Gucci: A Senior 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 Officer of Kering, the parent company of the 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 field.
In 2021, Gucci joined the exploration of the Web3 space, releasing NFTs, purchasing metaverse land, and participating in digital art auctions. Regardless of market conditions, Gucci consistently releases news related to Web3, clearly demonstrating Kering’s ambition to become a pioneer in this space.
Step One: A Video NFT Reveals Gucci’s Ambition
In June 2021, Gucci collaborated with the century-old auction house Christie’s to enter the NFT market from a perspective that combines the brand’s DNA with art.
Gucci’s first NFT was not just an ordinary profile picture (PFP) NFT, but a film called “Aria” co-directed by the then creative director of Gucci, Alessandro Michele, and renowned cinematographer Floria Sigismondi.
The characters in the “Aria” film wore Gucci Aria collection clothing, which was also the clothing collection launched by the brand to celebrate Gucci’s 100th anniversary. Gucci took its first step into the Web3 world as it entered its centennial. In the end, this NFT was sold for $25,000.
Step Two: Partnering with a Trendy Toy Brand to Gain Recognition Among Insiders
In January 2022, Gucci collaborated with the trendy toy brand Super Plastic to launch the SuperGucci integrated NFT series, combining the DNA of the Aria clothing collection and the Super Plastic character IP, entering the true Web3 community.
This series of NFTs followed the gameplay and community expectations of native NFT projects. For example, SuperGucci was divided into two phases of release: the first phase was a normal sale, and the second phase included an airdrop. This means that SuperGucci NFT holders could receive additional NFTs for free.
In addition, before the official release of SuperGucci NFTs, both Super Plastic and Gucci followed the “community-first” principle, allowing Cryptojankyz (Super Plastic’s own NFT series) holders and Gucci’s Discord community to have early access to SuperGucci NFTs.
By prioritizing the community and providing exclusive rights, holders could also receive handcrafted physical figurines, fostering a deeper connection between the project and the community. These strategies gained recognition from insiders at the time.
During the minting phase, the SuperGucci series raised a total of 750 Ethereum, which was approximately $2.5 million at the time. The secondary market trading reached $11 million. With a 5% royalty, Gucci and Super Plastic each earned around $550,000.
Later, Gucci collaborated with the fashion art project 10KTF to launch an NFT series, providing exclusive rewards and purchasing rights to their own community and specific NFT holders.
Step Three: Venturing into the Roblox Metaverse Platform
In May 2021, to celebrate its 100th anniversary, Gucci built the “Gucci Garden” space on the gaming platform Roblox, allowing players to explore the brand’s story. The space accumulated nearly 20 million visits during its open period. Furthermore, Gucci released Roblox-exclusive virtual accessories, with the classic Dionysus bag reselling for over $4,100 worth of Roblox tokens called “Robux.”
Grégory Boutte, the Customer and Digital Officer of Kering, Gucci’s parent company, stated, “We believe that the metaverse has arrived, and the best evidence is gaming. Approximately 2.5 billion people are gamers, and these virtual worlds will appear in our lives in a more immersive way.”
In a report, Morgan Stanley, an international financial services company, pointed out that luxury brand NFTs could become a $56 billion market by 2030 and that demand could “drastically” increase due to metaverse development.
According to the “Digital Expression, Fashion, and Beauty Trends Report” released by Roblox in 2023, based on a survey of over 1,500 Generation Z users, 56% of respondents stated that creating their virtual characters is more important than dressing themselves in the real world.
Gucci has already recognized the potential of the metaverse market and has been deeply involved in its development since Roblox.
In February 2022, Gucci purchased land in the Ethereum-based metaverse platform The Sandbox, entering the Generation 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 collection, collaborations with contemporary creators, and NFT art.
Gucci not only allows players to win exclusive rewards or platform tokens (SAND) through gaming but also aims to guide the Web3 community in understanding the brand’s history.
Gucci has not given up on its metaverse presence. For example, after Sabato de Sarno became the new creative director, Gucci’s first fashion show under his leadership, “Gucci Ancora,” was not only brought into Roblox but also established exclusive virtual spaces in the Korean social app Zepeto and the Chinese app QQ.
Furthermore, the Gucci Cosmos traveling exhibition held worldwide last year was also synchronized within The Sandbox. These metaverse platforms have already become a focal point of Gucci’s operations.
Why is Kering so interested in gaming and virtual experiences?
After Apple launched the Vision Pro mixed reality device, Gucci seized the opportunity and released a Vision Pro version of its brand documentary “Who Is Sabato De Sarno? A Gucci Story” in March 2024. This allowed device users to gain a more immersive and realistic insight into the behind-the-scenes story of creative director De Sarno.
In fact, Kering’s cultivation of the metaverse and gaming goes beyond simply building spaces on virtual platforms. In 2022, Gucci partnered with the esports platform FACEIT to establish the “Gucci Gaming Academy,” aiming to cultivate gaming talent and provide comprehensive support to train these players to sign contracts with professional teams. Furthermore, Gucci is committed to addressing the mental and physical health issues players face due to performance pressure and has received support from the World Health Organization.
As Micael Barilaro, Gucci’s Vice President of Metaverse Business, shared, ” ‘Storytelling’ is the key to integrating everything, and it is important to ‘listen’ before taking action to enter new communities.” In other words, when entering a new market, it is crucial to listen to the community’s needs, values, and culture, understand their background stories, and then communicate and interact in a corresponding 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 Lablaco, a fashion technology group in Italy, personally experienced Gucci’s virtual world in Roblox and admitted that he was the only user playing in the space. This indicates that the experience was not as appealing as imagined 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 and have not yielded concrete results. However, he added that it is only a matter of time before fashion brands adopt Web3 technology as they integrate more deeply and seamlessly into 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 under the age of 30, and the number is continuing to increase. Eliana Kuo, co-founder of Lablaco, stated that Kering’s expansion of strategies into gaming and Web3 demonstrates their deep understanding of young consumer preferences and digital development.
“Gucci, a brand under Kering, combines luxury and virtual experiences, establishing a foothold in the thriving gaming market and positioning itself as a pioneer in embracing Web3. This approach not only caters to the digitally native younger 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
Editing by Gao Jingyuan