Luxury fashion brand Gucci has acquired an undisclosed amount of land on The Sandbox to build a virtual world on the metaverse platform. The deal is part of the brand's Gen Z-focused project called Gucci Vault.
According to reports, Gucci and The Sandbox will create an interactive fashion space within the Gucci Vault ecosystem envisioned by Gucci’s creative director, Alessandro Michele. However, no other details were given.
The Sandbox is an Ethereum-based virtual gaming platform where users can communicate with each other and build, own, or monetize their virtual experiences.
Earlier, To The Moon reported that YouTuber Logan Paul sold one of the non-fungible tokens (NFTs) from his collection called "World of Women" for a whopping 200 ETH. The purchaser was revealed to be The Sandbox.
Although the deal affected the whole NFT collection pretty fast as the floor price for a token surged up to 2.94 ETH from 1.77 ETH, it remains unclear how The Sandbox plans to capitalize on the purchase.