When we think about Web3 projects, high-end luxury fashion companies don't quickly come to mind. But as this article explains, Gucci has teamed up with Yuga Labs (of "Bored Ape Yacht Club" fame) to bring its line of real-world products into the metaverse.
With early Bitcoin/Blockchain adoption, speculation was that luxury goods makers would leverage Blockchain to track inventory and validate the authenticity of its goods. And some of these projects materialized, with a verifiable Blockchain ledger being used to track anything from the inputs that go into products to the finished goods themselves. That's a valid use case that we'll see more of over time.
But that isn't what's happening here. Gucci's announcement is a 100% digital endeavor: it has purchased "land" in the metaverse and intends to take its designs digital and host virtual events.
What brand of handbag does your avatar carry?