Gucci is expanding its Web3 presence by investing in its first DAO through collaboration with SuperRare, an NFT marketplace. The Italian fashion powerhouse has bought tokens to launch the digital “Vault Art Space” to exhibit a selection of NFT artworks by almost 30 artists.
This partnership was initially arose in January but will continue to roll out in a series of phases. These tokens that have been purchased are $25,000 in RARE tokens that have been used to gain access to the SuperRareDAO. The aim of this investment is to launch this Vault Art Space as an exhibition and in fact, Gucci is the first fashion house to participate in a DAO.
“We were fascinated by SuperRare’s ability to provide [artists] with a platform to showcase their work in an innovative way, one that is built on a sense of community and that enhances interactions and decentralisation as key tools to support both artists and collectors.” Gucci Vault CEO Nicolas Oudinot says.
“We approached SuperRare for this knowing we could rely on our mutual effort to amplify the vision of this multifaceted group of artists.”
“The Next 100 Years of Gucci” is a collection of collectible art pieces that look at Gucci’s past and future. What stands out the most is that, despite making several moves in the Web3 space, Gucci is the first fashion house to participate in a DAO. This has the potential to set a precedent for other major players in and out of fashion.
The exhibition’s artworks will be displayed and auctioned off directly on the Vault Art Space website in three drops, the first from July 1 to 15, the second from July 5 to 15, and the third from July 21 to 29. All purchases must be made in ETH.