Gucci, the luxury pioneer in the Metaverse
The Italian luxury house has chosen to invest in the new territories of luxury that are the Metaverse and NFTs. Indeed, the Group is undertaking numerous initiatives in Web 3, as illustrated by its collaborations with SuperPlastic, its private parties for its NFT holders, its creation of academies dedicated to gaming or its creations with digital artisans.
On the other hand, the Kering Group house has presented several NFT collections, sometimes made with artists, to feed its new Web3 exhibition space. In June 2021, Gucci presented its first NFT collection to celebrate its 100th anniversary. This collection was titled The Next 100 Years of Gucci and was made in collaboration with SuperRare Gallery which specializes in crypto art.
Afterwards, Gucci came up with a new NFT collection including GIFs, in collaboration with 11 artists such as Tyler Spangler, in order to develop the brand’s image in the NFT world. You can access this collection by clicking on this link: https://vaultartspace.gucci.com/gallery/room
Finally, the Group has launched an experimental space for NFTs in The Sandbox, which is a Metaverse platform where users can create, buy or sell clothes as NFTs. The firm offers a virtual store with a collection of luxury clothing and accessories to dress up its users’ avatars. Gucci was inspired by Nike and Adidas who have already invested in this platform. Nevertheless, the Italian brand becomes the first fashion company to enter this universe.
Reading these initiatives taken by the firm, we realize that Gucci has clearly taken a strategic shift in terms of digital and choosing to invest in new platforms.
All of the above actions are designed to foster a sense of exclusivity within Gucci’s digital community. Indeed, it is common for the brand to propose new collections that are made available to its NFT community first. On the other hand, it allows the brand to better promote itself and its history. Finally, it allows the brand to revolutionize the experience it offers to its customers, as will be developed in this article. This phenomenon affects the majority of luxury players, not only Gucci.
Luxury Brands’ digitalization
Gucci’s example is not an isolated case. Indeed, the luxury sector has always sought to extend its points of contact, especially since Covid has accelerated the digitalization of its luxury brands. Luxury is therefore a sector that is constantly reinventing itself.
Today, the Metaverse and NFTs are at the heart of the strategy of the luxury industry. Indeed, many luxury houses such as Givenchy, Louis Vuitton or Dolce & Gabbana have chosen to launch themselves into these new Universes. The example of the French leather goods house Louis Vuitton is particularly striking. Last year, the Group launched a video game called Louis: The Game to celebrate the 200th anniversary of its founder, which included 30 NFTs created with digital artist Beeple. In addition, the luxury house is a partner of the famous video game League of Legends and has created skins in its image for the characters of the game. These examples show that Louis Vuitton, and more generally luxury brands, are seeking to establish themselves in the Metaverse and NFT universe, as this provides them with numerous advantages.
New ElDorados for brands
These new Universes are therefore emerging in the Luxury sector and constitute new ElDorados for brands. They constitute a way for these brands to maintain and strengthen the link between them and their consumers.
On the other hand, these Universes are levers for engaging brand communities, creating new points of contact, rethinking the customer experience and reaching new audiences such as Generation Z.