Italian luxury brand Gucci is making its Web3 presence bigger.
The Florence-based company is investing in its first decentralized autonomous organization through a new partnership with the non-fungible token (NFT) marketplace SuperRare (DAO).
Gucci has put $25,000 worth of RARE tokens into the SuperRareDAO in order to join. With its buy-in, Gucci is starting the “Vault Art Space,” an exhibition that will feature NFT works by 29 artists.
Nicolas Oudinot, the CEO of Gucci Vault, told CoinDesk, “We reached out to SuperRare because we knew we could count on our joint effort to show off the vision of this unique group of artists.”
Attracted us to SuperRare was its ability to give artists a place to show their work in a new way, one that is based on a sense of community and improves relationships and decentralization as important tools to help both artists and collectors.
The idea comes from the fact that other high-end companies are putting out NFTs and looking for more ways to use blockchain. In February, Gucci and cult toy maker Superplastic worked together to make 10 NFTs.
Gucci is releasing 10 “SuperGucci” NFTs with the toy company Superplastic in February.
The “The Next 100 Years of Gucci” show has a number of collectible pieces of art that show Gucci’s past and present. Jonathan Perkins, who helped start SuperRare and is now the company’s chief product officer, said that the vault is Gucci’s online home. They also want to work with artists and sell art through their venue, which will be run on SuperRare technology.
You can find out more at Gucci Will Accept Cryptocurrency at Some US Retail Stores.
Oudinot said that the show will have “a wide range of aesthetic references.”
Perkins says that the agreement was first announced in January and will be carried out in several steps, with the last being the launch of a gallery on SuperRare’s website later this year.
You can find out more at Gucci Will Accept Cryptocurrency at Some US Retail Stores.
This is the first time the fashion house has joined a DAO, and it gives them administrative power within the SuperRare community. Perkins says that the two are thinking about what it would mean to invest in a DAO as a premium brand and how this could set a precedent for other large companies.
Oudinot says that Gucci wants to be a part of a “more connected and decentralized economy” by working together.
Gucci runs the website for Vault, where people can watch and bid on three parts of the show. The first drop will happen between June 23 and July 1, 2022. The second drop will happen between July 7 and July 15, 2022. The third is likely to happen between July 21 and July 29.
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