The Gucci NFT Project
The Gucci NFT Project is the latest fashion venture to leverage blockchain technology and cryptocurrencies. The digital works of art are essentially rare jpeg files. While the tangible versions of the bag sell for $3,400, the NFTs are rarer than that. Blockchain-linked works of art are an opportunity for luxury labels to engage with luxury consumers. However, there are risks. For example, consumers may be less likely to invest in digital goods if they are not guaranteed to be genuine.
NFT meets Fashion industry
The first luxury fashion brand, Gucci, is trying a novel strategy by introducing one-of-a-kind sneakers as an NFT. It has long been known for igniting innovation, but it’s interesting to note that the brand’s evolution is a digital one. Gucci was born in 1921 as a leather goods store in Florence, Italy. Its founder, Guccio Gucci, was a porter at the Savoy hotel in London, England.
A collaboration between RTFKT and FEWOCiOUS, a top-selling artist in this year’s NFT, has brought a virtual sneaker to life. A prospective buyer tried on a virtual pair via Snapchat before participating in the bidding process. In a matter of seven minutes, 600 pairs of sneakers were sold. The project brought in 3.1 million USD. The winner received a physical sneaker. However, the digital sneakers will be expensive for the foreseeable future.
Last year, Gucci released a series of NFTs based on its 2021 Fall/Winter collection. The collection was based on a four-minute film entitled Aria. The NFTs were sold through Christie’s online auction. The brand donated $20,000 to UNICEF USA as a result of the auction. The company is also developing an “online concept store” alongside the Superplastic collab. This store will contain historical memorabilia, fashion pieces, and art.
SuperGucci: Gucci’s Collaboration with Superplastic
A partnership between Italian fashion house Gucci and Superplastic has resulted in an online concept store called Supergucci. The collection features vintage Gucci items alongside limited-edition vinyl toys. As part of the Gucci NFT Project, Supergucci will also promote its digital vault. This vault will house NFTs for collectors and will offer new ways to experience Gucci. Until now, Gucci hasn’t released an NFT, but it’s about to change all that.
The NFT project by Gucci has teamed up with Superplastic to create an exclusive ceramic sculpture that will adorn each piece. The ceramic sculptures will be handcrafted by Italian ceramicists, which aims to highlight the luxury inclinations of Gucci’s famous designs. The collection also features ten unique NFTs and an exclusive, handmade Italian ceramic sculpture. While the NFTs are reminiscent of classic Gucci, they feature digital characters from Superplastic.
The collaboration between Gucci and 10KFT is another example of how the brand is making a difference in the NFT world. Alessandro Michele and Wagmi-san collaborated to create custom digital outfits based on the eleven selected NFT collections. The two brands teamed up to create the Gucci Grail. Alessandro Michele designed the PFPs for the collaboration and Wagmi-san created the custom digital outfits.
@ Image Copyrights: Gucci; Superplastic