Since then, brands including Dolce & Gabbana, Rimowa and Louis Vuitton have also released NFTs. In the years to come he expects the metaverse to become a “very significant” driver of revenue growth.īoF: As blockchain technology burst into the digital art world with the emergence of NFTs, Gucci was quick to get involved, auctioning off an NFT for charity in June 2021. But establishing Gucci’s foothold in the virtual realm isn’t just about marketing, Triefus says. Overseeing Gucci’s experiments in the metaverse is Robert Triefus, the brand’s executive vice president for brand and customer engagement who has been a central player in a multi-year push to build a sprawling and highly engaged online community. The brand even hired a dedicated team to work on developing digital products under creative director Alessandro Michele. Staging virtual brand activations on the Roblox platform and life simulation game The Sims, it has also created assets for Pokémon Go and Animal Crossing. In 2021, Gucci auctioned off its first NFT and issued its first-ever virtual sneakers, selling the 3D animated kicks for $12 a pair. Luxury brands raced to get a foothold in these fast-evolving virtual worlds, with Gucci among those leading the charge. The metaverse became one of the fashion industry’s hottest buzzwords in 2021, as interest in digital products linked to blockchain-powered non-fungible tokens (NFTs) exploded, and activity on virtual reality interfaces surged as the global fanbase of video games made their presence felt. To learn more and download a copy of the report, click here. This article first appeared in The State of Fashion 2022, an in-depth report on the global fashion industry, co-published by BoF and McKinsey & Company.

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