target community.
The virtual world has only one user! Is the fashion brand’s Web3 dream still in the experimental stage?
Lorenzo Albrighi, co-founder of Italian fashion tech group Lablaco, personally experienced the virtual world created by Gucci in Roblox and admitted that he was the only user playing in the space. This suggests that the experience was not as enticing as anticipated and did not reach a large number of players.
Based on his experience, Albrighi analyzed that these experiences are currently in the testing and experimental stage, with no concrete results yet. However, he added that it’s only a matter of time before fashion brands adopt Web3 technologies as they further implement and seamlessly integrate customer experiences.
According to a report released by data analytics company Statista in 2020, there are approximately 2.5 billion gamers worldwide, with a significant portion being under the age of 30, and this number continues to grow. Eliana Kuo, co-founder of Lablaco, believes that Kering Group’s expansion into gaming and Web3 signifies their deep understanding of young consumers’ preferences and digital development.
“Gucci, as a luxury brand, combines luxury and virtual experiences, establishing a foothold in the thriving gaming market and positioning itself as a pioneer embracing Web3. This approach not only caters to the younger ‘digital native’ generation but also highlights the group’s commitment to innovation and leading the fashion industry,” said Eliana Kuo.
Sources:
Vogue Business, fashionabc, Dematerialised, Jing Daily
Edited by: Gao Jingyuan