Gucci to launch NFT collection with Superplastic brand
The NFTs were created by Gucci’s head of design Alessandro Michele in collaboration with Superplastic. Only 250 NFTs will be minted to be released on three occasions, with the first drop of ten items launching February 1. Each initial digital collectible will come with an exclusive ceramic sculpture handcrafted by Gucci’s ceramicists in Italy.
On the day of the first launch with Superplastic, Gucci will be promoting its digital Vault, an experimental area that blends a historic digital vault with lab-like creativity.
Combining the drop of NFTs with the sale of vintage items showcases the interaction of innovation and tradition. It highlights that the welcoming of new technologies does not involve rejecting older modes of commercialization, but rather offers new opportunities to improve the consumer experience.
In a recent report, Morgan Stanely suggested that digital outlets including NFTs and the metaverse could add ten percent to luxury brand revenues by 2030. And given the relatively low costs of digital, this could enhance bottom line profits by as much as 25%. The study identified fellow Kering brand Balenciaga as a market leader in this area.
Most NFT sales that are fully digital don’t have to be concerned about shipping logistics or the preservation of the assets. However, Gucci’s initiative includes artisans making sculptures and shipping them to the right NFT holder.
This is not Gucci’s first go at NFTs. Last year it auctioned a Gucci Aria NFT at Christie’s for $25,000, one of the most expensive items the brand has ever sold.
Another luxury brand, Hermes, has entered a legal trademark fight over the MetaBirkins NFT of virtual handbags.
Gucci’s partner Superplastic is a startup aiming to create virtual characters – similar to Marvel – with the audience developed through social media. It’s launching NFTs with the Bored Ape Yacht Club, and in October raised a $20 million funding round.
Meanwhile, Gucci is exploring 3D in-game clothing with NFT platform for luxury fashion brands Neuno. Jimmy Choo launched an NFT mystery show box collection, Dolce & Gabbana auctioned off digital collectibles, and Louis Vuitton launched a game with in-game NFTs designed by digital artist Beeple.
Source: edgerinsights.com