Gucci invests US$ 25K in DAO of NFT marketplace SuperRare to start digital art vault
Italian high-end luxury brand Gucci is further expanding into Web3 as it acquires $25,000 worth of RARE tokens to join the SuperRareDAO in SuperRare NFT marketplace.
With its buy-in, Gucci now enjoys governance rights within the SuperRare community. With the investment, Gucci is starting the ‘Vault Art Space,’ an experimental regular rotation of exhibition that will feature a selection of NFT artworks by 29 artists.
The debut exhibition is called, “The Next 100 Years of Gucci” and features a number of collectible works of art that reflect on Gucci’s past heritage and present. The Vault Art Space is Gucci’s online domain, according to Jonathan Perkins, co-founder of SuperRare and its chief product officer, and will be working with artists to sell art, powered by SuperRare technology.
The exhibition will include ‘a broad spectrum of artistic references,’ Oudinot said. The initial artists include Alana Vanacore, Aliina Kauranne, anchenillustration, Antoni Tudisco, Dārta Katrīna, eBoy, Kris Andrew Small, and Sasha Katz; while the next drops will include the works of Alex Trochut, Alexis Christodoulou, Aliendope, ALIENQUEEN, diberkato, Drew Young, Ignasi Monreal, Ignorance1, Jordan Schiffer, loudsqueak, Merijn Hos & Jurriaan Hos, Paulina Almira, Pet Liger, Pindar Van Arman, SamJ, Sheidlina, Tim Maxwell, trs.mnz, Tyler Spangler, VEXX, and YEAHYEAHCHLOE.
Artworks in the exhibition will be displayed and auctioned off directly and rolled out on Vault Art Space’s website in three drops, which would eventually include the launch of a gallery that will live on SuperRare’s website later this year. The first drop will take place on July 1, the second between July 5 to July 15, and the third from July 21 to July 29. All purchases are only payable in ETH.
‘We approached SuperRare for this knowing we could rely on our mutual effort to amplify the vision of this multifaceted group of artists. We were fascinated by SuperRare’s ability to provide [artists] with a platform to showcase their work in an innovative way’, said Gucci Vault CEO Nicolas Oudinot.
The initiative comes as many luxury brands introduce NFTs and look for other ways to use blockchain technology. In February, Gucci dropped 10 NFTs through a collaboration with cult toy brand Superplastic.
Gucci’s partnership with SuperRare marks the first time a luxury fashion house partakes in a DAO, which Perkins perceives as setting a trend for other big players to follow.
Oudinot said, in forming the partnership, Gucci seeks to participate in a more ‘interconnected and decentralized economy.’